Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Since the escalation of the Middle - East geopolitical conflict, the market is dominated by strong expectations. The focus is on the increased supply - chain uncertainty after the blockade of the Strait of Hormuz. The chaotic supply chain in the Middle - East routes may spill over to the European routes. Three shipping companies on the European routes have announced a price increase to $4000 per 40 - foot container in the second half of March [1]. - After the son of Khamenei officially took over as the new supreme leader of Iran on the early morning of March 9, the market's expectation that the short - term Middle - East conflict may not end has further increased, leading to a linear extrapolation of subsequent freight rate increases. The strong expectation is gradually being transmitted to the spot market, and Maersk has started to raise its opening prices [1]. - Currently, major shipping companies have suspended bookings on Middle - East routes, and some airlines have redeployed their original Middle - East capacity to other routes. If the shipping companies' route arrangements are in a chaotic pattern, it may lead to a structural shortage of capacity, which may cause a chain reaction in the global container shipping supply chain and make freight rates enter a period of amplified fluctuations [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Percentage Change (%) | Trading Volume (Change) | Open Interest (Change) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 2236.4 | 20.00 | 62636 (-22534) | 31202 (-2793) | 17099 | 20589 | -3490 | | EC2606 | 2494 | 19.07 | 19008 (1927) | 19423 (-896) | - | - | - | | EC2608 | 2422.6 | 14.61 | 3608 (1081) | 3078 (63) | - | - | - | | EC2610 | 1617.2 | 12.07 | 10794 (3842) | 10068 (-949) | - | - | - | | EC2612 | 1861 | 10.06 | 1652 (1471) | 527 (193) | - | - | - | | Total | - | - | 97698 | 64298 | 17099 | 20589 | -3490 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Percentage Change | Previous Period | Percentage Change | Two Periods Ago | Percentage Change | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1545.46 | 5.6% | 1463.4 | -7.0% | 1573.51 | -2.1% | | | SCFI - $/TEU | 1420 | 4.3% | 1361 | -3.0% | 1403 | -1.1% | | Spot Freight Rates | TCI(20GP) $/TEU | 1623 | 0.0% | 1623 | 0.0% | 1623 | 9.0% | | (Daily) | TCI(40GP) $/FEU | 2699 | 0.0% | 2699 | 0.0% | 2699 | 7.5% | [4] Basis Spread (Points) - The basis spread of the previous trading day was - 690.94, and the basis spread of the day before the previous trading day was - 428.8, with a change of - 262.14 [6]

1. Report Industry Investment Rating - No information provided 2. Core View of the Report - The European container shipping line EC weakened in the late trading session, falling 3.42%. Maersk opened bookings for the third week of March, with the large container quote at $2200, a $400 increase from the previous period. HPL and MSC's price increase notices set the large container quote at $4000 starting from the second half of March. The market is currently dominated by strong expectations, and from Maersk's booking opening, these strong expectations are gradually being transmitted to the spot market, with Maersk starting to raise prices. With the unlikely resumption of Red Sea routes in the first half of the year, the main point of contention is the impact on the container shipping supply chain after the closure of the Strait of Hormuz. Currently, major shipping companies have suspended bookings for Middle - East routes, which may lead to a chain reaction in the global container shipping supply chain. Coupled with the shipping companies' active price support under the chaotic supply chain, freight rates have entered a period of increased volatility [1] 3. Summary According to Relevant Catalogs EC Contract Volume and Price - EC2604: The latest成交价 is 1768 points, with a decline of 3.42%. The trading volume is 153,840 (a change of 24,591 from the previous period), and the single - side open interest is 36,679 (a decrease of 1939 from the previous period). The long - position holdings of the top 20 members are 19,975, the short - position holdings are 23,134, and the net long - position is - 3159 [2] - EC2606: The latest成交价 is 1950.1 points, with a decline of 15.57%. The trading volume is 30,528 (a decrease of 15,430 from the previous period), and the single - side open interest is 20,170 (a decrease of 1467 from the previous period) [2] - EC2608: The latest成交价 is 2010 points, with a decline of 14.76%. The trading volume is 4342 (a decrease of 3982 from the previous period), and the single - side open interest is 2964 (a decrease of 113 from the previous period) [2] - EC2610: The latest成交价 is 1394.9 points, with a decline of 8.10%. The trading volume is 12,355 (a decrease of 16,344 from the previous period), and the single - side open interest is 11,408 (a decrease of 611 from the previous period) [2] - EC2612: The latest成交价 is 1677.3 points, with a decline of 15.72%. The trading volume is 430 (a decrease of 820 from the previous period), and the single - side open interest is 354 (a decrease of 109 from the previous period) [2] - Total: The total trading volume is 201,495, and the total single - side open interest is 71,575. The long - position holdings of the top 20 members are 19,975, the short - position holdings are 23,134, and the net long - position is - 3159 [2] Latest Spot Freight Rates - European Routes - Weekly Spot Index: The SCFIS is 1463.4 points, with a decline of 7.0% from the previous period; the SCFI is $1420 per TEU, with an increase of 4.3% from the previous period [4] - Daily Spot Freight Rates: The TCI for 20GP is $1489 per TEU, with no change from the previous period; the TCI for 40GP is $2510 per FEU, with no change from the previous period [4] Basis Spread - The basis spread of the previous trading day was - 304.6 points, and the basis spread of the day before the previous trading day was - 446.1 points, with a change of 141.5 points [6]