Report Summary 1. Core View - The European line of container shipping saw a 7.08% decline in EC last Friday. The SCFI European line price announced after the market closed was $1,618/TEU, a week-on-week increase of $166/TEU, reflecting the price increase by shipping companies in the second half of March. As the short-term impact of geopolitics on European line freight rates eases, the European line is expected to return to its seasonal pricing. Attention should be paid to the release of shipping companies' price increase letters in April and the actual implementation of freight rates [2]. 2. EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (One-Side) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1970.1 | -7.08 | 42,818<br>(-19,009) | 25,041<br>(-2,367) | 13,775 | 17,036 | -3,261 | | EC2606 | 2440 | -2.49 | 13,707<br>(-5,213) | 14,285<br>(-687) | - | - | - | | EC2608 | 2368 | -3.39 | 1,740<br>(-303) | 3,048<br>(-90) | - | - | - | | EC2610 | 1581 | -1.13 | 3,681<br>(-1,658) | 8,565<br>(-123) | - | - | - | | EC2612 | 1868.2 | -1.00 | 72<br>(-90) | 403<br>(0) | - | - | - | | Total | - | - | 62,018 | 51,342 | 13,775 | 17,036 | -3,261 | [3] 3. Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Week-on-Week Increase/Decrease | Previous Period | Week-on-Week Increase/Decrease | Two Periods Ago | Week-on-Week Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1545.46 | 5.6% | 1463.4 | -7.0% | 1573.51 | -2.1% | | | SCFI - $/TEU | 1618 | 11.4% | 1452 | 2.3% | 1420 | 4.3% | | Spot Freight Rates | TCI(20GP) $/TEU | 1767 | -4.0% | 1841 | 0.0% | 1841 | 3.1% | | (Daily) | TCI(40GP) $/FEU | 2877 | -3.8% | 2991 | 0.0% | 2991 | 0.7% | [5] 4. Basis Spread (Points) - The basis on the previous trading day was -424.64 points, and the basis on the day before the previous trading day was -474.64 points, with a week-on-week change of 50 points [7].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The EC of the container shipping European line rose 3.07%. Maersk's new cabin in the 13th week maintained the price of 2200 US dollars for large containers to Rotterdam, indicating the difficulty of continuous price support for the European line without direct supply - chain impact during the traditional off - season. MSC slightly raised the price by 100 US dollars to 2740 US dollars for large containers in the second half of March. The average price of large containers of shipping companies in the 12th week was around 2600 US dollars, corresponding to an index of 1730 points. As the short - term geopolitical sentiment's impact on the market eases, the European line is expected to return to its seasonal pricing. Attention should be paid to the quotation of the OA and PA alliances [2]. 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Volume (Change) | Open Interest (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 2020.1 | 3.07 | 61827 (-4380) | 27408 (-1194) | 14967 | 18217 | -3250 | | EC2606 | 2436.9 | 6.90 | 18920 (2275) | 14972 (-643) | | | | | EC2608 | 2379 | 4.85 | 2043 (388) | 3138 (6) | | | | | EC2610 | 1580.4 | 3.95 | 5339 (757) | 8688 (-456) | | | | | EC2612 | 1875 | 3.02 | 162 (-9) | 403 (17) | | | | | Total | - | - | 88291 | 54609 | 14967 | 18217 | -3250 | [3] 3.2 Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Increase/Decrease (%) | Previous Period | Increase/Decrease (%) | Two Periods Ago | Increase/Decrease (%) | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1545.46 | 5.6% | 1463.4 | -7.0% | 1573.51 | -2.1% | | | SCFI - $/TEU | 1452 | 2.3% | 1420 | 4.3% | 1361 | -3.0% | | Spot Freight Rate | TCI(20GP) $/TEU | 1841 | 0.0% | 1841 | 3.1% | 1785 | 10.0% | | (Daily) | TCI(40GP) $/FEU | 2991 | 0.0% | 2991 | 0.7% | 2969 | 10.0% | [5] 3.3 Basis Spread (Points) - The basis spread of the previous trading day was - 474.64, and that of the day before the previous trading day was - 447.24, with a change of - 27.4 [7]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The EC of container shipping to Europe decreased by 13.92%. The easing of geopolitical tensions led to a market correction. As the short - term geopolitical impact on European line freight rates eases, European lines are expected to return to seasonal pricing, and attention should be paid to the quotes of the OA and PA alliances [2]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (points) | Latest Change Rate (%) | Volume (Change) | Open Interest (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1848.9 | -13.92 | 60726 (-1910) | 27805 (-3397) | 15742 | 18266 | -2524 | | EC2606 | 2170 | -10.89 | 17369 (-1639) | 15447 (-3976) | | | | | EC2608 | 2157.6 | -10.81 | 2079 (-1529) | 2879 (-199) | | | | | EC2610 | 1459.2 | -10.15 | 7544 (-3250) | 9546 (-522) | | | | | EC2612 | 1782.9 | -8.02 | 347 (-1305) | 422 (-105) | | | | | Total | - | - | 88065 | 56099 | 15742 | 18266 | -2524 | [3] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Change Rate (%) | Previous Period | Change Rate (%) | Two Periods Ago | Change Rate (%) | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - points | 1545.46 | 5.6 | 1463.4 | -7.0 | 1573.51 | -2.1 | | | SCFI - $/TEU | 1452 | 2.3 | 1420 | 4.3 | 1361 | -3.0 | | Spot Freight Rates | TCI(20GP) $/TEU | 1785 | 10.0 | 1623 | 0.0 | 1623 | 0.0 | | (Daily) | TCI(40GP) $/FEU | 2969 | 10.0 | 2699 | 0.0 | 2699 | 0.0 | [5] Basis Spread (points) - The basis spread of the previous trading day was -303.44, and the basis spread of the day before the previous trading day was 387.5, with a change of -690.94 [7]