1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US announcement of a 90 - day tariff suspension and a reduction of tariff rates to 10% for non - retaliatory countries alleviated market pessimism about global export trade, leading to a rebound in EC contract valuations. However, the 10% tariff still suppresses trade demand, and the market is affected by the uncertainty of the Trump administration's tariff policy. Investors are advised to operate cautiously in the short term [2][4][7] 3. Summary by Related Catalogs 3.1 Market Quotation - On April 10, the main EC contract for container shipping to Europe opened at 1911.2 points, then slightly declined and closed at 1886 points, with a daily increase of 14.47%. On the morning of the 11th, EC2506 opened slightly lower and weakened [1] 3.2 Market Analysis - The US tariff suspension and reduction measures alleviated market pessimism about global export trade. The previous tariff policy made the market extremely pessimistic about the shipping supply - demand prospects during the June and August peak seasons, resulting in a significant discount in EC contract valuations. After the announcement, the market's expectation of peak - season demand was quickly repaired, and contract valuations rebounded [2] 3.3 Fundamental Analysis - In terms of quotes, the April quotes of leading airlines this week were relatively flat. As of April 10, Maersk's quotes were 1084 - 1517 dollars/TEU and 1805 - 2294 dollars/TEU; CMA's were 1385 - 2385 dollars/TEU and 2345 - 4545 dollars/TEU; MSC's were 143 dollars/TEU and 2390 dollars/TEU; ONE's were 1231 - 2191 dollars/TEU and 1537 - 2137 dollars/TEU; EMC's were 1455 - 2155 dollars/TEU and 2360 - 3560 dollars/TEU. As of April 11, the global container total capacity was 32.05 million TEU, a year - on - year increase of 9.32%. In terms of demand, the eurozone's March composite PMI was 50.9, manufacturing PMI was 48.6, and service PMI was 51; the US March manufacturing PMI index was 49, and the new order index was 45.2, a significant decline. The March OECD leading index for the G7 group was 100.47 [3] - Global freight demand remains cold. The 10% tariff still suppresses trade demand. April is the turning point between the off - season and peak season, and demand will gradually pick up from May. The price in March and April is the traditional seasonal low. In late April, MSC will suspend a large ship, reducing supply compared to the early part of the month, but it is expected to have little impact on prices due to the lack of improvement in demand [4] 3.4 Future Outlook - If the US continues to send signals of tariff relaxation, the prices of EC contracts during the June and August peak seasons are expected to recover to around 2000 points. However, the Trump administration's tariff policy is changeable, and there is great uncertainty. Investors are advised to operate cautiously in the short term and wait for the digestion of macro - disturbances [7]

1. Report Industry Investment Rating No relevant content provided. 2. Core Views of the Report - Trump's tariff policy has an impact on market expectations, and investors are advised to focus on Maersk's WEEK17 weekly quotes [1] - The geopolitical situation shows that the US and Iran may conduct direct negotiations, which adds uncertainty to the market [2] - In April, the shipping capacity is relatively abundant, while in May, it is currently relatively scarce. Investors need to pay attention to the possible release of more blank sailings in May [2] - Major shipping companies are trying to raise prices in the second half of April, and CMA has officially announced the May quotation from Tianjin Xingang to Rotterdam, indicating that shipping companies are trying to create a price - increasing atmosphere during the off - peak to peak season transition [3] - With the approach of the peak season, shipping companies are expected to issue price - increase letters every month before July, which may lead to a strong short - term trend of the 06 and 08 forward contracts. However, the height of the peak - season prices should be expected to be lower [4] - In May, the price - holding effect is expected to be better than that in March and April. The 06 and 08 contracts are relatively safe for short - term long positions, but investors need to pay attention to the upward height. Due to the uncertainty of Trump's tariff policy and the predicted pressure on US container imports in the second half of the year, if US - bound ships are redeployed to European routes, it will have a negative impact on European route freight rates. It is recommended to conduct arbitrage operations, such as going long on the 06 contract and short on the 10 contract [5] - The main strategy is that the main contract fluctuates, and the arbitrage strategy is to go long on the 06 contract and short on the 10 contract [7] 3. Summary According to the Directory 3.1 Futures Prices - As of April 8, 2025, the total open interest of all container shipping index European route futures contracts is 81,272.00 lots, and the single - day trading volume is 120,506.00 lots. The closing prices of EC2602, EC2504, EC2506, EC2508, EC2510, and EC2512 contracts are 1441.50, 1517.70, 1885.00, 1980.10, 1388.80, and 1609.80 respectively [5] 3.2 Spot Prices - On April 4, the SCFI (Shanghai - Europe route) price was 1336.00 US dollars/TEU, the SCFI (Shanghai - US West route) price was 2313.00 US dollars/FEU, and the SCFI (Shanghai - US East) price was 3306.00 US dollars/FEU. On April 7, the SCFIS (Shanghai - Europe) was 1422.42 points, and the SCFIS (Shanghai - US West) was 1129.45 points [6] 3.3 Container Ship Capacity Supply - 2025 is still a big year for container ship deliveries. As of March 31, 2025, 23 ships with a capacity of 12,000 - 16,999 TEU were delivered, with a total capacity of 345,000 TEU, and 2 ships with a capacity of over 17,000 TEU were delivered, with a total capacity of 47,000 TEU [6] 3.4 Supply Chain - The geopolitical situation between the US and Iran may affect the shipping market. The shipping capacity in April is relatively high, and in May, it is relatively low. There are currently blank sailings in WEEK15, 18, 19, 20, and 21, and attention should be paid to whether more blank sailings will be released in May [2] 3.5 Demand and European Economy - No specific content directly related to demand and European economy analysis is provided other than the potential impact of the above - mentioned factors on the shipping market.

Report Summary 1. Report Industry Investment Rating No information provided in the given documents. 2. Core Viewpoints The report presents a comprehensive overview of the container shipping industry, including EC futures contract prices, shipping indices, capacity arrangements, recent news, and historical seasonal trends of various shipping routes. It also shows the capacity deployment of shipping companies on the China - Europe route [2][3][30]. 3. Summary by Relevant Catalogs EC Futures Contracts - **Contract Prices and Changes**: On March 26, 2025, EC2504 closed at 1485.0 with a 1.58% increase, EC2506 at 2146.8 with a 3.61% increase, etc. Different contracts had different price movements and volume and position changes [2]. - **Month - to - Month Spreads**: The spreads between different EC contracts showed various changes compared to previous periods. For example, the spread between EC2504 - 2506 was - 661.8, with a day - on - day change of - 51.7 and a week - on - week change of - 92.8 [2]. Shipping Indices - **Index Values and Changes**: Multiple shipping indices such as SCHE, SCFI, CCFI, etc., were updated at different frequencies. Most indices showed declines in the latest period. For instance, SCHE on March 24, 2025, was 1506.17, down 6.55% from the previous period; SCFI on March 21, 2025, was 1306 $/TEU, down 2.68% from the previous period [2]. Capacity Arrangements - **Weekly Average Capacity**: In March, April, and May 2025, the weekly average capacities were 270,000, 310,000, and 320,000 TEU respectively, with month - on - month increases of 21%, 13%, and 3% [2]. - **April Capacity and Sailings**: In April, there were 3, 2, 0, 0 sailings cancelled each week, and the capacities were 279,000, 274,000, 358,000, and 332,000 TEU respectively [2]. Recent News - **Rate Hikes**: Shipping companies like Maersk, Hapag - Lloyd, MSC, and CMA announced rate hikes for the European routes in April. Current rates vary among different companies and time periods [3]. - **US - China Shipbuilding Issue**: The first hearing of the US 301 proposal against the Chinese shipbuilding industry ended on March 25, 2025, and the second was held on March 26. Some major shipping companies strongly criticized the proposal [3]. Seasonal Trends - **Multiple Routes**: Seasonal trend charts were provided for various shipping routes including the European line (SCFIS, SCFI, NCFI, etc.), and other routes like TCI (Mediterranean East, US West, South America West, etc.). These charts cover different time spans from 2014 - 2025 [10][11][14]. Capacity Deployment of Shipping Companies - **China - Europe Route**: The report shows the capacity deployment of shipping companies on the China - Europe route from the 1st week to the 12th week of 2025, and also presents the ranking of shipping companies' capacity deployment [30].

Group 1 - The article discusses the unsatisfactory pricing effects of spot price increases in April, highlighting a divergence in expectations for near and far month contracts [3][4] - It notes that while freight rates are expected to decline in March and April 2024, the capacity control by shipping companies remains low, indicating strong cargo support for the year [3] - The article emphasizes that the demand increase in April is projected to be around 1.7%, while the supply of capacity is expected to rise by approximately 10-15% compared to March [5] Group 2 - The analysis suggests that the significant capacity control in March 2025 may be a result of insufficient demand [4] - It points out that the SCFIS index showed resilience despite the failure of price increases in March, with expectations for the index to remain between 1430 and 1480 points [5] - The article anticipates that if shipping companies successfully achieve a spot price of around $3000/FEU in late April, the settlement price for the April contract may exceed mainstream market expectations [6] Group 3 - The article discusses the implications of MSC reallocating its ultra-large container ships from Northwest Europe to the Mediterranean and West Africa, which may lead to a decrease in capacity on the Northwest Europe route [10] - It highlights that geopolitical adjustments could strengthen the trade relationship between China and Europe, potentially leading to better-than-expected performance in 2025 [10] - The article suggests that the larger alliances may soon realize the need to adjust their strategies to avoid market share disputes, which could set a ceiling on their pricing strategies [10] Group 4 - The article recommends considering a long position in the April contract around the price range of 1470-1550 [8] - It also suggests that the 06 and 08 contracts could be considered for a long position in the range of 1800-2000 [11] - The analysis indicates that the current market volatility makes absolute price differences less meaningful, and the focus should be on relative price movements [11]

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of approximately $132 million for Q4, down from $167 million in the previous quarter [33] - Net income for the quarter was around $20 million, or $0.15 per share, compared to approximately $44.5 million, or $0.34 per share, in the previous quarter [36] - The fixed-rate backlog stands at approximately $4.3 billion, with 2/3 of this backlog attributed to customers with investment-grade ratings [101][40] Business Line Data and Key Metrics Changes - The container fleet generated approximately $85 million in gross charter hire during Q4, down from the previous quarter due to scheduled dry dockings and efficiency upgrades [27] - The tanker fleet generated approximately $42 million in gross charter hire, an increase from approximately $37 million in the previous quarter [29] - The energy assets generated approximately $55 million in contract revenues, down from approximately $86 million in the previous quarter [32] Market Data and Key Metrics Changes - The overall utilization across the shipping fleet in Q4 was 98.3%, primarily affected by 108 days spent in dry dock [114] - The rig market index rate increased by 2.3% in Q4, with the Hercules rig recording revenue of $34 million and costs of approximately $26 million [116][24] - The company has a diversified fleet with 15 dry bulk vessels, 38 containerships, 18 tankers, 2 drilling rigs, and 7 car carriers [110] Company Strategy and Development Direction - The company has transformed its operating model over the last 10 years to focus on long-term charters with large end users [10] - There is a strong emphasis on investing in vessel maintenance and upgrades to meet tightening regulatory requirements and improve customer partnerships [112] - The company is segment agnostic and seeks to pursue the right deals with strong counterparties across various shipping segments [69] Management's Comments on Operating Environment and Future Outlook - Management expects a slow market for the Hercules rig in the first half of 2025, with more prospects anticipated in the second half [45] - The company believes that the dividend stability is tied to long-term prospects, with a focus on maintaining a strong cash flow foundation [50][52] - Management does not foresee a significant impact on profitability from the large delivery backlog of container ships due to the current long-term charters in place [92] Other Important Information - The company raised approximately $1.3 billion in financing, including $220 million in senior unsecured bonds in 2024 [104] - A recent court ruling ordered Seadrill to pay approximately $48 million in compensation, which is subject to appeal [105][76] - The company has a strong balance sheet with approximately $135 million in cash and cash equivalents at quarter-end [36] Q&A Session Summary Question: What are the operational expenses for the Hercules rig while warm stacked? - Management indicated that the Hercules rig is currently warm stacked and is being upgraded to enhance its attractiveness for future contracts [46][47] Question: How stable is the dividend payout? - The dividend is set on a quarter-over-quarter basis, with discussions focused on long-term prospects and cash flow stability [50][52] Question: What is the company's view on tariffs and their impact on shipping? - Management believes that strong counterparties like Volkswagen Group can absorb tariff impacts, and the company is not directly exposed to these risks [61][64] Question: What are the plans for redeploying proceeds from the sale of Capesize vessels? - The company is open to various segments and will focus on finding the right deals with strong structures and counterparties [68][72] Question: What is the expected timeline for the Seadrill appeal ruling? - The appeal period ends on March 5, and if appealed, it could take up to 12 months for a new ruling [76]

投入大、经营风险高、业绩不稳定、退市风险高等特点，投资者面临较大的 市场风险。投资者应充分了解科创板的投资风险及本公司所披露的风险因 素，审慎作出投资决定。 上海索辰信息科技股份有限公司 Shanghai Suochen Information Technology Co.,Ltd. （中国（上海）自由贸易试验区新金桥路 27 号 13 号楼 2 层） 首次公开发行股票并在科创板上市 招股意向书 保荐人（主承销商） 上海索辰信息科技股份有限公司 招股意向书 （上海市广东路 689 号） 科创板投资风险提示：本次发行股票拟在科创板上市，科创板公司具有研发 上海索辰信息科技股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担股票依法发行后因发行 ...