以 Shanghai Containerized Freight Index (SCFIS) Europe Futures, listed on the 上海国际能源交易中心（INE）, provides institutional market participants with a futures-based instrument for managing exposure to container shipping freight rates between Shanghai and Europe.
Unlike traditional commodity futures that reference a physical commodity such as copper, crude oil or rubber, SCFIS (Europe) Futures are linked to a shipping freight index. The contract is designed to provide a risk management and trading tool for participants exposed to changes in container freight rates on the China-Europe trade lane.
For global shipping companies, freight forwarders, cargo owners, commodity traders and institutional investors, the contract provides a way to gain direct exposure to movements in China-Europe container freight pricing through China’s derivatives market.
The contract is listed under the symbol EC and is cash settled based on the underlying Shanghai (export) Containerized Freight Index based on Settled Rates for the Europe service.
如您对中国衍生品市场尚不熟悉，建议先阅读我们的 《中国市场准入指南》 before exploring the available access routes through the 国际化路径 和 合格境外投资者（QFI）制度.
What Is SCFIS (Europe) Futures?
SCFIS (Europe) Futures are futures contracts based on the Shanghai (export) Containerized Freight Index based on Settled Rates (SCFIS) – Europe service.
The underlying SCFIS measures changes in the settled freight rates in Shanghai’s spot export container shipping market. For the Europe service, the index covers shipments departing from Shanghai to the principal European ports of Hamburg, Rotterdam, Antwerp, Felixstowe and Le Havre.
The index focuses on actual settled freight rates after voyages have departed, rather than simply relying on quoted or advertised freight rates.
This distinction is important for market participants because freight markets can change rapidly in response to changes in:
- Global trade volumes
- Vessel capacity and utilisation
- Port congestion
- Fuel costs
- Canal disruptions
- Geopolitical developments
- Peak-season demand
- Carrier capacity management
- Changes in supply-chain conditions
SCFIS (Europe) Futures translate these movements in the physical shipping market into a tradable futures contract, giving market participants another tool to manage freight-rate risk.
What Does the SCFIS Europe Index Measure?
The underlying SCFIS Europe index is designed to represent the settled freight rates for container shipments departing from Shanghai and bound for major European base ports.
The index methodology covers dry cargo containers, including 20-foot general purpose (20GP), 40-foot general purpose (40GP) and 40-foot high-cube (40HQ) containers, carrying general cargo under a container-yard-to-container-yard transportation term. Freight rates include ocean freight and applicable per-container surcharges.
The freight-rate information is collected from participants in the Shanghai Shipping Exchange’s index compilation process. According to the published methodology, the Europe service data includes settled rates reported by liner companies and freight forwarders.
In simple terms, SCFIS provides a market reference for what shippers actually paid for container transport from Shanghai to Europe, making it particularly relevant to participants with direct exposure to China-Europe shipping costs.
Why Are Container Freight Rates Important?
Container shipping is a critical component of global trade. For companies importing goods from China into Europe, changes in freight rates can have a direct impact on transportation costs, margins and supply-chain planning.
Freight rates can also experience significant volatility.
A sudden disruption to major shipping routes, for example, can alter vessel availability, transit times and effective shipping capacity. Similarly, stronger-than-expected export demand can place upward pressure on freight rates when available vessel capacity becomes constrained.
For businesses with substantial China-Europe shipping exposure, this creates a potential mismatch between the cost of physical transportation and the price assumptions used in budgets, contracts and procurement decisions.
SCFIS (Europe) Futures can provide an additional instrument for managing this risk.
Why Trade INE SCFIS (Europe) Futures?
SCFIS (Europe) Futures provides exposure to China-Europe container freight pricing through a futures market operated by INE.
Market participants may use the contract to:
- Hedge container freight-rate exposure
- Manage risks associated with China-Europe shipping costs
- Gain directional exposure to freight-rate movements
- Implement relative-value or spread strategies
- Diversify commodity and macro trading strategies
- Monitor developments in China’s export shipping market
- Complement physical shipping and logistics activities
The contract can therefore be relevant to both commercial hedgers and institutional trading participants.
Who May Use SCFIS (Europe) Futures?
The contract may be particularly relevant to institutions whose businesses or trading strategies are exposed to international container shipping.
Potential users include:
Shipping companies and carriers
Shipping companies may have exposure to movements in freight rates, vessel utilisation and capacity conditions. Futures can provide an additional tool for managing market risk.
Freight forwarders and logistics companies
Freight forwarders may face changes in the cost of securing shipping capacity while simultaneously managing pricing arrangements with customers.
Cargo owners and importers
Companies importing goods from China to Europe may be exposed to higher transportation costs when container freight rates rise.
Exporters
Chinese exporters with significant European customer exposure may use freight derivatives as part of broader supply-chain and cost management strategies.
大宗商品贸易公司
Commodity traders can face freight exposure alongside the underlying commodity price. Freight futures may therefore complement commodity hedging strategies.
Institutional and proprietary traders
The contract can also provide a listed instrument for taking views on the China-Europe shipping market and implementing trading strategies based on freight-rate expectations.
SCFIS (Europe) Futures Contract Specifications
以 上海国际能源交易中心（INE） currently lists SCFIS (Europe) Futures under the contract symbol EC.
| 合约规格 | SCFIS (Europe) Futures | |
|---|---|---|
| 上市交易所 | 上海国际能源交易中心（INE） | |
| 交易代码 | EC | |
| 标的物 | Shanghai (export) Containerized Freight Index based on Settled Rates (Europe service) | |
| Contract Multiplier | RMB 50 per index point | |
| 报价单位 | Index point | |
| Minimum Price Quotation | 0.5 index points | |
| 涨跌停板幅度 | Within ±10% of previous trading day's settlement price | |
| 最低交易保证金 | 12% of contract value | |
| 交易时间 | 9am–1130am; 130pm–3pm; and other INE-prescribed sessions | |
| 交割方式 | Cash settlement | |
| 最后交易日 | Last futures-trading Monday of the delivery month | |
| 交割日期 | Same as the last trading day | |
| 准入路径 | 国际化 与 合格境外投资者（QFI） | |
The current contract specification reflects INE’s 2026 revisions, including the change in minimum price fluctuation to 0.5 index points and the updated contract-month structure. Market participants should refer to INE for the latest trading rules and parameters.
How Is the Contract Value Calculated?
The contract multiplier is RMB 50 per index point.
For example, if the SCFIS (Europe) futures price is 1,500 index points:
Contract value = 1,500 × RMB 50 = RMB 75,000
With a minimum price fluctuation of 0.5 index points, the value of one minimum price movement is:
0.5 × RMB 50 = RMB 25 per contract
This allows participants to quantify their exposure to changes in the underlying freight index.
The actual margin requirement and applicable trading parameters may vary according to exchange rules, broker requirements and prevailing market conditions.
How Does Cash Settlement Work?
Unlike physically delivered commodity futures such as copper or crude oil, SCFIS (Europe) Futures are cash settled.
This means traders do not take delivery of containers, vessel capacity or physical freight services when the contract expires.
Instead, the futures position is settled financially based on the applicable settlement methodology for the underlying index.
This structure makes the product potentially useful for participants who have commercial freight exposure but do not need or want physical delivery.
What Drives SCFIS Europe Futures Prices?
Understanding the factors that influence container freight rates is important when evaluating SCFIS (Europe) Futures.
China-Europe trade demand
Higher export volumes can increase demand for container capacity and potentially place upward pressure on freight rates.
Conversely, weaker trade demand can reduce utilisation and contribute to lower freight rates.
Vessel capacity
The balance between available vessel capacity and cargo demand is one of the key drivers of container freight markets.
Changes in fleet deployment, new vessel deliveries, blank sailings and capacity management by carriers can all affect market conditions.
Port congestion
Congestion at major ports can reduce effective shipping capacity by increasing vessel waiting times and disrupting schedules.
This can create temporary supply constraints even when nominal fleet capacity has not changed.
Fuel and operating costs
Fuel-related surcharges form part of the freight-rate environment captured by the SCFIS methodology. Changes in bunker fuel costs can therefore influence the economics of container transportation.
Geopolitical and route disruptions
Events affecting major shipping routes can have a significant impact on freight markets.
Changes to sailing routes, transit times or available capacity can quickly alter freight-rate expectations.
Seasonal demand
Container shipping can experience seasonal fluctuations, particularly around major manufacturing and retail cycles.
Changes in export activity ahead of major holidays or peak retail periods can affect demand for container capacity.
SCFIS vs SCFI: What Is the Difference?
The terms SCFI 与 SCFIS are sometimes used interchangeably, but they represent different shipping indices.
以 Shanghai Containerized Freight Index (SCFI) is a broader freight-rate index covering Shanghai export container shipping routes.
以 Shanghai (export) Containerized Freight Index based on Settled Rates (SCFIS) focuses specifically on settled freight rates after voyages have departed. The SCFIS Europe service forms the underlying index for INE’s SCFIS (Europe) Futures contract.
For traders evaluating the futures contract, the key benchmark to follow is therefore SCFIS Europe, rather than simply the broader SCFI.
SCFIS (Europe) Futures and China Market Access
For international institutional investors, SCFIS (Europe) Futures offer a way to participate in China’s shipping derivatives market through INE.
The contract is classified by INE as an International Product 与 QFI-Accessible Product, providing routes for eligible overseas institutions to access the contract subject to applicable requirements.
Internationalised products can generally be accessed through an approved 境外中介（OI）, while eligible institutions may also consider the 合格境外投资者（QFI） framework depending on their requirements and product access needs.
The appropriate route depends on factors such as institutional eligibility, desired product coverage, operational setup and regulatory requirements.
Why China’s Freight Derivatives Market Matters
China is one of the world’s most important manufacturing and exporting economies, making Shanghai a major hub for international container shipping.
As global supply chains become increasingly sensitive to freight costs, shipping disruptions and changes in vessel capacity, the ability to manage freight-rate exposure is becoming increasingly important.
SCFIS (Europe) Futures connect this physical shipping market with China’s listed derivatives market.
For international participants, this creates an opportunity to look beyond traditional commodity benchmarks and gain exposure to a market that sits directly within the global supply chain.
The contract can therefore serve as a potential complement to:
- Physical freight contracts
- Commodity futures
- Shipping equities
- Other freight benchmarks
- Broader macro and China trading strategies
Access INE SCFIS (Europe) Futures with Orient Futures Singapore
Orient Futures Singapore provides institutional clients with access to China’s futures markets, including internationalised products listed on the Shanghai International Energy Exchange.
As an approved Overseas Intermediary (OI) for INE, Orient Futures Singapore supports eligible overseas institutions seeking access to China’s derivatives markets.
我司的核心能力包括：
- Access to selected INE internationalised products
- China futures market access
- 机构账户开户服务
- 专业交易执行服务
- 多交易所互联互通
- Cross-border market access support
- Access to China and global futures markets
For institutions evaluating freight derivatives as part of their 中国市场接入 or global trading strategy, SCFIS (Europe) Futures provide another potential tool for managing and gaining exposure to international shipping-market risk.
Ready to Access SCFIS (Europe) Futures?
Whether you are a shipping company, freight forwarder, cargo owner, commodity trader or institutional investor, understanding the relationship between China’s export activity and global freight markets can be important when managing market exposure.
联系东证期货新加坡 to explore how INE SCFIS (Europe) Futures may fit into your institution’s China futures and risk-management strategy.
常见问答
Q: What is SCFIS (Europe) Futures?
Q: What is the contract symbol for SCFIS (Europe) Futures?
Q: What does SCFIS stand for?
Q: Is SCFIS (Europe) Futures physically delivered?
Q: What is the contract multiplier?
Q: What is the minimum price fluctuation?
Q: What are the trading hours for SCFIS (Europe) Futures?
Q: Who can trade SCFIS (Europe) Futures?
Q: What is the difference between SCFI and SCFIS?
Q: Why would an institution trade container freight futures?
Q: What factors affect China-Europe container freight rates?
作者简介
史一凡
市场销售经理
东证期货新加坡
领英
史一凡（Alice Shi）现任东证期货新加坡市场销售经理，直接服务于中国及全球衍生品市场的机构客户。作为东证期货新加坡销售部的一员，她的日常工作重点涵盖客户开户、账户管理，以及支持中国和全球期货及衍生品合约的市场准入相关流程。她文章中的见解，反映了团队在与客户接洽市场准入时积累的实践经验。
