1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The settlement price of the April contract is gradually becoming clear. The PA alliance is facing significant cargo - booking pressure, and it is necessary to monitor whether the OA alliance will follow suit in price cuts. The estimated settlement price of the 04 contract is around 1660 points if the Maersk price remains flat next week, and around 1630 points if it drops by $100/FEU [4]. - The price of the EC2605 contract in the second half of April is weak and may continue to decline. The shipping companies will try to support prices from May to August. The spot price of $3000 in May has been fully priced in, and the 5 - month contract will gradually enter the delivery logic after the April contract is settled [5]. - The contracts for June, July, and August are expected to be relatively strong in the short - term. The reasons include the low probability of the Suez Canal's resumption in the first half of the year, the relatively small delivery pressure of ultra - large container ships in the first half of 2026, and the relatively high year - on - year growth rate of the demand side from Asia to Europe [6]. - The Houthi rebels' possible blockade of the Mandeb Strait may drive up the prices of far - month contracts [7]. 3. Summary by Directory 3.1 Market Analysis - Online quotes: Different shipping companies have different quotes for different routes and time periods. For example, Maersk's Shanghai - Rotterdam WEEK15 quote is $1470/2360, and WEEK16 is $1390/2220. HPL has different quotes for different months' sailings [1]. 3.2 Geopolitical and Supply Analysis - Geopolitical: Trump will give a national speech on the Iranian issue on Thursday morning [2]. - Static supply: As of February 28, 2026, 27 container ships have been delivered, with a total capacity of 174,232 TEU. The delivery expectations for 12000 - 16999TEU and 17000 + TEU ships from 2026 to 2029 are provided [2][3]. - Dynamic supply: The weekly average capacity from China to European base ports varies from March to May. There are also TBNs and empty sailings in April and May [3]. 3.3 Contract Analysis - EC2604 contract: The Maersk WEEK16 price continues to decline. The settlement price is the arithmetic average of SCFIS on April 13th, 20th, and 27th. The estimated settlement price is affected by Maersk's price changes [4]. - EC2605 contract: The price in the second half of April is weak and may decline. The shipping companies will try to support prices from May to August. The 5 - month contract will enter the delivery logic after the April contract is settled [5]. - EC2606, EC2607, and EC2608 contracts: These contracts are expected to be strong in the short - term due to factors such as the low probability of the Suez Canal's resumption, small delivery pressure of large ships, and high demand growth [6]. 3.4 Strategy - Unilateral: None - Arbitrage: Long EC2606 and short EC2610 [9] 3.5 Market Data - As of March 31, 2026, the total open interest of all container shipping index European line futures contracts is 35,422.00 lots, and the single - day trading volume is 29,052.00 lots. The closing prices of different contracts are provided, and the SCFI and SCFIS prices of different routes are also given [8].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The freight rate of Maersk in the second week of April decreased, and the valuation of the main contract is gradually becoming clear. The settlement price of the April contract is the arithmetic average of the SCFIS on April 13th, 20th, and 27th. Investors are advised to closely follow the spot market and operate flexibly [1][5]. - The contracts for the relatively peak seasons of June, July, and August are expected to have strong performance. The reasons include the low probability of the Suez Canal's resumption in the first half of the year, the relatively small delivery pressure of ultra - large container ships in the first half of 2026, and the relatively high year - on - year growth rate of the demand side from Asia to Europe. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [5][6]. - The Houthi armed forces in Yemen's statement about potentially blocking the Bab el - Mandeb Strait may drive up the prices of far - month contracts. The number of container ships passing through the Gulf of Aden has significantly decreased, and the blockade may impact the global supply chain and drive up global shipping rates [7]. 3. Summary According to the Directory 3.1 Futures Prices - As of March 24, 2026, the total open interest of all contracts of the container shipping index for the European route futures was 42,427.00 lots, and the single - day trading volume was 35,849.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 1898.90, 2178.20, 2439.20, 2567.00, 2410.80, 1720.00, 1573.00, and 1774.00 respectively [8]. 3.2 Spot Prices - Online quotes: For example, Gemini Cooperation's Maersk Shanghai - Rotterdam WEEK14 quote was 1635/2630, and WEEK15 was 1455/2330. Different shipping companies had different quotes for different time periods. On March 20, the SCFI (Shanghai - Europe route) price was 1636 US dollars/TEU, SCFI (Shanghai - US West route) was 2054 US dollars/FEU, and SCFI (Shanghai - US East) was 2922 US dollars/FEU. On March 23, the SCFIS (Shanghai - Europe) was 1693.26 points, and SCFIS (Shanghai - US West) was 1024.11 points [1][8]. 3.3 Container Ship Capacity Supply - Static supply: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU were delivered in 2026. The delivery pressure of ultra - large ships in 2026 is relatively small, while the annual delivery volume of ships over 17,000 + TEU in 2027, 2028, and 2029 exceeds 40 ships. Only 4 ships over 17,000 + TEU were delivered in the first half of 2026 [3]. - Dynamic supply: The average weekly capacity from China to European base ports in March was 296,500 TEU, in April was 311,900 TEU, and in May was 305,700 TEU. There were 3 TBNs and 2 blank sailings in April, and 6 TBNs in May [4]. 3.4 Supply Chain - Geopolitical factors: The US has sent a 15 - point plan to Iran through Pakistan to end the Middle East war. The scope of the plan's circulation among Iranian officials, Iran's acceptance, and Israel's support are all unclear, but it shows the US's efforts to end the war [2]. - Houthi armed forces: The Houthi armed forces in Yemen may block the Bab el - Mandeb Strait, which may impact the global supply chain and drive up shipping rates. The number of container ships passing through the Gulf of Aden has decreased significantly [7]. 3.5 Demand and European Economy - The year - on - year growth rate of the demand side from Asia to Europe is relatively high, with the container trade volume in most months having a year - on - year growth rate of over 10%. After the Israel - Iran conflict, new expectations have emerged for peak - season contracts. Attention should be paid to whether developed countries in Europe and the US will increase imports due to concerns about inflation, as well as the risk of a global economic recession caused by a large increase in oil prices [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The market is in a volatile state, waiting for further guidance from spot prices. The main contract EC2604 is approaching delivery, and Maersk has continued to raise the freight rate in the first week of April to boost the valuation of the 04 contract. After the Israel - Iran conflict, shipping companies are trying to maintain prices during the off - season. The subsequent focus is on the actual demand in April under high - capacity conditions. For the relatively peak - season contracts of June, July, and August, the current expectations are strong, but the actual freight rates in the future are still uncertain, and investors need to respond flexibly [1][4][6] 3. Summary According to Relevant Catalogs 3.1 Futures Prices - As of March 18, 2026, the total open interest of all contracts of the container shipping index European line futures was 47,542.00 lots, and the single - day trading volume was 37,755.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 1915.00, 2168.00, 2386.20, 2530.00, 2366.00, 1712.00, 1561.60, and 1742.80 respectively [7] 3.2 Spot Prices - Online quotes: Maersk's Shanghai - Rotterdam WEEK14 quote is 1630/2620; HPL's quotes for the second half of March range from 2035 - 2535 dollars/FEU, and for the first half of April, they range from 2835 - 3035 dollars/FEU. Other shipping companies also have different quotes for different time periods. The SCFI (Shanghai - Europe route) price announced on March 13 was 1618 dollars/TEU, the SCFI (Shanghai - US West route) price was 2249 dollars/FEU, and the SCFI (Shanghai - US East) price was 3111 dollars/FEU. The SCFIS (Shanghai - Europe) on March 16 was 1556.49 points, and the SCFIS (Shanghai - US West) was 1109.11 points [1][2][7] 3.3 Container Ship Capacity Supply - Static supply: As of February 28, 2026, 27 container ships have been delivered in 2026, with a total capacity of 174,232 TEU. The delivery expectations for different ship sizes in the remaining months of 2026 and subsequent years are provided. Overall, the delivery pressure of ultra - large ships in 2026 is relatively small, while the annual delivery volume of 17000 + TEU ships in 2027, 2028, and 2029 exceeds 40 ships [2][3] - Dynamic supply: The average weekly capacity of the China - European base port in the remaining 3 weeks of March is 308,200 TEU, and the capacities in WEEK12/13/14 are 310,600/282,100/331,800 TEU respectively. The average weekly capacity in April is 326,200 TEU, and in May it is 311,800 TEU. There are a certain number of blank sailings and TBNs in March, April, and May [4] 3.4 Supply Chain - After the Israel - Iran conflict, shipping companies are trying to maintain prices during the off - season. The transfer of ships from the Middle East to the European line increases the supply - side pressure and may affect the European line freight rates. The Suez Canal's probability of reopening in the first half of the year is relatively low, and the resumption of the Red Sea route requires multiple conditions to be met [4][5][6] 3.5 Demand and European Economy - The year - on - year growth rate of the demand side of the Asia - Europe route has been relatively high, with the year - on - year growth rate of container trade volume in most months exceeding 10%. After the Israel - Iran conflict, new expectations have emerged for the peak - season contracts. It is necessary to pay attention to whether developed countries in Europe and the United States will increase imports due to concerns about future inflation, which may drive up China's export demand, and also beware of the expectation of a global economic recession caused by a large increase in oil prices [6] 4. Strategies - Unilateral: None - Arbitrage: Go long on EC2606 and short on EC2610 [8]

Report Industry Investment Rating - Not provided Report's Core View - The PA Alliance has relatively low prices, and attention should be paid to the demand in April under high capacity. The EC2604 contract is approaching delivery, and investors are advised to closely follow the spot market and operate flexibly. The contracts for the relatively peak seasons of June, July, and August are expected to be strong, but there are uncertainties. The strategy is to go long on EC2606 and short on EC2610 [1][6][8] Summary by Relevant Catalog 1. Futures Price - As of March 18, 2026, the total open interest of all contracts of the container shipping index European line futures was 49,092.00 lots, and the single - day trading volume was 42,436.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 1905.30, 2137.00, 2342.00, 2475.00, 2316.00, 1693.30, 1525.40, and 1718.80 respectively [7] 2. Spot Price - On March 13, the SCFI (Shanghai - Europe route) price was $1618/TEU, the SCFI (Shanghai - US West route) was $2249/FEU, and the SCFI (Shanghai - US East) was $3111/FEU. On March 16, the SCFIS (Shanghai - Europe) was 1556.49 points, and the SCFIS (Shanghai - US West) was 1109.11 points [7] 3. Container Ship Capacity Supply - **Static Supply**: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU were delivered in 2026. From 2026 to 2029, there are clear delivery plans for ships of 12,000 - 16,999 TEU and over 17,000 TEU. The delivery pressure of ultra - large ships in 2026 is relatively small, while in 2027, 2028, and 2029, the annual delivery volume of over 17,000 TEU ships exceeds 40 [4] - **Dynamic Supply**: The average weekly capacity of the China - European base port in the remaining 3 weeks of March was 308,200 TEU, and the weekly capacities in weeks 12, 13, and 14 were 310,600, 282,100, and 331,800 TEU respectively. In April, the average weekly capacity was 326,200 TEU. In May, the average monthly capacity was 311,800 TEU. There were 8 blank sailings in March and some TBNs in March, April, and May [5] 4. Supply Chain - The US government is considering sending thousands of additional US troops to the Middle East while Trump weighs the next move against Iran. After the Israel - Iran conflict, shipping companies try to support prices in the off - season. Some large ships are transferred from the Middle East route to the Asia - Europe route, increasing supply - side pressure and potentially affecting European line freight rates [4][5] 5. Demand and European Economy - The year - on - year growth rate of the demand side of the Asia - Europe route has been relatively high, with the container trade volume in most months having a year - on - year growth rate of over 10%. The peak - season contracts in June, July, and August are expected to be strong, mainly because the probability of the Suez Canal's resumption in the first half of 2026 is relatively low, the delivery pressure of ultra - large container ships in the first half of 2026 is small, and the demand side has a high growth rate. However, it is also necessary to pay attention to the impact of oil price fluctuations on the economy and demand [6]

1. Report Industry Investment Rating No information provided in the content. 2. Core View of the Report - The main contract EC2604 is approaching delivery, and Maersk continues to raise the freight rate in the first week of April, which boosts the valuation of the 04 contract. Considering the high geopolitical risks, the volatility of the EC2604 contract may increase, and investors are advised to closely follow the spot market and operate flexibly [6][7]. - The contracts for the relatively peak seasons of June, July, and August have strong expectations. The reasons include the low probability of the Suez Canal's reopening in the first half of the year, the relatively small delivery pressure of ultra - large container ships in the first half of 2026, and the relatively high year - on - year growth rate of demand from Asia to Europe. However, future price fluctuations are expected to be significant, and investors need to respond flexibly [8]. 3. Summary by Relevant Catalogs 3.1 Market Analysis - **Online Quotes**: Different shipping companies have different price quotes for different shipping schedules. For example, Maersk's Shanghai - Rotterdam WEEK13 quote is 1455/2350, and WEEK14 is 1625/2610. HPL's quotes for the second half of March range from 2445 - 3555 dollars/FEU, and for the first half of April, it ranges from 4855 - 5035 dollars/FEU [1]. 3.2 Geopolitical Situation - Iran's Islamic Revolutionary Guard Corps Aerospace Force Commander said that Iran's "devastating" strike against the US and Israel has entered the "acceleration phase" [4]. 3.3 Static Supply - As of February 28, 2026, 27 container ships have been delivered, with a total capacity of 174,232 TEU. The delivery expectations for 12000 - 16999TEU and 17000 + TEU ships from 2026 to 2029 are provided, indicating that the delivery pressure of ultra - large ships in 2026 is relatively small, while the annual delivery volume of 17000 + TEU ships in 2027, 2028, and 2029 exceeds 40 [4][5]. 3.4 Dynamic Supply - The average weekly capacity from China to European base ports in March, April, and May is provided. There are also details about empty sailings and TBNs. The transfer of ships from the Middle East to the European line increases supply pressure and may affect European line freight rates [6]. 3.5 Freight Rate and Contract Situation - Maersk's price in the first week of April is 2600 - 2700 dollars/FEU (equivalent to about 1900 points in SCFIS), which boosts the valuation of the April contract. Major shipping companies have announced emergency fuel surcharges, but Maersk has stopped collecting them. The settlement price of the April contract is the arithmetic average of the three - phase SCFIS on April 13th, 20th, and 27th [6]. 3.6 Strategy - **Unilateral Strategy**: None. - **Arbitrage Strategy**: Go long on EC2606 and short on EC2610 [10]. 3.7 Market Data - As of March 17, 2026, the total open interest of all contracts of the container shipping index European line futures is 51,979.00 lots, and the daily trading volume is 42,987.00 lots. The closing prices of different contracts are provided. The SCFI and SCFIS prices of different routes on different dates are also given [9].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The volatility of the market is high, and attention should be paid to the freight rate correction in the second half of March [1]. - For the EC2604 contract approaching delivery, investors are advised to closely follow the spot market, operate flexibly, and consider the profit - loss ratio [7]. - The expectations for the contracts in June, July, and August (relatively peak seasons) are strong, but the actual freight rates are still uncertain. Investors need to respond flexibly [8]. - The recommended strategy is to go long on EC2606 and short on EC2610 [10]. 3. Summary by Directory 3.1 Market Analysis - **Online Quotes**: Different shipping companies have different quotes for the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk quotes 1405/2250 for WEEK13; HPL's quotes for the second half of March range from 2135 - 3555 dollars/FEU, and 2895/4855 for the first half of April [1]. - **Geopolitical Situation**: Iran's new supreme leader's speech indicates the continued closure of the Strait of Hormuz, and threats to attack US military bases if they are not withdrawn [4]. - **Static Supply**: As of February 28, 2026, 27 container ships have been delivered with a total capacity of 174,232 TEU. The delivery pressure of ultra - large ships in 2026 is relatively small, while in 2027, 2028, and 2029, the annual delivery volume of 17,000 + TEU ships exceeds 40 [4]. - **Dynamic Supply**: The average weekly capacity from China to European base ports in the remaining 4 weeks of March is 320,700 TEU, and 324,900 TEU in April. There are 8 blank sailings in March and 2 TBNs in April [5]. - **Contract Situation**: The EC2604 contract is approaching delivery. Shipping companies are trying to support prices in the off - season. Most shipping companies have announced emergency fuel surcharges, which may increase the valuation of near - month contracts. The transfer of ships from the Middle East to the European route increases supply pressure and may affect European freight rates [6]. - **Peak - Season Contracts**: The contracts for June, July, and August have strong expectations. The reasons include the low probability of the Suez Canal's resumption in the first half of the year, relatively small delivery pressure of ultra - large container ships in the first half of 2026, and relatively high year - on - year growth in the demand from Asia to Europe [8]. - **Market Data**: As of March 12, 2026, the total open interest of all container shipping index European line futures contracts is 58,270 lots, and the daily trading volume is 91,865 lots. The closing prices of different contracts are provided, and the SCFI and SCFIS prices on different routes are also given [9]. 3.2 Strategy - **Unilateral Strategy**: None [10]. - **Arbitrage Strategy**: Go long on EC2606 and short on EC2610 [10].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The main shipping companies have announced emergency fuel surcharges, and attention should be paid to the freight rate correction in the second half of March. The EFS will increase the valuation of near - month contracts to some extent [1][6]. - For the EC2604 contract approaching delivery, consider the shipping company's price - holding intention and actual price adjustment. Due to high geopolitical risks and weak off - season cargo volume, the contract's volatility will be amplified. It is recommended that investors follow the spot market and operate flexibly [6][7]. - The 6, 7, and 8 - month contracts in the peak season have strong expectations. The reasons include the low probability of the Suez Canal's resumption in the first half of the year, relatively small delivery pressure of ultra - large container ships in the first half of 2026, and relatively high year - on - year growth in the demand side of Asia - Europe trade. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [8]. - The strategy is to have no unilateral operation and conduct an arbitrage of going long on EC2606 and shorting on EC2610 [10]. 3. Summary by Directory 3.1 Market Analysis - Online quotes: Different shipping alliances and companies have different quotes for the Shanghai - Rotterdam route. For example, Gemini Cooperation's Maersk quotes 1400/2240 for WEEK13; HPL's quotes for the second half of March range from 2735 - 4035 dollars/FEU, and 2735/4535 for the first half of April [1]. - Geopolitical situation: Iraqi oil ports are "completely shut down", but commercial ports are operating normally [4]. - Static supply: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU have been delivered in 2026. The delivery pressure of ultra - large ships in 2026 is relatively small, while in 2027, 2028, and 2029, the annual delivery volume of 17000 + TEU ships exceeds 40 [4]. - Dynamic supply: The average weekly capacity from China to European base ports in the remaining 4 weeks of March is 320,700 TEU, and 324,900 TEU in April. There are 8 blank sailings in March and 2 TBNs in April [5]. 3.2 Futures and Spot Prices - Futures prices: As of March 11, 2026, the total open interest of all contracts of the container shipping index European line futures is 60,489.00 lots, and the daily trading volume is 93,131.00 lots. The closing prices of different contracts are as follows: EC2604 is 1992.70, EC2605 is 2050.00, EC2606 is 2329.40, EC2607 is 2434.90, EC2608 is 2295.50, EC2609 is 1684.10, EC2610 is 1536.00, and EC2512 is 1838.50 [9]. - Spot prices: On March 6, the SCFI (Shanghai - Europe route) price is 1452 dollars/TEU, SCFI (Shanghai - US West route) is 1940 dollars/FEU, and SCFI (Shanghai - US East) is 2717 dollars/FEU. On March 9, the SCFIS (Shanghai - Europe) is 1545.46 points, and SCFIS (Shanghai - US West) is 1121.22 points [9]. 3.3 Strategy - Unilateral: None [10]. - Arbitrage: Go long on EC2606 and short on EC2610 [10].

Pricing Trends - Maersk Shanghai-Rotterdam quotes for Week 13 are $1400/$2240, while HPL's quotes for late March range from $2735 to $4035 per FEU[1] - MSC's late March quotes are $1640/$2740, and ONE's range is $2590/$4035, with April prices at $2603/$4041[2] - CMA's quotes for late March are between $3193 and $5193 per FEU, while OOCL's range is $2280 to $4030 per FEU[3] Supply Dynamics - As of February 28, 2026, 27 container ships have been delivered, totaling a capacity of 174,232 TEU, with 6 ships in the 12000-16999 TEU range and 1 ship over 17000 TEU[4] - Expected deliveries for 2026 include 679,000 TEU (46 ships) in the 12000-16999 TEU range and 192,900 TEU (8 ships) for those over 17000 TEU[4] Market Conditions - The average capacity for China-Europe routes in March is 32.07 TEU, with weekly capacities ranging from 28.54 to 36.23 TEU[5] - Major shipping lines are implementing emergency fuel surcharges, with Maersk charging $400 per FEU and MSC $300 per FEU[6] Geopolitical Impact - The ongoing Iraq conflict has led to the complete shutdown of oil ports, although commercial ports remain operational, potentially affecting shipping rates[4] - The high geopolitical risk may influence shipping companies' pricing strategies and contract volatility, particularly for the EC2604 contract nearing delivery[7] Seasonal Demand Outlook - The demand for contracts in June and July is expected to remain strong, driven by limited supply and high year-on-year growth rates in container trade[8] - The Suez Canal's reopening is uncertain, which may further impact shipping dynamics and pricing in the upcoming months[8] Futures Market Activity - As of March 11, 2026, the total open interest for container shipping futures is 60,489 contracts, with daily transactions reaching 93,131 contracts[9] - The closing prices for various contracts range from $1,684.10 for EC2609 to $2,434.90 for EC2607, indicating a diverse pricing landscape[9]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - For the near - term contract EC2604, as it approaches delivery, the volatility is expected to be magnified due to the game between shipping companies' price - holding expectations under high geopolitical risks and the actual prices under weak off - season cargo volume. It is recommended that investors closely follow the spot market and operate flexibly [6][7]. - For the relatively peak - season contracts in June, July, and August, the current expectations are strong. The reasons include the low probability of the Suez Canal's resumption in the first half of 2026, relatively small delivery pressure of ultra - large container ships in the first half of 2026, and relatively high year - on - year growth in the demand side of Asia - Europe trade. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [8]. - The strategy suggests no unilateral operation for now and recommends a long EC2606 and short EC2610 arbitrage [10]. 3. Summary by Relevant Catalogs 3.1 Futures Prices - As of March 10, 2026, the total open interest of all container shipping index European line futures contracts is 59,241.00 lots, and the single - day trading volume is 91,438.00 lots. The closing prices of different contracts are as follows: EC2604 is 1848.90, EC2605 is 1908.00, EC2606 is 2170.00, EC2607 is 2277.70, EC2608 is 2157.60, EC2609 is 1587.10, EC2610 is 1459.20, and EC2512 is 1782.90 [9]. 3.2 Spot Prices - On March 6, the SCFI (Shanghai - Europe route) price is 1452 US dollars/TEU, the SCFI (Shanghai - US West route) price is 1940 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2717 US dollars/FEU. On March 9, the SCFIS (Shanghai - Europe) is 1545.46 points, and the SCFIS (Shanghai - US West) is 1121.22 points [9]. 3.3 Container Ship Capacity Supply - **Static Supply**: As of February 28, 2026, 27 container ships have been delivered in 2026, with a total capacity of 174,232 TEU. Among them, 6 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 86,000 TEU, and 1 ship with a capacity of over 17,000 TEU has been delivered, with a capacity of 17,148 TEU. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 679,000 TEU (46 ships) will be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,224,000 TEU (84 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of over 17,000 TEU, 192,900 TEU (8 ships) will be delivered in the remaining months of 2026, 862,800 TEU (40 ships) in 2027, 1,603,000 TEU (80 ships) in 2028, and 1,636,000 TEU (81 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and the annual delivery volume of ships with a capacity of over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. Only 4 ships with a capacity of over 17,000 TEU were delivered in the first half of 2026 [4][5]. - **Dynamic Supply**: The average weekly capacity of the China - European base port in the remaining 4 weeks of March is 320,700 TEU, and the capacities in weeks 11, 12, 13, and 14 are 362,300, 341,900, 293,100, and 285,400 TEU respectively. The average weekly capacity in April is 324,900 TEU, and the capacities in weeks 15, 16, 17, and 18 are 361,400, 239,900, 404,500, and 294,000 TEU respectively. There were 8 blank sailings in March (3 by the OA Alliance, 1 by the Gemini Alliance, and 4 by the MSC/PA Alliance) and 1 TBN (by the OA Alliance). There are 2 TBNs in April [5]. 3.4 Supply Chain - After the Israel - Iran conflict, shipping companies tried to hold prices in the off - season. Maersk set the price for the second week of the second half of March at 2200 - 2300 US dollars/FEU (equivalent to 1600 - 1700 points in SCFIS), and MSC's online quote for the second half of March is 2740 US dollars/FEU (100 US dollars/FEU higher than the first half). YML updated its price for the first week of the second half of March to 2700 US dollars/FEU. CMA announced an emergency fuel surcharge (EFS) of about 150 US dollars/TEU (equivalent to about 200 points on the futures market) for European routes starting from March 23. Two large ships were transferred from the Middle East route to the Asia - Europe route, increasing the supply - side pressure and potentially affecting European line freight rates. Maersk's quote for the last week of the second half of March is 2200 - 2300 US dollars/FEU, the same as the previous week [6]. 3.5 Demand and European Economy - The year - on - year growth rate of the demand side of Asia - Europe trade is relatively high, with the container trade volume in most months having a year - on - year growth rate of over 10%. After the Israel - Iran conflict, new expectations have emerged for peak - season contracts. It is necessary to pay attention to whether developed countries in Europe and the United States will increase imports due to concerns about future inflation, which could drive up China's export demand. At the same time, it is also necessary to guard against the expectation of a global economic recession caused by a large increase in oil prices [8].

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - The main contract EC2604 is approaching delivery, and the price - holding willingness of shipping companies and actual price adjustments should be monitored. The conflict between Israel and Iran has led shipping companies to attempt to hold prices during the off - season. CMA's implementation of an emergency fuel surcharge (EFS) will increase the valuation of near - month contracts. The current high geopolitical risks and the game between price - holding expectations and actual landing prices will amplify the volatility of the EC2604 contract. It is recommended that investors closely follow the spot market and operate flexibly [5][6]. - For the relatively peak - season contracts of June, July, and August, the current expectations are strong. The reasons include the low probability of the Suez Canal's reopening in the first half of the year, the relatively small pressure of ultra - large container ship deliveries in the first half of 2026, and the relatively high year - on - year growth rate of the demand side of Asia - Europe trade. However, the actual freight rates in the future are still uncertain, and investors need to respond flexibly [7]. - The recommended strategy is to go long on EC2606 and short on EC2610 [9]. 3. Summary by Relevant Catalogs 3.1 Futures Prices - As of March 9, 2026, the total open interest of all contracts of the container shipping index European line futures was 67,535.00 lots, and the single - day trading volume was 102,972.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 2236.40, 2257.00, 2494.00, 2590.40, 2422.60, 1742.30, 1617.20, and 1861.00 respectively [8]. 3.2 Spot Prices - On March 6, the SCFI (Shanghai - Europe route) price was 1452 US dollars/TEU, the SCFI (Shanghai - US West route) price was 1940 US dollars/FEU, and the SCFI (Shanghai - US East) price was 2717 US dollars/FEU. On March 9, the SCFIS (Shanghai - Europe) was 1545.46 points, and the SCFIS (Shanghai - US West) was 1121.22 points [8]. 3.3 Container Ship Capacity Supply - **Static Supply**: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU had been delivered in 2026. Among them, 6 ships with a capacity of 12,000 - 16,999 TEU (total 86,000 TEU) and 1 ship with a capacity of over 17,000 TEU (17,148 TEU) were delivered. In the future, the delivery of ships with a capacity of 12,000 - 16,999 TEU from 2026 to 2029 will be 679,000 TEU (46 ships), 944,600 TEU (64 ships), 1,224,000 TEU (84 ships), and 415,400 TEU (29 ships) respectively; the delivery of ships with a capacity of over 17,000 TEU from 2026 to 2029 will be 192,900 TEU (8 ships), 862,800 TEU (40 ships), 1,603,000 TEU (80 ships), and 1,636,000 TEU (81 ships) respectively. The delivery pressure of ultra - large ships in 2026 is relatively small [3][4]. - **Dynamic Supply**: The average weekly capacity of China - European basic ports in the remaining 4 weeks of March was 320,700 TEU, with the capacities of WEEK11/12/13/14 being 362,300/341,900/293,100/285,400 TEU respectively. The average weekly capacity in April was 324,900 TEU, with the capacities of WEEK15/16/17/18 being 361,400/239,900/404,500/294,000 TEU respectively. There were 8 blank sailings in March and 2 TBNs in April [4]. 3.4 Supply Chain - Geopolitically, on March 9, the Israeli Defense Forces completed a new round of air strikes on Iran, targeting multiple missile launch sites and command centers. The Houthi rebels may resume attacks on shipping in the Red Sea corridor, and the reopening of the Suez Canal in the first half of the year is less likely [3][7]. - Shipping companies are trying to hold prices during the off - season. Maersk's price for the first week of the second half of March increased by 400 US dollars compared to the second week of March, and MSC's online quote for the second half of March increased by 100 US dollars/FEU compared to the first half. CMA announced an emergency fuel surcharge (EFS) starting from March 23 [5]. 3.5 Demand and European Economy - The year - on - year growth rate of the demand side of Asia - Europe trade has been relatively high, with the year - on - year growth rate of container trade volume in most months exceeding 10%. After the outbreak of the Israel - Iran conflict, new expectations have emerged for peak - season contracts. It is necessary to pay attention to whether developed countries in Europe and the United States will increase imports due to concerns about inflation, which will drive up China's export demand [7].