1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The market sentiment premium rapidly increased due to the intensification of the Middle - East geopolitical conflict and news related to the Houthi armed forces, pushing up the market. However, this geopolitical event has no substantial impact on actual shipping routes. The market sentiment gradually cooled down and the gains were continuously reversed. Spot freight rates remained stable overall, with the latest quotes from major shipping companies showing differentiation and actual freight forwarding prices having significant discounts. The supply - demand structure has limited support for freight rates. Although the geopolitical conflict advanced the upward inflection point of spot freight rates, the terminal freight demand has not substantially recovered, and the upward space for freight rates is significantly limited [4] 3. Summary by Relevant Catalogs Shipping Derivatives Data - **China Export Container Freight Rates**: The present values and previous values of various freight rate indices are provided, along with their corresponding percentage changes. For example, the SCFI - US West index has a present value of 1139, a previous value of 1121, and a growth rate of 1.64%; the SCFI - US East index has a present value of 1263, a previous value of 1024, and a growth rate of 23.34% [1] Geopolitical News - Iran's President Pezeshkian had a call with the Prime Minister of Pakistan for over an hour, informing about contacts with the US and Middle - East countries and hoping to promote dialogue to ease the situation. Iran stopped supplying 10 million cubic meters of natural gas to southern Iraq since the evening of the 27th. The Houthi armed forces launched an attack on Israel for the first time in the current war. Iran's armed forces spokesman said they are formulating conditions for ending the war and warned the US and Israel. An Iranian senior security official warned that if the US launches a ground operation in the Middle - East, Iran will take counter - actions, and any military action by the "enemy" in the Strait of Hormuz may lead to its complete and unlimited closure. The US is preparing for a weeks - long ground operation in Iran, and thousands of US soldiers and marines have arrived in the Middle - East [2] Market Conditions - The market showed a weak and volatile trend [2] Logic - The market rise was driven by sentiment, and the actual shipping routes were not affected. The supply - demand structure has limited support for freight rates, and the terminal freight demand has not recovered, restricting the upward space of freight rates [4] Strategy - It is recommended to wait and see [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The current situation of the shipping industry shows a strong and volatile trend. The main contract of the European container shipping line today shows a strong trend of opening high, rising, and then oscillating and falling, with the price remaining up at the end of the session. The market is jointly dominated by geopolitical disturbances and container shipping supply - demand expectations. In the short term, the freight rate of the European container shipping line will still be dominated by the Red Sea situation, shipping company capacity scheduling, and the rhythm of European and American demand, with geopolitical premium being the core driver [2][4] Group 3: Summary by Relevant Catalogs Shipping Derivatives Data - China Export Container Freight Rates: The present values and previous values of various container freight rate indices are provided, along with their corresponding percentage changes. For example, the SCFI - US West index has a present value of 1139, a previous value of 1707, and a decline of 65.02%; the SCFI - US East index has a present value of 1263, a previous value of 2922, and a decline of 14.51% [1] Geopolitical News - Iran's President Pesehiziyan had a call with the Prime Minister of Pakistan, hoping to promote dialogue and ease the situation. Iran stopped supplying 10 million cubic meters of natural gas to southern Iraq since the evening of the 27th. The Houthi armed forces attacked Israel for the first time in the current war. Iran's armed forces spokesperson is formulating conditions for the end of the war and warning the US and Israel. A senior Iranian security official warned that if the US launches a ground operation in the Middle East, Iran will take counter - measures, and any military action by the "enemy" in the Strait of Hormuz may lead to its complete closure. The US is preparing for a ground operation in Iran, and thousands of US soldiers and marines have arrived in the Middle East [2] Market Logic - The main contract of the European container shipping line shows a strong trend. Geopolitical conflicts in the Red Sea continue to ferment, increasing the risk of attacks on Red Sea shipping. Many container ships are forced to detour around the Cape of Good Hope, which lengthens the transportation cycle and raises operating costs. Some shipping companies' temporary suspension of flights reduces capacity, leading to a rising expectation of tight European - bound ship positions. On the fundamental side, European and American terminal demand is in a mild recovery phase, and shipping company strategies to control capacity and maintain prices help suppress the downward pressure on freight rates. In the market, there is a small increase in positions, and the market sentiment is cautiously optimistic with intensified multi - empty game [4] Strategy - The recommended strategy is to wait and see [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core Viewpoints - This week, EC showed a pattern of near - term weakness and long - term strength, with high - level oscillations and a decline. The geopolitical premium gradually converged, and the market focus returned to the supply - demand fundamentals of the off - season. In the short term, the impact of geopolitical fluctuations continued to weaken, and weak off - season demand and shipping company capacity adjustments became the core determinants. EC is likely to maintain range - bound oscillations. [4] Group 3: Summary by Related Catalogs Shipping Derivatives Data - China's export container freight rates: SCFI - West US had a current value of 1703, a previous value of 1707, and a decline of 1.07%; SCFI - East US had a current value of 2817, a previous value of 2922, and a decline of 4.10%; SCFIS - West US had a current value of 2352, a previous value of 2054, and an increase of 11.70%; SCFI - Northwest Europe had a current value of 1109, a previous value of 1121, and a decline of 1.64%; the composite index SCFI had a current value of 3264, a previous value of 3109, and an increase of 4.50%; SCFI - Mediterranean had a current value of 1556, a previous value of 2784, and a decline of 44.07%; SCFIS - Northwest Europe had a current value of 2764, a previous value of 1545, and an increase of 78.90%. [1] Geopolitical Situation - Iran's President Pezeshkian had a call with the Prime Minister of Pakistan, hoping to promote dialogue and ease the situation. Iran stopped supplying 10 million cubic meters of natural gas to southern Iraq since the evening of the 27th. The Houthi armed forces launched an attack on Israel for the first time. Iran's military is formulating conditions for the end of the war and warning the US and Israel. The US is preparing for a ground operation in Iran. [2] Market Analysis - Futures: The main contract continued to decline, trading volume and open interest both contracted, the basis converged rapidly near the delivery month, and funds gradually moved to far - month contracts. [4] - Spot market: Shipping companies' previous price - holding efforts weakened, some shipping merchants lowered booking quotes, the spot freight rate center dropped slightly, market transactions were light, and shippers were hesitant. [4] - Supply - demand: European terminal demand is in the traditional off - season, export cargo volume is sluggish in rebound, downstream stocking willingness is weak. Shipping companies' capacity control strategy has loosened slightly, and effective supply has increased slightly. European ports are operating smoothly. [4] Strategy - The recommended strategy is to wait and see. [5]

1. Report Industry Investment Rating - Not provided 2. Core View of the Report - The current shipping market is in a stage of shock consolidation. The geopolitical risk premium has declined, the tension in Red Sea navigation has eased, and the market is gradually returning to fundamentals. The European terminal cargo volume is in a weak recovery state, and the support of liner companies' capacity control on prices has weakened. The market lacks clear one - way trading guidance, and the follow - up market will be jointly dominated by fundamentals and market sentiment [4] 3. Summary by Relevant Catalogs Shipping Derivatives Data - China Export Container Freight Rates: The SCFI - US West index is 1121 with a 4.52% increase; SCFI - US East is 1707 with a - 0.20% change; SCFIS - US West is 1109 with a - 1.07% change; SCFI - Northwest Europe is 2922 with a - 6.08% change; CCFI composite index is 1636 with a 1.11% increase; SCFI is 2054 with a - 8.67% change; SCFI - Mediterranean is 1556 with a 0.71% increase; SCFIS - Northwest Europe is 2784 with a 4.43% increase [1][2] Geopolitical Situation - Trump demands Iran to open the Strait of Hormuz within 48 hours, threatening to destroy Iranian power plants. An oil tanker operator has paid about $2 million for passage rights in the Strait of Hormuz. Iran warns of a counter - attack if the US takes military action, and Houthi rebels may join the fight next week. Deterring other straits is an option for the "Resistance Front" [3] Market Analysis - The European container shipping line has seen wide - range shocks today, with significant intraday fluctuations. The far - month contracts are more pressured than the near - month ones, and the trading volume has decreased. The geopolitical risk premium has declined, and the market is returning to fundamentals. The European terminal cargo volume is in a weak recovery, and the support of liner companies' capacity control on prices has weakened. The market lacks clear one - way trading guidance, and the exchange has issued new contract risk control rules [4] Strategy - The recommended strategy is to wait and see [5]

Report Summary 1. Report Industry Investment Rating - Not provided 2. Core View - The market shows a pattern of weakening in both futures and spot prices, with a weak and volatile trend and the convergence of spreads among contracts. The fundamental driving force is the weak spot market. Maersk significantly lowered its cabin opening quotation for the key 15th week to 2300, and other alliances also face pressure to follow suit. Some spot prices on certain routes have reached relatively low levels, indicating that the recovery of freight demand remains slow and fails to provide sufficient cargo volume to support freight rates. Based on the spot quotation, the 04 contract will be delivered around 1800 points. The premium expectation previously included in the futures market, especially the 04 contract approaching delivery, will be squeezed out, and it will follow the spot price more closely in the future, expected to fluctuate in a range around the new central point of 1800. The overall logical chain is "spot price cut → confirmation of weak demand → suppression of futures valuation → near - month contracts move closer to the spot" [6] 3. Summary by Related Content Shipping Derivatives Data - **China Export Container Freight Rates**: The current values, previous values, and percentage changes of various container freight rate indices are as follows: - SCFI - West America: Current value 1121, previous value 1109, increase of 1.11% [1] - SCFI - East America: Current value 1707, previous value 1710, decrease of 0.20% [1] - SCFIS - West America: Current value 2922, previous value 2249, increase of 4.52% [1] - SCFI - Northwest Europe: Current value 1636, previous value 1618, increase of 1.07% [1] - CCFI Composite Index: Current value 2054, previous value 3111, decrease of 8.67% [1] - SCFI - Mediterranean: Current value 1556, previous value 1545, increase of 0.71% [1][2] - SCFIS - Northwest Europe: Current value 2784, previous value 2666, increase of 4.43% [1][2] Market News - US President Trump threatened to destroy and paralyze Iranian power plants if Iran fails to fully open the Strait of Hormuz within 48 hours without any threat [3] - At least one tanker operator has paid about $2 million to Iran for the right to pass through the Strait of Hormuz [3] - Iranian military sources said that if the US carries out its threat of military aggression against Kharg Island, it will face an "unexpected" counter - attack from Iran [3] - Houthi rebels may join the battle early next week according to Israeli media [3] - Deterring other straits including the Bab - el - Mandeb and the Red Sea is one of the options for the "Resistance Front" according to Iranian military sources [3] Market Condition - The market is in a downward trend [4] Strategy - The recommended strategy is to wait and see [8]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The European shipping line shows a weak downward trend. The market is bearish, with most contracts closing lower. The main contracts oscillate at low levels, showing an obvious downward trend. The core factors driving the market decline include the negative impact of the easing geopolitical situation and the arrival of the traditional shipping off - season, which causes some shipping companies to face cargo - booking pressure. However, the increase in operating costs due to rising fuel prices and ship detours provides some bottom support for freight rates. The market shows a "hump" shape, reflecting expectations for the third - quarter peak season but pessimism about the fourth - quarter supply - demand outlook. The contracts have different trends, and the market is highly volatile. In the short term, the market is expected to maintain a range - bound pattern with pressure above and support below, and it is recommended that investors stay on the sidelines [6]. 3. Summary by Relevant Catalogs Shipping Derivatives Data - **China Export Container Freight Rates**: - SCFI - US West: Present value is 1121, previous value was 1109, with a 4.52% increase [1]. - SCFI - US East: Present value is 1636, previous value was 1618, with a 1.11% increase [1]. - SCFIS - US West: Present value is 2922, previous value was 2249, with a - 1.07% decrease [1]. - SCFI - Northwest Europe: Present value is 2054, previous value was 3111, with an - 8.67% decrease [1]. - CCFI Composite Index: Present value is 1707, previous value was 1710, with a - 0.20% decrease [1]. - SCFI - Mediterranean: Present value is 1556, previous value was 1545, with a certain increase (the exact percentage is not clearly presented) [1][2]. - SCFIS - Northwest Europe: Present value is 2784, previous value was 2666, with a certain increase (the exact percentage is not clearly presented) [1][2]. Geopolitical Situation - Trump stated that if Iran fails to fully open the Strait of Hormuz within 48 hours without any threats, the US will destroy and paralyze its power plants [3]. - At least one tanker operator paid about $2 million to Iran for the right to pass through the Strait of Hormuz [3]. - Iranian military sources said that if the US carries out its threat of military aggression against Kharg Island, Iran will launch an "unexpected" counter - attack [3]. - Houthi rebels may join the battle early next week according to Israeli media [3]. - Deterring other straits including the Bab - el - Mandeb and the Red Sea is an option for the "Resistance Front" according to Iranian military sources [3]. Market Condition - The market is in a downward trend [4]. Strategy - It is recommended that investors stay on the sidelines [8]

1. Report's Industry Investment Rating - Not provided 2. Core View of the Report - This week, geopolitical sentiment fluctuations and supply - demand games have led to wide - range price fluctuations, with no clear short - term unilateral trend. Attention should be paid to the marginal changes of core variables. Geopolitically, the situation in the Red Sea and the Strait of Hormuz affects costs, and shipping companies' surcharges support freight rates in the short term, but cost transfer to the spot market is hindered. On the supply - demand side, April sees a significant increase in shipping capacity, while European demand recovers weakly, and low cargo volume restricts price increases. The operation strategy suggests an interval - oscillation approach, focusing on the core fluctuation range of 1900 - 2100 points, and avoiding blind chasing of highs. [5] 3. Summary by Related Content Shipping Derivatives Data - **China Containerized Freight Index**: The current values of CCFI comprehensive index, SCFI - US West, SCFI - US East, SCFIS - US West, SCFI - Northwest Europe, SCFI - Mediterranean, and SCFIS - Northwest Europe are 1707, 1121, 2922, 1636, 2054, 1556, and 2784 respectively. The previous values were 1710, 1072, 2249, 1121, 3111, 1545, and 2666 respectively. The corresponding percentage changes are - 6.08%, 4.52%, - 0.20%, 1.11%, - 8.67%, 0.71%, and 4.43% respectively. [1][2] Geopolitical News - Trump stated that if Iran does not fully open the Strait of Hormuz within 48 hours, the US will destroy its power plants. An oil - tanker operator paid about $2 million to Iran for passage rights in the Strait of Hormuz. Iran warns of a counter - attack if the US threatens military aggression on Kharg Island. Houthi rebels may join the fight early next week. Deterring other straits is an option for the "Resistance Front". [3] Market Conditions and Strategy - **Market Conditions**: The market shows an oscillating trend. [4] - **Strategy**: Adopt an interval - oscillation approach, focus on the 1900 - 2100 point range, avoid blind chasing of highs, currently maintain a wait - and - see attitude, and closely track the PA alliance's ship - filling progress, geopolitical developments, and oil - price fluctuations. [5]

Group 1: Shipping Derivatives Data - Current values and previous values of various shipping freight rate indices are provided, including SCFI - East US, SCFI - West US, SCFIS - West US, SCFI - Northwest Europe, CCFI, SCFI - Mediterranean, and SCFIS - Northwest Europe. The corresponding percentage changes are 14.85%, 1.70%, 15.93%, 14.50%, 11.43%, -1.07%, 0.71%, and 12.97% respectively [1][2] Group 2: Market News - Iran's energy facilities were attacked, leading to a significant increase in crude oil prices. Iran targeted multiple countries' energy facilities and shut down some gas fields. Iran also launched a new attack on Qatar's industrial city of Ras Laffan and set it on fire. Asian countries are buying large amounts of Russian oil, and the price of Far - East crude oil has a premium over international oil prices. Reuters reported that Iran attacked the Samref refinery in Yanbu Port, Saudi Arabia [3] Group 3: Market Review and Strategy for Container Shipping European Line (EC) - The market review shows a strong - biased oscillation [4] - The logic is that today's EC container shipping European line on the disk first rose and then fell, following the Middle - East geopolitical situation. The fundamentals in April are relatively weak. Although Maersk's April quotation has been raised to $2700, attention should be paid to whether the quotation of the PA alliance with a large spot exposure will affect the entire index [5] - The strategy is to wait and see [6]

Group 1: Shipping Derivatives Data - China Export Container Freight Rates: SCFI - US West at 2249 (up 14.85% from 1940), SCFI - US East at 3111 (up 11.43% from 2717), SCFIS - US West at 1618 (up 1.70% from 1601), SCFI - Northwest Europe at 1710 (up 15.93% from 1475), CCFI at 1072 (up 14.50% from 936), SCFI Composite Index at 1109 (down 1.07% from 1121), SCFI - Mediterranean at 1556 (up 0.71% from 1545), SCFIS - Northwest Europe at 2666 (up 12.97% from 2360) [1][2] Group 2: Geopolitical Events - US military air - strikes on Iranian facilities: US military attacked the defense facilities on Iran's Kharg Island with over 15 explosions, but the oil infrastructure was not damaged, and the air - defense system restarted about an hour later. Iran stated that oil exports from the island were normal and important oil infrastructure was intact [3] - Trump: Conditions are not good enough, and he is not ready to reach an agreement with Iran currently [3] - According to the New York Post, Iran's foreign minister said that all countries except the US and Israel are allowed to cross the Strait of Hormuz [3] - Islamic Revolutionary Guard Corps believes that if Iran loses control of the Strait of Hormuz, it will lose the war [3] Group 3: EC Market Analysis - Market trend: The EC market for container shipping to Europe showed a stable - then - rising trend. The futures market significantly rose at the end of the session, and the trading sentiment shifted from cautious to bullish. The price fluctuation was mainly driven by the pricing actions of leading shipping companies [4] - Core driver: The direct reason for the late - session rise was that Maersk, a leading shipping company, announced a significant increase in the weekly price for European routes compared to the previous week, which countered the previous pessimistic expectations of alliance price cuts and provided strong emotional support for the market [4] - Supply - demand situation: On the supply side, shipping companies' pricing strategies are more differentiated, with leading companies strongly willing to maintain prices, and the overall capacity deployment is under control. The Red Sea geopolitical situation provides rigid support for shipping costs. On the demand side, it is in the traditional off - season, with slow release of terminal cargo volume and no substantial recovery in demand. The market will focus on the pricing linkage of leading shipping companies, and the market is likely to remain highly volatile [4] Group 4: Strategy - Strategy: Stay on the sidelines, and the 4 - 5 reverse spread can be taken profit [5]

Group 1: Report Industry Investment Rating - Not provided Group 2: Core View of the Report - The shipping market shows an overall oscillating and strengthening trend today, but there are hidden risks of differentiation. The short - term market is supported by the forward freight rate announcements of leading shipping companies, with the price rising as trading volume increases. Some route capacity optimization also provides short - term price support. However, long - term supply - demand imbalance pressure cannot be ignored, as new ship deliveries and the release of hidden capacity will intensify the oversupply risk, and weak global trade demand cannot absorb the new supply. Geopolitical uncertainties and EU environmental regulations also impact the market. [4] Group 3: Summary by Related Catalogs Shipping Derivatives Data - China Export Container Freight Rates: SCFI - West America has a current value of 1489, a previous value of 1333, and a growth rate of 11.71%; SCFIS - West America has a current value of 1121, a previous value of 1045, and a growth rate of 0.93%; SCFI - East America has a current value of 2717, a previous value of 1857, and a growth rate of 4.47%; SCFI - Northwest Europe has a current value of 1452, a previous value of 1045, and a growth rate of 7.27%; CCFI has a current value of 1054, a previous value of 1420, and a growth rate of 0.97%; the comprehensive index SCFI has a current value of 1940, a previous value of 2691, and a growth rate of 2.25%. SCFIS - Northwest Europe has a current value of 1545, a previous value of 1463, and a growth rate of 5.60%; SCFI - Mediterranean has a current value of 2360, a previous value of 2305, and a growth rate of 0.39%. [1][2] Geopolitical Situation - Iran's new Supreme Leader Mujtaba Khamenei stated that the Strait of Hormuz must remain closed, and all US military bases in the region should be immediately closed, or they will be attacked. [2] Market Trend - The market shows an upward trend. [3] Strategy - Adopt a wait - and - see approach and consider a 4 - 5 reverse spread. [6]