1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - In the first half of March, freight rates are gradually being adjusted. Attention should be paid to Maersk's pricing in the second week of March. The freight rates of some shipping companies have been adjusted after the price increase letters were issued in March. It is necessary to focus on whether the current freight rates can stabilize in the second half of March and whether the freight volume from the Far East to Europe can significantly increase in March. The 04 contract is expected to have larger fluctuations, and investors should participate with caution. [1][5] - In the more distant contracts, there is a strong expectation of price increases under the background of the approaching peak season. The game over the resumption time of navigation is intense, and the volatility is expected to remain at a high level. The resumption of navigation in the Suez Canal is expected to be a gradual process. If navigation is not resumed in the first half of 2026, the pressure on the supply side in the first half of 2026 is expected to be relatively controllable, and the freight rate may still be expected to be high. Investors can pay attention to the arbitrage opportunities of going long on EC2606 and short on EC2610 or going long on EC2607 and short on EC2610. [6] 3. Summary by Directory 3.1 Market Analysis - **Online Quotations**: - Gemini Cooperation: Maersk's Shanghai - Rotterdam WEEK11 quotation is $1210/1920 (the Shanghai - London basic port WEEK11 quotation has risen to $1320/2100). HPL's shipping schedule quotation for the first half of March is $1935/2535, and for the second half of March is $1935/3135. [1] - MSC + Premier Alliance: MSC's shipping schedule quotation for the first half of March is $1400/2340; ONE's shipping schedule quotation for the first half of March is $1940/3035, and the same for the second half of March; HMM's Shanghai - Rotterdam shipping schedule quotation for the first half of March is $1783/3136. [2] - Ocean Alliance: CMA's Shanghai - Rotterdam shipping schedule quotation for the first half of March is $1459/2593, and for the second half of March is $2159/2793; EMC's shipping schedule quotation for the first half of March is $2065/3130; OOCL's shipping schedule quotation for March is $1830/3130. [3] - **Geopolitical Situation**: Trump stated that Iran has not agreed to abandon nuclear weapons. The White House stated that Trump's primary choice is always to resolve the issue through diplomatic means, but is also prepared to use lethal force if necessary. Trump is dissatisfied with the limited military options against Iran, and advisors have warned that any strike may not be decisive and may lead to a larger - scale conflict. [3] - **Static Supply**: As of January 31, 2026, 6 container ships have been delivered in 2026, with a total delivery capacity of 46,950 TEU. Among them, 2 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total of 28,000 TEU; 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, 737,400 TEU (50 ships) will be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,212,000 TEU (82 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships 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 1,261,500 TEU (77 ships) in 2029. Overall, the delivery pressure of ultra - large ships in 2026 is relatively small, and 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 (January - June). [3][4] - **Dynamic Supply**: The average weekly capacity from China to European basic ports in March is 290,100 TEU. The capacities in WEEK10/11/12/13/14 are 169,500/360,200/303,100/299,400/318,900 TEU respectively. The average weekly capacity in April is 310,000 TEU, and the capacities in WEEK15/16/17/18 are 333,800/308,900/305,500/291,800 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 4 TBNs (2 by the OA Alliance and 2 by the MSC/PA Alliance). [4] 3.2 Price and Market Outlook - **Price Adjustment**: Shipping companies usually issue price increase letters in March and April to stabilize prices. After the price increase letters were issued in March, the freight rates of some shipping companies have been adjusted. For example, MSC's latest freight rate in March is $1400/2340; Maersk's Rotterdam price in the first week of March (March 2 - March 8) remains at $1900/FEU, and the London basic port price has increased by $200 to $2100/FEU. The freight rates of other shipping companies in the first half of March are expected to be gradually adjusted. [5] - **Market Outlook**: In normal years, April and October are the months with the lowest freight rates. The cancellation of the VAT export tax rebate for photovoltaic and other products may affect the shipping rhythm of related industries and further affect the pricing strategies of shipping companies. It is necessary to pay attention to whether the freight volume from the Far East to Europe can significantly increase in March and whether the actual freight rates will be firmer than in normal years. The 04 contract is expected to have larger fluctuations. In the more distant contracts, there is a strong expectation of price increases under the background of the approaching peak season, and the volatility is expected to remain at a high level. [5][6] 3.3 Strategy - **Unilateral Strategy**: The 04 contract is expected to fluctuate. [8] - **Arbitrage Strategy**: Go long on EC2606 and short on EC2610; go long on EC2607 and short on EC2610. [8] 3.4 Market Data - **Futures Data**: As of February 24, 2026, the total open interest of all contracts of the container shipping index European line futures is 61,202.00 lots, and the daily trading volume is 63,374.00 lots. The closing prices of EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1320.60, 1691.60, 1741.80, 1168.80, and 1468.90 respectively. [7] - **Spot Data**: On February 13, the SCFI (Shanghai - Europe route) price is $1361/TEU, the SCFI (Shanghai - West Coast of the United States) price is $1787/FEU, and the SCFI (Shanghai - East Coast of the United States) price is $2524/FEU. On February 23, the SCFIS (Shanghai - Europe) is 1573.51 points, and the SCFIS (Shanghai - West Coast of the United States) is 1112.01 points. [7]