EMC线上运价下调300美元，关注霍尔木兹海峡通行机制建立

Report Industry Investment Rating - Not provided Core Viewpoints - Geopolitical situation remains stalemated, with signs of relaxation in strait passage; the market may still be in a wide - range volatile state. Spot prices in April are under pressure, and offline freight rates may drop to $2000/FEU. The central price of European routes may still have the risk of weakening and moving downward. Geopolitical factors over the weekend are the main influencing factors, and the claim by the Houthis to control the Bab el - Mandeb Strait and the establishment of the passage mechanism in the Strait of Hormuz may bring risk impacts. Currently, the trading volume and open interest of European routes are relatively low, and the liquidity activity is not high. Investors are advised to manage their positions and risks well. The market outlook is volatile, and attention should be paid to the progress of the geopolitical situation and changes in the spot market [1][4] Summary by Relevant Catalogs Spot Freight and Contract Volume - Price - Futures Contract Data: EC2604 closed at 1771.4, down 0.9628% with a trading volume of 12470 and an open interest of 10730; EC2605 closed at 2043.6, down 1.2324% with a trading volume of 1403 and an open interest of 1847; EC2606 closed at 2417.3, up 4.6709% with a trading volume of 11695 and an open interest of 13831; EC2607 closed at 2535.2, up 3.8421% with a trading volume of 350 and an open interest of 988; EC2608 closed at 2412.4, up 5.1254% with a trading volume of 900 and an open interest of 2797; EC2609 closed at 1696.9, up 1.8486% with a trading volume of 36 and an open interest of 496; EC2610 closed at 1750, up 4.0854% with a trading volume of 1935 and an open interest of 7193; EC2612 closed at 1750, up 2.6328% with a trading volume of 34 and an open interest of 501 [7] - Spot Freight Data: The comprehensive index of SCFI is 1707 points. The freight rate of the Nordic route is $1636/TEU, and SCFIS is 1693.26 (+8.8%); the freight rate of the Mediterranean route is $2784/TEU; the freight rate of the US West route is $2054/FEU, and SCFIS is 1024.11 (-7.7%); the freight rate of the US East route is $2922/FEU [8] Geopolitical and Passage Information - Geopolitical Situation: The Houthis claim to be ready to control the Bab el - Mandeb Strait. The US - Iran negotiation continues, and the US military action against Iranian power and energy facilities is postponed for 5 days. Iran rejects the US cease - fire plan and proposes 5 conditions for a cease - fire [2] - Passage Situation: Iran is seeking a bill to maintain its sovereignty, dominance, and regulatory power over the Strait of Hormuz and generate revenue through toll collection. The Strait of Hormuz, an international energy artery, has begun to resume a small number of ship passages after almost 25 days of near - suspension. On March 25, there were 4 passages in the Strait of Hormuz. The VLCC freight rate from West Africa to China is updated to $8.5/barrel, a 1.8% decrease from the previous period; the VLCC freight rate from the Middle East to China is updated to $11.13/barrel, a 2.4% decrease from the previous period. For Middle East routes, if outside the Strait of Hormuz, land transportation is used to enter the strait; if entering Jeddah Port in Saudi Arabia, ships directly pass through the Bab el - Mandeb Strait [3][4] Spot Quotations - European Route Spot Freight: GEMINI: MSK's online freight rate for European routes in early April rose to $2350/FEU, a $10 increase from the previous day. HPL SPOT's freight rate in early April is $2635 - $3035/FEU. OCEAN: OOCL's online freight rate at the end of March is $2737/FEU, and the quote in early April is $2847 - $2880/FEU. EMC's special - price voyage CES on April 1 is $2650/FEU, and the freight rate for other voyages in April is $3060/FEU, a $300 decrease from the previous week. MSC&PA: MSC's online freight rate in early April is $2852/FEU; ONE's online freight rate dropped to $2555/FEU at the end of March and reached $3061/FEU in April [1][2]