1. Report Industry Investment Rating - No specific industry investment rating is provided in the report [1] 2. Core View of the Report - The container shipping market is expected to be volatile and weak. It is recommended to conduct short - term operations or wait for opportunities, with a focus on risk control [1] 3. Summary According to Relevant Catalogs 3.1 Market Review - On Monday, the near - month contracts of container shipping to Europe declined, while the far - month contracts rose [1] 3.2 Important Information - The US is in serious consultations with Iran to end military operations in Iran. Trump threatens to "completely destroy all power plants, oil wells, and Kharg Island in Iran" if an agreement cannot be reached in the short term. Iranian officials say they will cut off power to the entire region if power generation facilities are attacked [1] - The National Security and Foreign Policy Committee of the Iranian Parliament has passed a bill to charge vessels passing through the Strait of Hormuz. The plan includes implementing financial arrangements and a charging system in Iranian rials and banning US and Israeli vessels from passing through the Strait of Hormuz [1] - Fed Chairman Powell said that long - term inflation expectations seem to be under control and that monetary policy is in a good position, which eases market concerns about the Fed's interest rate hikes to combat inflation. Traders are reconsidering the possibility of a rate cut this year [1] - US White House Press Secretary Levitt said that Trump hopes to reach an agreement with Iran before the April 6 deadline and intends to call on Arab countries to bear the cost of the US military operations against Iran [1] 3.3 Market Logic - On March 30, the SCFIS closed at 1752.54 points, up 3.5% from the previous period. The underlying spot index is still at a discount to the futures price [1] - In January, container exports from Asia to Europe reached 1.88 million TEU, a new monthly record high, with a year - on - year increase of 6%. This is the third consecutive month of growth according to data from the Japan Maritime Center (JMC) citing the UK Container Trade Statistics (CTS) [1] - As of March 30, 2026, the total number of global operating container ships increased to 7,525, with a total global operating capacity of 33,954,476 TEU and a total operating vessel tonnage of 403,096,500 tons. As of the week of March 23, the trans - Atlantic capacity was 167,024 TEU, the trans - Pacific capacity was 532,901 TEU, and the Far East - Europe capacity was 531,179 TEU [1] - On March 27 (Friday), the container shipping index for the Far East - Northern Europe route closed at $2767/FEU, down 0.61% or $17/FEU from the previous value. The Far East - US West Coast route closed at $2329/FEU, up 1.26% or $29/FEU from the previous value [1] 3.4 Trading Strategy - It is expected that container shipping will be volatile and weak. It is recommended to conduct short - term operations or wait for opportunities, with a focus on risk control [1]

Group 1: Investment Rating - No investment rating provided in the report Group 2: Core View - On March 6th, Maersk, one of the world's largest container shipping groups, announced the temporary suspension of two routes connecting the Middle East with Asia and Europe due to ongoing disruptions to the global supply chain caused by the Middle East conflict [3] - The US - Iran war continues to intensify. Although the US claims some cruise ships have passed through the Strait of Hormuz, full opening is far off, and Red Sea resumption is even more unlikely. International crude oil prices continued to rise over the weekend, which can be a short - term focus for the European container shipping route [3] - It is expected that container shipping may still rise in the short term, with increased volatility risk. Short - term operations are recommended, and risks should be strictly controlled [3] Group 3: Summary of Related Information - On Monday, all European container shipping routes hit the daily limit [1][3] - The risk point is the easing of the US - Iran situation [3]

Report Summary 1. Report Industry Investment Rating - No information provided on the industry investment rating. 2. Core Viewpoints - The spot freight rate for the European container shipping route is expected to continue declining before the Spring Festival. The average price of 40 - foot containers in the third week of February will drop to around $2080. There is currently a discount of about 200 - 300 points in the market. With a deep discount and strong expectations, there is relatively little room for real - level gaming, and the focus is more on the expected - level gaming [1]. - The market is highly correlated with the sentiment of the commodity market recently. Attention should be paid to the intraday impact of commodity sentiment on the EC. The main event at the expected level is the pre - April 1 export rush of products such as photovoltaic. It may bring the cargo volume equivalent to about 2 container ships of 18,000 - 23,000 TEU, which is unlikely to cause full - load cabins in the post - holiday off - season but may lead to price increases by shipping companies, price stabilization, or even a slight upward trend in freight rates. Attention should be paid to the release of shipping companies' price increase notices and the possible falsification of expectations [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2602: The latest trading price is 1737.8 points, with a daily increase of 1.15%. The trading volume is 612 (a decrease of 318 compared to the previous period), and the open interest on one side is 1883 (a decrease of 456 compared to the previous period). The net long position of the top 20 members is - 205 [2]. - EC2604: The latest trading price is 1237.9 points, with a daily increase of 5.22%. The trading volume is 29296 (a decrease of 3522 compared to the previous period), and the open interest on one side is 34229 (an increase of 423 compared to the previous period). The net long position of the top 20 members is - 1655 [2]. - EC2606: The latest trading price is 1533.7 points, with a daily increase of 2.57%. The trading volume is 3147 (a decrease of 2797 compared to the previous period), and the open interest on one side is 13458 (an increase of 860 compared to the previous period). The net long position of the top 20 members is 0 [2]. - EC2608: The latest trading price is 1597.9 points, with a daily increase of 1.32%. The trading volume is 353 (a decrease of 778 compared to the previous period), and the open interest on one side is 1479 (an increase of 29 compared to the previous period) [2]. - EC2610: The latest trading price is 1128.6 points, with a daily increase of 1.37%. The trading volume is 1355 (a decrease of 1149 compared to the previous period), and the open interest on one side is 7677 (a decrease of 207 compared to the previous period) [2]. - EC2612: The latest trading price is 1439 points, with a daily increase of 3.18%. The trading volume is 29 (a decrease of 11 compared to the previous period), and the open interest on one side is 128 (an increase of 7 compared to the previous period) [2]. - Total: The total trading volume is 34792, and the total open interest on one side is 58854. The net long position of the top 20 members is - 1860 [2]. Latest Spot Freight Rates - European Routes - Weekly Spot Index: The SCFIS is 1792.14 points, with a week - on - week decrease of 3.6%. The SCFI is $1418/TEU, with a week - on - week decrease of 4.8% [4]. - Daily Spot Freight Rates: The TCI (20GP) is $1604/TEU, with a day - on - day decrease of 3.3%. The TCI (40GP) is $2725/FEU, with a day - on - day decrease of 2.4% [4]. Basis Spread - The basis of the previous trading day was 554.24 points, and the basis of the day before the previous trading day was 607.54 points, with a change of - 53.3 points [6].

Report Summary 1. Industry Investment Rating - No investment rating information is provided in the report. 2. Core View - The spot freight rate for the European container shipping line is expected to continue to decline before the holiday. The average price of 40 - foot containers in the third week of February will drop to around $2,080. There is still a discount of about 200 - 300 points in the market. The real - level game space is relatively small, and the game is more concentrated on the expectation level. The cooling of the commodity market will suppress market sentiment. The pre - export rush of products such as photovoltaic before April 1 may bring cargo volume equivalent to about 2 container ships of 18,000 - 23,000 TEU, which may lead to price increases by shipping companies, price stabilization or a slight increase, and attention should be paid to the expected falsification caused by the release of shipping companies' price increase letters [1]. 3. Summary by Directory EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2602 | 1720 | 0.22 | 294 (-159) | 2339 (-212) | 1779 | 1975 | -196 | | EC2604 | 1184.6 | -3.06 | 32818 (7581) | 33806 (-2075) | 19798 | 21616 | -1818 | | EC2606 | 1513.1 | -2.62 | 5944 (338) | 12598 (295) | 0 | 0 | 0 | | EC2608 | 1607.9 | -0.54 | 1131 (437) | 1450 (-144) | | | | | EC2610 | 1130 | 0.78 | 2504 (-170) | 7884 (-250) | | | | | EC2612 | 1405 | -0.99 | 40 (22) | 121 (-16) | | | | | Total | - | - | 42731 | 58198 | 21577 | 23591 | -2014 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | MoM Increase/Decrease | Previous Period | MoM Increase/Decrease | Two Periods Ago | MoM Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1792.14 | -3.6% | 1859.31 | -4.9% | 1954.19 | -0.1% | | | SCFI - $/TEU | 1418 | -4.8% | 1595 | -2.5% | 1676 | 1.7% | | Spot Freight Rate | TCI(20GP) $/TEU | 1660 | 0.0% | 1660 | 0.0% | 1660 | -1.3% | | (Daily) | TCI(40GP) $/FEU | 2793 | 0.0% | 2793 | 0.0% | 2793 | -1.6% | [4] Basis Spread - The basis of the previous trading day was 674.71 points, and the basis of the day before the previous trading day was 632.31 points, with a change of 42.4 points. There are also trend charts of the basis of the main futures contract of the European container shipping line and the spreads between different contracts [6].

Group 1 - The main contract of the European shipping index futures experienced a rapid increase, reaching a peak of 1694.6 points, with a current report of 1678.0 points, reflecting a rise of 4.20% [1] - The strong performance of the EC2602 contract is expected to continue, supported by robust export data from China, particularly a 14.83% year-on-year increase in exports to the EU in November [1] - The SCFIS European line index showed a slight week-on-week increase of 1.72%, while the NCFI European line index rose by 7.67%, indicating a rebound in freight rates [1] Group 2 - The SCFIS index has slightly rebounded, and shipping companies are raising their quotes, which is boosting market sentiment for price increases [2] - Major shipping companies, including Maersk and HPL, have announced price hikes for container shipping, which may stimulate market expectations for price increases ahead of the Chinese New Year [2] - There is a focus on the potential for a positive spread opportunity between the February and April contracts, as the market may be influenced by seasonal demand and pricing strategies [2]

Core Viewpoint - The article discusses the recent fluctuations in the shipping market, particularly focusing on the European shipping routes, driven by various factors including port congestion and changes in global trade dynamics [3][11][12]. Group 1: Market Performance - As of July 15, commodity futures showed mixed results, with the main EC2510 contract experiencing a significant increase of 15.38%, leading the commodity market [3][4]. - The SCFIS European route settlement price index reported a rise to 2421.94 points, reflecting a month-on-month increase of 7.26% [5]. Group 2: Supply and Demand Dynamics - The current shipping capacity is relatively abundant; however, the primary issue affecting the European routes is the congestion at European ports [6][18]. - The average monthly passage of container ships through the Suez Canal remained stable at 150 vessels, indicating consistent shipping activity [9]. Group 3: Factors Contributing to Port Congestion - Unstable U.S. tariff policies have disrupted global trade flows, leading to a 7% increase in container volumes from Asia to Europe, placing unprecedented pressure on European ports [12][13]. - Low water levels in European inland rivers, exacerbated by prolonged drought conditions, have severely hindered port logistics, with some rivers reaching their lowest levels since 2018 [14][17]. Group 4: Shipping Rates and Trends - The article highlights a significant divergence in shipping rates between European and U.S. West Coast routes, influenced by geopolitical factors and market expectations [19]. - The China Containerized Freight Index showed a decline in the overall index from 1342.99 to 1313.70, a decrease of 2.2%, while the European route saw a slight increase of 1.9% [20]. Group 5: Shipping Capacity and New Orders - As of June, the global container ship capacity stood at 31.774 million TEU, with 6,894 vessels in operation [21]. - In the first half of 2025, 992,000 TEU of new container ships were delivered, with expectations of an additional 110,000 TEU in the second half [21]. Group 6: Information Asymmetry in Shipping - The article emphasizes the information disparity in the shipping market, where top-tier shipping companies control critical pricing data, creating a hierarchical structure that affects smaller players [23][24][25]. - Historical volatility in the European shipping market is noted, with significant price fluctuations observed in response to events such as the Red Sea crisis [26].

Core Insights - The article highlights the rising geopolitical tensions and the decreasing number of vessels passing through the Strait of Hormuz, which is impacting shipping operations [1] - Several shipping companies have announced a 7% increase in freight rates for July, indicating a potential shift in market dynamics [1] - The article raises questions about the future performance of the container shipping industry, particularly in the European routes, which have seen fluctuations [1] Group 1 - Geopolitical tensions are escalating, leading to a decline in the number of ships transiting the Strait of Hormuz [1] - Multiple shipping companies have raised July freight rates by 7%, suggesting increased operational costs [1] - The container shipping market, especially in European routes, has experienced a rise and subsequent fall in rates, indicating volatility [1]

Group 1 - The main contract for European shipping index has decreased, currently reported at 2058.3 points, with a narrowed increase of 2.28%, after previously rising over 9% [1]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - Before the festival, the EC of the container shipping European line slightly declined, with the 08 contract closing at 2075.3 points. The SCFI European line announced after the market was $1587/TEU, a week - on - week increase of $270/TEU, reflecting the price increase by shipping companies in early June. After some shipping companies slightly raised prices, the average online price of 40 - foot containers of shipping companies in the second week of June increased to around $2560, corresponding to an SCFIS European line of 1750 points, at a discount of 100 - 200 points to the current 06 contract, including the market's expectation of a slight price increase in the following period of June. Due to the lack of capacity adjustment by shipping companies and the delayed start of the peak season, the upside of the 08 - contract freight rate is under pressure. As the traditional peak season approaches and the capacity put into operation in the second and third weeks of June drops below 250,000 TEU, it is expected that shipping companies will still raise prices. It is recommended to pay attention to the low - level long - allocation opportunities after the market returns to the realistic anchor [1]. 3. Summary According to Relevant Catalogs EC Contract Volume and Price - The latest trading price of EC2506 is 1834.8 points, with a latest increase of 1.01%. The trading volume is 7355, and the unilateral open interest is 11037. The long - position open interest of the top 20 members is 7599, the short - position open interest is 8121, and the net long position is - 522 [2]. - The latest trading price of EC2508 is 2075.3 points, with a latest decrease of 0.25%. The trading volume is 102747, and the unilateral open interest is 41824. The long - position open interest of the top 20 members is 22228, the short - position open interest is 23430, and the net long position is - 1202 [2]. - The latest trading price of EC2510 is 1346.4 points, with a latest decrease of 3.65%. The trading volume is 14781, and the unilateral open interest is 23127 [2]. - The latest trading price of EC2512 is 1527.6 points, with a latest decrease of 2.73%. The trading volume is 1709, and the unilateral open interest is 4410 [2]. - The latest trading price of EC2602 is 1368 points, with a latest decrease of 2.76%. The trading volume is 917, and the unilateral open interest is 2783 [2]. - The latest trading price of EC2604 is 1200 points, with a latest decrease of 2.91%. The trading volume is 738, and the unilateral open interest is 3283 [2]. - The total trading volume is 128247, and the total unilateral open interest is 86464. The total long - position open interest of the top 20 members is 29827, the total short - position open interest is 31551, and the total net long position is - 1724 [2]. Latest Spot Freight Rate - European Route - The latest SCFIS index is 1252.82 points, with a week - on - week increase of 0.5%. The latest SCFI is $1587/TEU, with a week - on - week increase of 20.5% [2]. - The latest TCI(20GP) is $1493/TEU, with a day - on - day decrease of 2.4%. The latest TCI(40GP) is $2404/FEU, with a day - on - day decrease of 2.9% [2]. - The previous day's basis was - 828.25 points, and the day before that was - 883.95 points, with a week - on - week increase of 55.7 points [2]. Spot Market Data - Shipping Capacity - The capacity put into operation on the Asia - Europe route is 512501 TEU, with no week - on - week increase. The idle capacity ratios of global container ships, 17000TEU + container ships, 12000 - 16999TEU container ships, and 8000 - 11999TEU container ships are 1.9%, 1.3%, 0.9%, and 1.4% respectively [5]. - The average speed of container ships is 13.88 knots. The average speed of 17000TEU + container ships is 15.65 knots, and that of 12000 - 16999TEU container ships is 15.37 knots [5]. - The in - port capacity in Rotterdam is 187,700 TEU, in Hamburg Port is 79,200 TEU, and in Singapore is 350,200 TEU [5]. - The number of ships passing through the Gulf of Aden is 16, the north - bound traffic volume of the Suez Canal is 2, and the south - bound traffic volume is 2 [5]. - The 6 - 12 - month time - charter rates for 9000TEU, 6500TEU, and 2500TEU container ships are $103,000/day, $68,000/day, and $34,500/day respectively [5].

Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The European container shipping line (EC) opened low and fluctuated, with the 06 contract closing at 1555.2 points, down 1.67%. After the fermentation of the global trade demand recession expectation under the influence of Trump's tariff policy, the expected node of the traditional seasonal peak season for the European line has been postponed, and the space is limited. Maersk continued to offer a large container quote of $1800 in the first week of May, using the quote at the end of April. In the second week of May, the large container quote was slightly reduced by $50 to $1750. Both HMM and ONE reduced their large container quotes starting from the 17th week to below $2000. The average large container quote at the beginning of May was around $2100, slightly lower than the current average quote at the end of April. The possibility of a peak season inflection point in early May is small, and the market is cautious about the peak season space expectation. Currently, the start of the festival stocking season for the European line has not been seen, and with more shipping capacity supply from shipping companies in the second half of May, the short - term EC may continue to fluctuate at a low level. Attention should be paid to the subsequent capacity regulation and price increase progress of shipping companies [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - **EC2504**: The latest成交价 is 1428.9 points, down 0.31%. The trading volume is 81, and the open interest on one side is 1158. The net long position of the top 20 members is - 92 [1]. - **EC2506**: The latest成交价 is 1555.2 points, down 1.67%. The trading volume is 66899, and the open interest on one side is 36947. The net long position of the top 20 members is - 1261 [1]. - **EC2508**: The latest成交价 is 1646 points, down 0.87%. The trading volume is 20099, and the open interest on one side is 30775. The net long position of the top 20 members is - 912 [1]. - **EC2510**: The latest成交价 is 1314.8 points, up 0.40%. The trading volume is 6862, and the open interest on one side is 16254 [1]. - **EC2512**: The latest成交价 is 1465.2 points, down 0.36%. The trading volume is 1041, and the open interest on one side is 3789 [1]. - **EC2602**: The latest成交价 is 1315.9 points, up 0.88%. The trading volume is 543, and the open interest on one side is 2765 [1]. - **Total**: The total trading volume is 95525, and the total open interest on one side is 91688. The net long position of the top 20 members is - 2265 [1]. Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS is 1402.35 points, down 1.4%; SCFI is $1356/TEU, up 1.5% [1]. - **Daily Spot Freight Rates**: TCI(20GP) is $1564/TEU, unchanged; TCI(40GP) is $2538/FEU, unchanged [1]. - **Basis Spread**: The basis spread on the previous trading day was - 152.85 points, a change of - 14.6 points compared with the day before [1]. Spot Market Data - Shipping Capacity - **Capacity Allocation**: The capacity allocation on the Asia - Europe route is 489606 TEU, a decrease of 1000 TEU. The idle capacity ratio is 2.0%. For different types of container ships, the idle capacity ratios of 17000TEU +, 12000 - 16999TEU, and 8000 - 11999TEU container ships are 1.3%, 0.2%, and 2.4% respectively [4]. - **Average Speed**: The average speed of container ships is 14.01 knots, and the average speeds of 17000TEU + and 12000 - 16999TEU container ships are 15.65 and 15.41 knots respectively [4]. - **Capacity in Port**: The capacity in port in Rotterdam is 24.590,000 TEU, in Hamburg is 9.870,000 TEU, and in Singapore is 34.750,000 TEU [4]. - **Routing Situation**: The number of ships passing through the Gulf of Aden is 7, the north - bound traffic volume of the Suez Canal is 4, and the south - bound traffic volume is 3 [4]. - **Time Charter Rates**: The time charter rates for 9000TEU, 6500TEU, and 2500TEU ships are $106000, $73500, and $33750 per day respectively [4].