Report Summary 1. Report Industry Investment Rating There is no information about the report industry investment rating in the provided content. 2. Core View The report provides daily data on the passage of ships through the Strait of Hormuz and shipping freight rates, including the number of ships passing through the strait, VLCC, refined oil, and container shipping freight rates [2]. 3. Summary by Related Catalogs Strait Passage - On March 12, 3 ships passed through the Strait of Hormuz (1 entering and 2 exiting), a decrease of 6 ships compared to the previous day. As of 13:00 on March 13, 1 liquid bulk carrier with the operating entity Al Rafedain Marine Services was passing through the strait in the outbound direction [2]. WL00 Daily Freight - On March 12, the freight rates from the Middle East to China and from West Africa to China were $10.41 and $9.2 per barrel respectively, with daily decreases of 25.3% and 17.3% [2]. Refined Oil Daily Freight - On March 12, the freight rates from Saudi Ras Tanura to Singapore LR (105kt) and from Saudi Ras Tanura to Yokohama, Japan (105kt) were updated to $6.49 and $11.1 per barrel respectively, showing rebounds of 2.7% and 2.8% [2]. Container Shipping Daily Freight - As of 11:00 on March 13, the TCJ Tianjin + Persian Gulf basic port freight index was updated to 1726.87 points, a month - on - month increase of 83.2%. The freight rate was still missing, possibly due to short - term shipping stagnation. The freight rate from Tianjin to European basic ports was $2877 per FEU, and the index was flat compared to the previous day. The freight rates from Tianjin to the western and eastern Mediterranean basic ports were $3735.22 and $4091.56 per FEU respectively, and the indices were flat [2]. - The TCI 40GP and 20GP quotes for various routes on March 12 are provided, including routes to the Persian Gulf, Europe, the Mediterranean, the Americas, Asia, and Africa [9].

Report Summary 1. Report Industry Investment Rating - No information provided in the report. 2. Core View - The report provides daily data on the passage and freight rates in the Strait of Hormuz, including the number of ships passing through, and the freight rates of VLCCs, product tankers, and container ships [4]. 3. Summary by Related Catalogs Strait Passage - On March 9, 2 ships passed through the Strait of Hormuz (with AIS on), the same as the previous day. As of 13:00 on March 10, 2 ships passed through in the past 24 hours (with AIS on), including 1 liquid bulk ship operated by MHK Shipping Corp [4]. VLCC Daily Freight Rates - On March 9, the freight rates from the Middle East to China and from West Africa to China were 14.36 and 13.28 dollars per barrel respectively, with daily-on-day changes of +0.9% and -2.9% compared to last Friday [4]. Product Tanker Middle East Shipment Daily Freight Rates - On March 9, the freight rates from Saudi Ras Tanura to Singapore LR (105kt) and from Saudi Ras Tanura to Yokohama, Japan (105kt) were updated to 6.81 and 11.64 dollars per barrel respectively, both down 3.7% compared to last Friday [4]. Container Shipping Freight Rates - According to the data released by the Tianjin International Trade and Shipping Service Center at 11:00 on March 10, the TCI Tianjin - Persian Gulf basic port index rose 10.4K to 942.8 points, and there was no freight rate record, possibly due to the stagnation of Middle East shipments. The freight rate from Tianjin to European basic ports was 2991.4 dollars/FEU, with the index rising 28 compared to the previous day. The freight rates from Tianjin to the western and eastern Mediterranean basic ports were 3790.8 and 3936 dollars/FEU respectively, with the index rising 2.4% compared to the previous day [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - This week, EC was driven by the resonance of geopolitical conflicts and industrial price increases, showing a relatively strong pattern. The investment logic focuses on both emotional and fundamental support. The escalation of the US - Iran conflict raises the geopolitical risk premium on Middle - East routes, and the significant rebound in freight rates drives the price - increase effect to spread to European routes, becoming the short - term core trading theme of the market. The industry's leading shipping companies collectively raised the freight rates for European routes in the second half of March and April. The forward price increase letters reached a high level, and the spot freight rates stopped falling and rose, effectively raising the valuation center of the 04 contract. The supply - demand side shows a double - increase pattern, with a slight increase in the planned shipping capacity from March to April. Shipping companies adjust ships to fill empty flights and optimize the delivery rhythm, without large - scale over - capacity pressure. The market first soared with emotions and then returned to rationality, showing a positive spread trading trend [5] 3. Summary by Relevant Content Shipping Derivatives Data - **China Export Container Freight Rates**: - SCFI - West America: The current value is 1489, the previous value was 1333, with a growth rate of 11.71% [1] - SCFIS - West America: The current value is 1045, the previous value was 1045, with a growth rate of 0.93% [1] - SCFI - East America: The current value is 2717, the previous value was 1857, with a growth rate of 4.47% [1] - SCFI - Northwest Europe: The current value is 1452, the previous value was 1112, with a growth rate of 0.97% [1] - CCFI Composite Index: The current value is 1054, the previous value was 1420, with a decline rate of 6.03% [1] - SCFI: The current value is 1940, the previous value was 2691, with a growth rate of 2.25% [1] - SCFI - Mediterranean: The current value is 1463, the previous value was 1572, with a decline rate of 6.99% [1][2] - SCFIS - Northwest Europe: The current value is 2360, the previous value was 2305, with a growth rate of 2.39% [2] Market News - Israel carried out air strikes on multiple targets in Iran [3] - Iran launched ballistic missiles at all Gulf countries except Oman [3] - According to AP, the Houthi rebels will resume attacks on shipping in the Red Sea corridor [3] Market Trend - The market showed an upward trend [4] Strategy - Adopt a wait - and - see approach and pay attention to the 4 - 5 reverse spread [7]

Report Summary 1. Report Industry Investment Rating - The report suggests a "low long" strategy [8]. 2. Core Viewpoints - The market is in a weak and volatile state [5]. - The spot market continues the pre - holiday tight - balance situation. Leading shipping companies' early cargo bookings cover until mid - March, and with increased suspension of voyages and cabin control, the available shipping space remains tight. After the Spring Festival, downstream factories are in the process of resuming work, and the core export categories have not seen a concentrated increase in volume. Shipping companies' price - holding strategies are diverging, and it is difficult to implement price increases in early March. Spot freight rates will maintain high - level volatility without significant downward pressure. The futures market strengthened significantly on Tuesday due to geopolitical sentiment and the resonance of the shipping sector. The core of market trading focuses on whether freight rates will continue to decline and the possibility of price increases in mid - to late March [6][8]. 3. Summary by Relevant Content Shipping Freight Index | Index | Present Value | Previous Value | Percentage Change | | --- | --- | --- | --- | | SCFI - US West | 1251 | 1122 | - 1.19% [1] | | SCFIS - US West | 1787 | 1403 | - 0.78% [1] | | SCFI - US East | 1155 | 1267 | 4.90% [1] | | SCFI - Northwest Europe | 1088 | 1801 | - 3.03% [1] | | CCFI | 2524 | 1101 | - 0.24% [1] | | Comprehensive Index SCFI | 1361 | 2530 | - 2.99% [1] | | SCFI - Mediterranean | 2177 | 1792 | - 7.53% [1][2] | | SCFIS - Northwest Europe | 1657 | 2291 | - 4.98% [2] |

Report Industry Investment Rating - The report's outlook is "Oscillation" [5] Core Viewpoints - The market is currently dominated by price - reduction expectations. In the spot market, MSK's price - reduction strategy in March is aggressive, while the decline of PA may be slower. OCEAN's freight rate has increased slightly by about $100/FEU compared to late February, and shipping companies are still trying to maintain prices on other routes. There are still risks of capacity recovery and shipping companies' price - increase announcements in the second half of March. The market is more optimistic about the freight rates from May to June than the near - term. Attention should be paid to the impact of the third round of indirect negotiations between the US and Iran on geopolitical sentiment and the new price - increase announcements from shipping companies and the fluctuation direction of the spot market [1][5] Summary by Relevant Catalogs Spot Freight and Contract Volume - Price - MSK opened the freight rate for the second week of March, with a week - on - week reduction of $100/FEU. OOCL's online freight rate was also reduced, making it difficult to realize the increase in spot freight rates. ONE and YML may show a slow - decline trend in the first half of March. The 04 contract is dominated by off - season expectations, with a larger decline than the far - month contracts. The 04 main contract closed at 1236 points, down 5.13%, and the total open interest increased by more than 800 lots; the 05 contract closed at 1414.8 points, down 2.7%, with a total open interest of 395 lots; the 06 contract closed at 1621.1 points, down 3.3%, and the open interest increased slightly by 287 lots to 16,600 lots; the 07 contract was the highest among all contracts, closing at 1812 points, down 0.8% [1] Spot Freight Data - The comprehensive index of SCFI is 1251.5 points. The freight rate of the Nordic route is $1361/TEU, and the SCFIS of the Nordic route is 1573.51 points, down 2.1%. The freight rate of the Mediterranean route is $2177/TEU. The freight rate of the US West route is $1787/FEU, and the SCFIS of the US West route is 1112.01 points, down 1.7%. The freight rate of the US East route is $2524/FEU [9] Trade - Sino - US economic and trade relations have stabilized, and China's overall external environment has improved, which is an important background for the strengthening of the RMB. On February 26, the offshore RMB exchange rate against the US dollar appreciated to a maximum of 6.83605 during the session, an appreciation of more than 0.25% compared to the previous trading day. The IMF expects the US economic growth rate in 2026 to be 2.4%, consistent with the forecast in the January "World Economic Outlook" (WEO). The transmission of tariffs to US consumer prices may be lower than expected, leading to a more forward - moving inflation decline process and stronger economic activities, but trade uncertainties may drag down economic activities [2] Geopolitics - The Iranian negotiation team arrived at the diplomatic representative office of Oman in Geneva to participate in the third round of indirect negotiations with the US. The main members of the Iranian negotiation team include Foreign Minister Araqchi, Deputy Foreign Minister Ravanchi, and Deputy Foreign Minister Gharibabadi [5]

Report Industry Investment Rating - The report's outlook is "oscillation" [4] Core Views - The spot market has a good loading preference, and the freight rate center continues to rise. The 02 contract is at a premium to the 12 contract, with a significant increase in the 02 contract, rising trading volume, and increasing positions. The far - month contracts are oscillating, and the 12 contract has a slight decline [1] - The freight rates of some shipping companies in the spot market have adjusted. The geopolitical situation may complicate the second - stage cease - fire negotiations, and there are different stances in the macro - environment. The trading logic is that the shipping company's loading rate remains strong until the end of the year, and the market is optimistic about the implementation of the MSK's price increase plan. There are still expectations for price increases in January, and the 02 contract benefits from early delivery. It is advisable to pay attention to the 02 - 04 positive spread [1][2][3] Summary by Related Content Spot Market Freight Rates - GEMINI: The HPL - SPOT NE2/AE1 freight rate in the third week of December dropped to $2235/FEU; the MSK's fourth - week price was $2300/FEU and remained unchanged today [2] - OCEAN: The CMA's freight rate in the first half of December dropped to $2345/FEU, a decrease of $300, the same as the OOCL's $2880/FEU in the first half of December. In the second half, GMA and OOCL are at $2745/FEU and $2530 - 2630/FEU respectively, and the offline price is $2450 - 2600/FEU [2] - PA&MSC: The YML updated the freight rate from December 21 - 31 to $1575/TEU and $2650/FEU, a decrease of $200/FEU compared to last week's announced price, but an increase of $650 compared to the first - half price in December [2] Geopolitical Situation - A Hamas source said they would negotiate on disarmament but would not be forced to give up their guns, asking Israel to withdraw from Gaza and mediators to ensure that Israel does not resume military operations in Gaza. The second - stage cease - fire negotiations may become complicated [2] Macro - environment - The French President expressed a tough stance after returning from a visit to China, criticizing the large trade surplus between China and the EU, while Germany had a positive attitude towards China [3] Trading Logic - By the end of the year, the shipping company's loading rate remains strong. The PA's container goods support its second - half price increase plan. The OCEAN's second - half freight rate is set at $2500/FEU, and the GEMINI's is set at $2300 - 2400/FEU, with the freight rate center rising by about $200/FEU compared to the first half [3] - The market is more optimistic about the implementation of MSK's plan to raise the price to $3500/FEU. MSK has announced a PSS for the Mediterranean route. Attention should be paid to whether it will push up the Nordic PSS to boost sentiment and benefit the near - month contracts [3] - Due to less delayed capacity in the 52nd week and the long - term contract negotiation period, there are still expectations for price increases in January and mid - January. The market demand before the Spring Festival in January is strong, and the 02 contract benefits from early delivery. There is a differentiation in the logic between near - and far - month contracts, and attention can be paid to the 02 - 04 positive spread [3] Contract Performance - As of the close, the 02 contract closed at 1665.2 points, up 3.41%, with an increase of 669 in open interest; the 04 contract closed at 1080.7 points, up 0.6%, with a decrease of 159 in open interest; the 06 contract closed at 1225.6 points, up 0.9%; the 12 contract closed slightly lower at 1655 points, down 0.4%, with a decrease of 114 in open interest [1]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The freight rate entered a correction period in the second half of November, and attention should be paid to Maersk's price offer in the last week of November [1]. - The cease - fire agreement between Israel and Hamas is fragile, and the second - stage cease - fire agreement is still "out of reach." [3] - The 12 - month contract trading focuses on the rhythm, and the overall valuation support is constantly rising. The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5]. Summary by Directory Market Analysis - Online quotes: Different shipping companies have different price quotes for the Shanghai - Rotterdam route in November and December. For example, Maersk's 46 - week quote for Shanghai - Rotterdam is 1335/2230, and it has issued a price increase letter for December to 2080/3200 [1]. - Geopolitical situation: The first - stage cease - fire agreement between Israel and Hamas has been in effect for one month, but its implementation has been full of twists and turns, and the second - stage agreement is still uncertain [3]. - Dynamic supply: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and the monthly average weekly capacity in December is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December [3]. Contract Analysis - 12 - month contract: It focuses on the trading rhythm. The shipping companies will adjust the supply to keep the freight rate at a high level. The price increase expectations and actual implementation will alternate. If each price increase letter lands at about 300 US dollars/FEU for three rounds, the price in the second half of December may reach 3000 US dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 points [4]. - 2026 February contract: There may be a large expectation gap, but it is currently suppressed by the resumption of navigation expectations. Attention should be paid to how the exchange defines the delivery settlement price [5]. Market Data - As of November 10, 2025, the total open interest of all container shipping index European line futures contracts is 70,044.00 lots, and the single - day trading volume is 29,041.00 lots. The closing prices of different contracts are as follows: EC2602 is 1604.90, EC2604 is 1166.10, etc. [6]. - On November 7, the SCFI (Shanghai - Europe route) price is 1323 US dollars/TEU, the SCFI (Shanghai - US West route) price is 2212 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2848 US dollars/FEU. On November 10, the SCFIS (Shanghai - Europe) is 1504.80 points, and the SCFIS (Shanghai - US West) is 1329.71 points [6]. - In 2025, it is still a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU [6]. Strategy - Unilateral: The 12 - month contract will fluctuate. - Arbitrage: None at present.

Core Viewpoint - The company reported a decline in revenue and net profit for the first three quarters, but the third quarter showed signs of recovery with improved profit margins due to rising shipping rates [1][2]. Financial Performance - For the first three quarters, the company achieved revenue of 4.268 billion yuan, a year-on-year decrease of 14.77%, and a net profit attributable to shareholders of 947 million yuan, corresponding to earnings per share of 0.20 yuan, down 42.81% year-on-year [1]. - In Q3 2025, the company reported revenue of 1.497 billion yuan, with a quarter-on-quarter increase of 1.10% and a year-on-year increase of 7.05%. The net profit attributable to shareholders was 377 million yuan, with a quarter-on-quarter decrease of 13.47% but a year-on-year increase of 31.97% [1]. - The net profit margin for Q3 2025 improved to 25.2%, reflecting a quarter-on-quarter increase of 4.8 percentage points, although it was down 4.2 percentage points year-on-year [1]. Market Trends - Since entering Q4, the shipping rates for refined oil in the Asia-Pacific region have decreased month-on-month but have shown significant year-on-year growth. In October, the TC7/Pacific route average rates fell by 12.8% and 13.2% compared to September, but increased by 18.1% and 8.7% compared to the same period in 2024 [2]. - The supply of MR vessels remains tight, with current orders accounting for 14.6% of capacity, and vessels over 20 years old making up 16% of the fleet. Stricter sanctions on shadow fleets by Europe and the U.S. are expected to further limit effective MR vessel capacity [2]. Corporate Actions - The company announced plans to use surplus reserves to offset losses on the parent company's balance sheet, pending approval from the shareholders' meeting. If approved, this will enable the company to improve its dividend capacity, which is viewed positively for valuation recovery [2]. - The company has been actively repurchasing shares, having bought back 1.56% of its shares by the end of September [2]. Profit Forecast and Valuation - The current profit forecast and valuation remain unchanged, with the stock price corresponding to 11.4 times and 10.0 times the earnings for 2025 and 2026, respectively. The company maintains an outperform rating and a target price of 3.7 yuan per share, suggesting a potential upside of 16.7% from the current stock price [3].

1. Report Industry Investment Rating - Unilateral: The 12 - contract is expected to be oscillating strongly [9] - Arbitrage: None [9] 2. Core Viewpoints of the Report - In the second half of October, freight rates were slightly adjusted. Attention should be paid to whether the price increase notices for the second half of November will be launched [1] - The valuation of the October contract is becoming clearer. Focus on the actual cargo - booking prices in the second half of the month after the holiday. For the December contract, as it is far from delivery, trading focuses on the rhythm. The 2026 February contract may have a large expectation gap but is currently suppressed by the expectation of resumed voyages [5][6][7] - In 2025, it is still a big year for container ship deliveries. As of October 12, 2025, 210 container ships have been delivered, with a total delivery capacity of 1.704 million TEU [8] 3. Summary According to Relevant Catalogs I. Futures Prices - As of October 15, 2025, the total open interest of all contracts of the container shipping index for the European route futures was 64,481.00 lots, and the single - day trading volume was 59,281.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2510, and EC2512 contracts were 1463.40, 1142.00, 1306.60, 1450.20, 1120.60, and 1708.60 respectively [7] II. Spot Prices - Online quotes from various shipping alliances show different price trends and price increase notices. For example, in the Gemini Cooperation, Maersk's Shanghai - Rotterdam quotes increased from week 43 to week 44. HPL also issued price increase notices. Many other alliances like MSC + Premier Alliance, Ocean Alliance also have price adjustments and price increase notices [1][2] III. Container Ship Capacity Supply - The average weekly capacity from China to European base ports in the remaining three weeks of October was 276,100 TEU. The monthly average weekly capacity in November was 302,800 TEU, and in December was 287,700 TEU. There were 4 blank sailings and 3 TBNs in November, and 7 TBNs in December [3] IV. Supply Chain - The Chinese Ministry of Commerce imposed sanctions on 5 US - related subsidiaries of Hanwha Ocean Co., Ltd. Since HMM and Hanwha Ocean Co., Ltd. have the same top - level controlling party, whether HMM's operations will be affected is unknown [4] V. Demand and European Economy - No specific content about demand and European economy is provided in the text other than the general background information related to the shipping market, such as the actions of shipping companies to adjust supply to maintain freight rates for the next - year long - term agreement negotiations [6]

Report Title - Shipping Derivatives Data Daily Report [4] Report Date - October 14, 2025 [5] Data Source - Clarksons, Wind [5] Core Viewpoints - In late September, shipping companies collectively cut prices to grab cargo, and freight rates dropped to $1300/FEU. Before the peak season at the end of the year, Maersk took the lead in announcing a $400/FEU increase for late October. However, in October, both supply and demand declined, and it is likely to return to the off - season market. Currently, the mainstream quotation range for late October is between $2000 - $2200. Subsequently, European routes will focus on price stabilization and support during the transition between off - and peak - seasons. Shipping companies' price increases may be difficult to implement, and it is necessary to closely monitor the implementation of price increases, peak - season cargo volume, capacity deployment, and shipping companies' attitude towards price support [8]. - The preliminary progress of the Gaza peace talks creates a theoretical possibility for the resumption of Red Sea shipping, but the shipping industry still needs to face "three hurdles": the stability of agreement implementation, the conditions for the Houthi armed forces to lift the blockade, and the sustainable guarantee of route safety. Before the new long - term agreement cycle in 2026, the market will continue the trend of "falling freight rates and increasing bargaining power of shippers". The resumption of the Suez route will probably be carried out in a phased and verification - based manner, and the second quarter of next year will be the first substantial observation node [8]. Key Data Freight Rate Index | Index | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | SCFI Composite Index | 1115 | 1198 | -6.97% | | CCFI Index | 1087 | 1120 | -2.93% | | SCFI - US West | 1460 | 1636 | -10.76% | | SCFIS - US West | 862 | 876 | -1.60% | | SCFI - US East | 2385 | 2557 | -6.73% | | SCFI - Northwest Europe | 971 | 1052 | -7.70% | | SCFIS - Northwest Europe | 1031 | 1046 | -1.43% | | SCFI - Mediterranean | 1485 | 1638 | -9.34% | [5] Futures Contracts Present Value, Previous Value, and Change Rate | Contract | Present Value | Previous Value | Change Rate | | --- | --- | --- | --- | | EC2506 | 1268.0 | 1248.6 | 1.55% | | EC2608 | 1395.8 | 1393.6 | 0.16% | | EC2510 | 1129.4 | 1121.1 | 0.74% | | EC2512 | 1562.5 | 1571.0 | -0.54% | | EC5602 | 1359.9 | 1338.0 | 1.64% | | EC2604 | 1098.5 | 1069.0 | 2.76% | [5] Open Interest | Contract | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | EC2606 Open Interest | 1483 | 1516 | (33) | | EC2608 Open Interest | 1122 | 1041 | 81 | | EC2410 Open Interest | 16148 | 18352 | (2204) | | EC2412 Open Interest | 28771 | 28056 | 715 | | EC2602 Open Interest | 9376 | 9768 | (392) | | EC2604 Open Interest | 12825 | 12963 | (138) | [5] Monthly Spread | Spread | Present Value | Previous Value | Change in Value | | --- | --- | --- | --- | | 10 - 12 | -433.1 | -449.9 | 16.8 | | 12 - 2 | 202.6 | 233.0 | (30.4) | | 12 - 4 | 464.0 | 502.0 | (38.0) | [5] Spot Prices - GEMINI: The average of the alliance is around 1500. Maersk's wk40 opening price is 1400, and HPL - SPOT is 150 [8]. - OA: The average of the alliance is around 1550. CMA is 1700 (off - line 1500), OOCL is 1600, and EMC is 1700 (off - line 1500) [8]. - PA: The average of the alliance is around 1400. ONE is 1600, HMM is 1600, and IYM is 1300 [8]. - MSC: Reported 1600 in October [8]. Strategies - Go for a long position in the 10 - 12 spread [9]