1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The April contract is waiting for the freight rate guidance in the second half of April, and the far - month contracts are facing geopolitical disturbances [1] - The valuation of the main contract EC2604 is gradually becoming clear, but the high geopolitical risk may amplify its volatility. It is recommended that investors closely follow the spot market and operate flexibly [4] - The contracts for June, July, and August (relatively peak seasons) are expected to have relatively strong short - term trends, but the actual freight rates in the future months are still uncertain, and investors need to respond flexibly [5][6] - The Houthi rebels' possible blockade of the Bab el - Mandeb Strait may drive up the prices of far - month contracts [7] - The recommended strategy is to go long on EC2606 and short on EC2610 [9] 3. Summary by Directory 3.1 Market Analysis - Online quotes from different shipping companies for Shanghai - Rotterdam routes in different time periods are provided, including quotes from Gemini Cooperation, MSC + Premier Alliance, and Ocean Alliance [1] 3.2 Geopolitical Factors - Iran's parliament has passed a bill to levy tolls on ships passing through the Strait of Hormuz, which may reach up to $2 million per tanker. The new plan also includes restrictions on ships related to the US, Israel, or countries that have imposed unilateral sanctions on Iran. The US does not support this toll - collection [2] 3.3 Supply Analysis - **Static Supply**: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU have been delivered in 2026. The delivery expectations for different ship sizes from 2026 - 2029 are provided. The delivery pressure of ultra - large ships in 2026 is relatively small, while in 2027, 2028, and 2029, the annual delivery volume of 17,000 + TEU ships exceeds 40 [2][3] - **Dynamic Supply**: The weekly average capacity from China to European base ports in March, April, and May is provided, along with the capacity for specific weeks. There are also details about the number of TBNs and empty sailings in April and May [3] 3.4 Contract Analysis - **EC2604**: Maersk's freight rate in the second week of April has been lowered. The valuation of the contract is gradually clear, waiting for the guidance of Maersk's quotes in the second half of April. The PA alliance is facing greater cargo - booking pressure, and it is necessary to pay attention to whether the OA alliance will follow the price cut. The settlement price of the April contract is the arithmetic average of SCFIS on April 13th, 20th, and 27th [4] - **EC2606, EC2607, EC2608**: These contracts are expected to have relatively strong short - term trends due to the low probability of the Suez Canal's full - scale reopening in the first half of 2026, the relatively small delivery pressure of ultra - large container ships in the first half of 2026, and the relatively high year - on - year growth rate of demand from Asia to Europe [5][6] 3.5 Market Data - As of March 30, 2026, the total open interest of all container shipping index European line futures contracts is 38,953.00 lots, and the single - day trading volume is 41,514.00 lots. The closing prices of different contracts are provided. The SCFI and SCFIS prices for different routes on March 27th and 30th are also given [8]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints of the Report - The valuation of the main contract EC2604 is gradually becoming clear, but due to high geopolitical risks and the game between shipping companies' price - holding expectations and actual landing prices in the off - season, the volatility of the EC2604 contract is expected to increase. Investors are advised to closely follow the spot market and operate flexibly, considering the profit - loss ratio [4]. - The contracts for the relatively peak seasons of June, July, and August are expected to have strong performance, but the actual freight rates are still uncertain. The reasons include the low probability of the Suez Canal's resumption in the first half of 2026, relatively small delivery pressure of ultra - large container ships in the first half of 2026, and relatively high year - on - year growth in the demand side of Asia - Europe trade. However, investors need to pay attention to the impact of oil price fluctuations on the global economy and export demand [5][6]. - The Houthi rebels' possible blockade of the Mandeb Strait may have an upward driving effect on the far - month contracts, and continuous tracking is required [6]. Summary According to the Directory 1. Futures Price - As of March 26, 2026, the total open interest of all contracts of the container shipping index European line futures was 38,383.00 lots, and the single - day trading volume was 28,823.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 1771.40, 2043.60, 2417.30, 2535.20, 2412.40, 1696.90, 1577.20, and 1750.00 respectively [8]. 2. Spot Price - Online quotes from different shipping companies: For example, Gemini Cooperation's Maersk Shanghai - Rotterdam WEEK14 weekly quote was 1640/2640, and WEEK15 was 1465/2350; HPL's shipping date quotes in the first half of April ranged from 2635 - 3035 dollars/FEU, and 2135/3535 in the second half. MSC's shipping date quote in the second half of March was 2840 dollars/FEU, and 1706/2852 in the first week of April. ONE's shipping date price in April was 3061 dollars/FEU. Ocean Alliance's CMA Shanghai - Rotterdam shipping date quotes in the first half of April ranged from 3993 - 4293 dollars/FEU, and 3409/4793 in the second half; EMC's shipping date quote in the first half of April was 2030/3060; OOCL's shipping date quote in the first half of April ranged from 2847 - 2880 dollars/FEU [1]. - On March 20, the SCFI (Shanghai - Europe route) price was 1636 dollars/TEU, SCFI (Shanghai - US West route) was 2054 dollars/FEU, and SCFI (Shanghai - US East) was 2922 dollars/FEU. On March 23, the SCFIS (Shanghai - Europe) was 1693.26 points, and SCFIS (Shanghai - US West) was 1024.11 points [8]. 3. Container Ship Capacity Supply - Static supply: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU were delivered in 2026. Among them, 6 ships with a capacity of 12,000 - 16,999 TEU and a total of 86,000 TEU were delivered, and 1 ship with a capacity of over 17,000 TEU and a total of 17,148 TEU was delivered. In terms of delivery expectations, for 12,000 - 16,999 TEU ships, 679,000 TEU (46 ships) will be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,224,000 TEU (84 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 1,636,000 TEU (81 ships) in 2029. 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 [2][3]. - Dynamic supply: For the China - European base port route, the average weekly capacity in the remaining 2 weeks of March was 296,500 TEU, with WEEK 13/14 capacities of 292,000 and 300,900 TEU respectively. The average weekly capacity in April was 311,900 TEU, with WEEK15/16/17/18 capacities of 337,000, 266,700, 306,300, and 337,400 TEU respectively. The average monthly capacity in May was 305,700 TEU, with WEEK19/20/21/22 capacities of 338,600, 300,900, 289,700, and 293,900 TEU respectively. There were 3 TBNs and 2 blank sailings in April, and 6 TBNs in May [3]. 4. Supply Chain - On March 25, COSCO Shipping Lines Co., Ltd. resumed new booking business (ordinary containers) for routes from the Far East to Middle - Eastern Gulf countries such as the UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, and Iraq. However, the container ships will not pass through the Strait of Hormuz for the time being. Instead, they will transport containers to ports on the east side of the strait such as Oman's Suhar Port, the UAE's Port of Khor Fakkan and Port of Fujairah, and Saudi Arabia's Jeddah Port, and then transfer the containers to these countries by land [7]. 5. Demand and European Economy - The year - on - year growth rate of the demand side of Asia - Europe trade has been relatively high, with the year - on - year growth rate of container trade volume in most months exceeding 10%. After the Israel - Iran conflict, new expectations have emerged for the peak - season contracts. It is necessary to pay attention to whether developed countries in Europe and the United States will increase imports of domestic goods due to concerns about future inflation, which may drive up domestic export demand. At the same time, it is also necessary to guard against the expectation of a global economic recession caused by excessive increases in oil prices [6].

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The EC2604 contract is approaching delivery, and attention should be paid to the actual cargo - collection price changes. The freight rate of the European line may be affected by the increase in supply pressure caused by the transfer of Middle - East operating vessels to the European line. The subsequent game point is the actual demand in April under high capacity. The valuation of the April contract is gradually becoming clear, but the volatility of the EC2604 contract may be amplified due to geopolitical risks [4][5]. - The contracts for the relatively peak seasons of June, July, and August have strong expectations. The reasons include the low probability of the Suez Canal's reopening in the first half of the year, the relatively small delivery pressure of ultra - large container ships in the first half of 2026, and the relatively high year - on - year growth rate of the monthly demand from Asia to Europe. However, the actual freight rates in the future are still unknown, and investors need to respond flexibly [6]. - The Houthi rebels' possible blockade of the Bab el - Mandeb Strait may drive up the prices of far - month contracts. Although the number of container ships passing through the Gulf of Aden has decreased significantly, the blockade will impact the global supply chain and drive up the freight rates of global shipping routes [7]. - The trading strategy is to go long on EC2606 and short on EC2610, and there is no unilateral strategy for now [9]. 3. Summary According to the Directory 3.1 Futures Prices - As of March 23, 2026, the total open interest of all contracts of the container shipping index European line futures was 46,216.00 lots, and the single - day trading volume was 63,634.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 1957.40, 2378.80, 2692.90, 2783.00, 2564.00, 1835.40, 1648.00, and 1815.00 respectively [8]. 3.2 Spot Prices - On March 20, the SCFI (Shanghai - Europe route) price was 1636 US dollars/TEU, the SCFI (Shanghai - West Coast of the United States) price was 2054 US dollars/FEU, and the SCFI (Shanghai - East Coast of the United States) price was 2922 US dollars/FEU. On March 23, the SCFIS (Shanghai - Europe) was 1693.26 points, and the SCFIS (Shanghai - West Coast of the United States) was 1024.11 points [8]. 3.3 Container Ship Capacity Supply - Static supply: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU were delivered in 2026. Among them, 6 ships with a capacity of 12,000 - 16,999 TEU and a total capacity of 86,000 TEU were delivered, and 1 ship with a capacity of over 17,000 TEU and a capacity of 17,148 TEU was delivered. In terms of delivery expectations, for ships with a capacity of 12,000 - 16,999 TEU, 679,000 TEU (46 ships) will be delivered in the remaining months of 2026, 944,600 TEU (64 ships) in 2027, 1,224,000 TEU (84 ships) in 2028, and 415,400 TEU (29 ships) in 2029. For ships with a capacity of 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 1,636,000 TEU (81 ships) in 2029. The delivery pressure of ultra - large ships in 2026 is relatively small, and the annual delivery volume of ships with a capacity of over 17,000 TEU in 2027, 2028, and 2029 exceeds 40 ships. Only 4 ships with a capacity of over 17,000 TEU were delivered in the first half of 2026 [2][3]. - Dynamic supply: The average weekly capacity of the China - European base port in the remaining 2 weeks of March was 296,500 TEU. The capacities in Week 13 and Week 14 were 292,000 and 300,900 TEU respectively. The average weekly capacity in April was 311,900 TEU, and the capacities in Week 15, Week 16, Week 17, and Week 18 were 337,000, 266,700, 306,300, and 337,400 TEU respectively. The average monthly capacity in May was 305,700 TEU, and the capacities in Week 19, Week 20, Week 21, and Week 22 were 338,600, 300,900, 289,700, and 293,900 TEU respectively. There were 3 TBNs and 2 blank sailings in April, and 6 TBNs in May [3]. 3.4 Supply Chain - The Houthi rebels in Yemen claim that they may block the Bab el - Mandeb Strait, which may drive up the far - month contracts. Since December 2023, the number of ships passing through the Gulf of Aden has decreased significantly, from 80 per day to about 30 per day. The number of container ships passing through has decreased from more than 20 per day to about 5 per day, and the TEU has decreased from more than 200,000 TEU per day to about 50,000 TEU per day [7]. 3.5 Demand and European Economy - The year - on - year growth rate of the monthly demand from Asia to Europe has been relatively high, with the year - on - year growth rate of container trade volume in most months exceeding 10%. After the outbreak of the Israel - Iran conflict, new expectations have emerged for the peak - season contracts. Attention should be paid to whether developed countries in Europe and the United States will increase imports of domestic goods due to concerns about future inflation after the sharp increase in oil prices, which may drive up domestic export demand. At the same time, the expectation of a global economic recession caused by the excessive increase in oil prices should be guarded against [6].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The main contract EC2604 is approaching delivery, and it is recommended that investors closely follow the spot market, operate flexibly, and consider the profit - loss ratio. The price of Maersk increased by $400 in the second half of March, providing a valuation guide for the main 04 contract [1][6]. - Contracts for the relatively peak seasons of June, July, and August are expected to be strong in the short - term. The EC2606, EC2607, and EC2608 contracts may have relatively strong short - term trends, but investors need to respond flexibly as the actual freight rates in future months are still uncertain [7][8]. 3. Summary According to the Directory 3.1 Futures Prices - As of March 4, 2026, the total open interest of all contracts of the container shipping index European line futures was 78,886.00 lots, and the single - day trading volume was 225,015.00 lots. The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2512 contracts were 1909.50, 2110.60, 2228.90, 2350.00, 2241.00, 1683.60, 1504.00, and 1862.90 respectively [9]. 3.2 Spot Prices - Online quotes: For example, Gemini Cooperation's Maersk Shanghai - Rotterdam prices in WEEK11 and WEEK12 were 1185/1890 and 1385/2210 respectively; HPL's shipping quotes in the second half of March and the first half of April were 2605/4535 and 2985/5035 respectively. Other shipping companies also have corresponding price quotes [1]. - On February 27, the SCFI (Shanghai - Europe route) price was $1420/TEU, the SCFI (Shanghai - West Coast of the United States) price was $1857/FEU, and the SCFI (Shanghai - East Coast of the United States) price was $2691/FEU. On March 2, the SCFIS (Shanghai - Europe) was 1463.40 points, and the SCFIS (Shanghai - West Coast of the United States) was 1045.08 points [9]. 3.3 Container Ship Capacity Supply - Static supply: As of February 28, 2026, 27 container ships with a total capacity of 174,232 TEU were delivered in 2026. The delivery expectations for 12000 - 16999 TEU and 17000 + TEU ships from 2026 to 2029 are provided, with relatively less pressure on the delivery of ultra - large ships in 2026 [4]. - Dynamic supply: The average weekly capacity of the China - European base port in March was 268,600 TEU, and in April it was 287,900 TEU. There were 11 blank sailings in March and 3 TBNs in April [5]. 3.4 Supply Chain - Geopolitical factors: The White House stated that Trump is discussing the role in Iran after the war and has no plan to dispatch ground troops. The Houthi rebels may resume attacks on shipping in the Red Sea corridor, and the probability of the Suez Canal resuming navigation in the first half of the year is relatively low [4][7]. 3.5 Demand and European Economy - The monthly year - on - year growth rate of the demand side of the Asia - Europe route has been relatively high, with the year - on - year growth rate of container trade volume in most months exceeding 10% [8].

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]

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The pre - holiday freight rate drive is weak, and the recent EC2604 contract is expected to fluctuate. Attention should be paid to the implementation of shipping companies' price - holding measures in March after the holiday. The 04 contract's volatility is expected to increase, and investors are advised to participate with caution. In normal years, shipping companies issue price - increase letters in March and April to stabilize prices. Before the Spring Festival, the overall drive is estimated to be bearish, and the short - selling direction has an advantage [4][5]. - For far - month contracts, the game over the resumption time is intense, and the volatility is expected to remain high. The resumption of the Suez Canal is expected to be a gradual process. If it does not resume in the first half of 2026, the pressure on the capacity side is expected to be relatively controllable, and the freight rate may still reach a high level. Investors can pay attention to the arbitrage opportunity of going long on EC2606 and shorting on EC2610 [6]. Summary According to the Directory 1. Futures Price - As of February 9, 2026, the total open interest of all container shipping index European line futures contracts is 56,740.00 lots, and the single - day trading volume is 17,605.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1756.00, 1238.00, 1553.00, 1614.80, 1126.10, and 1425.50 respectively [7]. 2. Spot Price - On February 6, the SCFI (Shanghai - Europe route) price is 1403 US dollars/TEU, the SCFI (Shanghai - US West route) price is 1801 US dollars/FEU, and the SCFI (Shanghai - US East) price is 2530 US dollars/FEU. On February 9, the SCFIS (Shanghai - Europe) is 1657.94 points, and the SCFIS (Shanghai - US West) is 1155.66 points [7]. 3. Container Ship Capacity Supply - **Static Supply**: As of January 31, 2026, 6 container ships have been delivered in 2026, with a total capacity of 46,950 TEU. 2 ships with a capacity of 12,000 - 16,999 TEU and 1 ship with a capacity of over 17,000 TEU have been delivered. 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 with a capacity of 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. The delivery pressure of ultra - large ships in 2026 is relatively small [2][3]. - **Dynamic Supply**: In the remaining three weeks of February, the average weekly capacity is 271,600 TEU, with the capacities in WEEK7/8/9 being 366,600/259,800/188,300 TEU respectively. In March, the average weekly capacity is 288,400 TEU, and in April, it is 274,700 TEU. There are 13 blank sailings in February, 7 blank sailings and 3 TBNs in March, and 1 blank sailing and 4 TBNs in April [3]. 4. Supply Chain - The resumption of the Suez Canal is expected to be a gradual process. COSCO management points out that there is still no clear schedule for the full resumption of the Red Sea. The Red Sea resumption needs to meet multiple conditions. Since mid - February 2026, Maersk's ME11 route will implement structural adjustments through the Red Sea and the Suez Canal [6]. 5. Demand and European Economy - The cancellation of the VAT export tax rebate for products such as photovoltaics by the Ministry of Finance and the State Taxation Administration on January 8, 2026, may disrupt the shipping rhythm of relevant industries and further affect the pricing strategies of shipping companies. Attention should be paid to whether the freight volume from the Far East to Europe in February and March can increase significantly and whether the actual freight rate will be stronger than in normal years [4].

1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The freight rates continued to correct in the second half of November. Attention should be paid to the definition of the delivery and settlement of the February 2026 contracts by the exchange [1] - The 12 - month contracts are expected to first trade the price increase expectations, then the actual implementation of the price increase letters, and finally the actual implementation until delivery. The valuation of the 12 - month contracts is expected to range from 1700 - 1850 points, with the valuation bottom rising [3] - The February 2026 contracts may have a large expectation gap but are currently suppressed by the resumption of shipping expectations. Attention should be paid to the definition of the delivery and settlement of these contracts [4] - The strategy for the 12 - month contracts is oscillatory, and for the February contracts, it is oscillatory and bullish. There is no arbitrage strategy at present [6] 3. Summary According to the Table of Contents I. Futures Price - As of November 13, 2025, the total open interest of all container shipping index European line futures contracts was 74,055 lots, with a single - day trading volume of 41,971 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts were 1632.00, 1170.30, 1380.70, 1483.10, 1111.10, and 1782.30 respectively [5] II. Spot Price - On November 7, 2025, the SCFI (Shanghai - Europe route) price was $1323/TEU, the SCFI (Shanghai - US West route) was $2212/FEU, and the SCFI (Shanghai - US East) was $2848/FEU. On November 10, the SCFIS (Shanghai - Europe) was 1504.80 points, and the SCFIS (Shanghai - US West) was 1329.71 points [5] - Online quotes from different shipping alliances and companies showed price changes in November and December. For example, Maersk's Shanghai - Rotterdam price in week 47 was $1365/2280, and in week 48, it was in the range of $2000 - 2100/FEU [1] III. Container Ship Capacity Supply - In November, the average weekly capacity for the remaining 4 weeks was 293,100 TEU. In December, the monthly average weekly capacity was 312,900 TEU. There were 10 blank sailings and 1 TBN in November, and 5 TBNs and 1 blank sailing in December [2] - 2025 is a big year for container ship deliveries. As of November 9, 2025, 226 container ships with a total capacity of 1.879 million TEU were delivered. Among them, 71 ships with a capacity of 1072,000 TEU in the 12000 - 16999 TEU range and 12 ships with a capacity of 253,800 TEU above 17000 + TEU were delivered [5] IV. Supply Chain - Houthi rebels stated that if the enemy resumes aggression against Gaza, they will resume military operations in the Red Sea and the Arabian Sea against Israeli shipping [2] V. Demand and European Economy No specific content provided for in - depth analysis of demand and European economy other than the data - related figures in the table of contents.

Report Industry Investment Rating No relevant content provided. Core Viewpoints - The 12 - month contract trading focuses on rhythm, with the overall valuation support rising. Shipping companies will adjust supply to keep freight rates high for next - year's long - term agreement negotiations. The 12 - month contract trading rhythm involves alternating between trading price increase expectations and actual implementation of price increase letters. The initial estimated valuation range for the 12 - month contract is between 1700 - 1850 points, and the valuation bottom is rising. [5] - The 2026 February contract may have a large expectation gap but is currently suppressed by the resumption of shipping expectations. Attention should be paid to how the exchange defines the delivery and settlement price of the February contract. If the price - holding period is extended and high prices are achieved in January 2026, the February contract may be at parity with the 12 - month contract. [6] - The strategy is that the 12 - month contract will fluctuate, and the February contract will fluctuate with an upward bias. There is no arbitrage strategy currently. [8] Summary by Directory 1. Market Analysis - **Online Quotes**: Different shipping alliances and companies have various price quotes for Shanghai - Rotterdam routes. For example, Gemini Cooperation's Maersk has different prices in the 47th and 48th weeks, and HPL has different quotes for different shipping periods in November and December. Maersk has issued a price increase letter for December. [1] - **Geopolitical Situation**: The US military is researching the establishment of a temporary base for 10,000 people near the Gaza Strip to support a stable force for the cease - fire between Israel and Hamas. This is an early planning step and does not involve US troops. [3] - **Dynamic Supply**: The average weekly capacity in the remaining 4 weeks of November is 246,500 TEU, and in December, it is 338,800 TEU. There are 10 blank sailings and 1 TBN in November and 3 TBNs in December. [4] 2. Futures Prices - As of November 11, 2025, the total open interest of all container shipping index European line futures contracts is 73,528.00 lots, and the daily trading volume is 70,447.00 lots. The closing prices of different contracts such as EC2602, EC2604, etc., are provided. [7] 3. Spot Prices - On November 7, 2025, the SCFI prices for Shanghai - Europe, Shanghai - US West, and Shanghai - US East routes are 1323 US dollars/TEU, 2212 US dollars/FEU, and 2848 US dollars/FEU respectively. On November 10, the SCFIS for Shanghai - Europe is 1504.80 points, and for Shanghai - US West is 1329.71 points. [7] 4. Container Ship Capacity Supply - In 2025, it is a big year for container ship deliveries. As of November 9, 2025, 226 container ships have been delivered, with a total capacity of 1.879 million TEU. Among them, 71 ships of 12,000 - 16,999 TEU and 12 ships of over 17,000 TEU have been delivered, with capacities of 1.072 million TEU and 253,800 TEU respectively. [7] 5. Supply Chain - No specific summarized content in this part other than the figures mentioned in the document. 6. Demand and European Economy - No specific summarized content in this part other than the figures mentioned in the document.

Report Industry Investment Rating - Unilateral: Contract 12 fluctuates with a bullish bias - Arbitrage: None [7] Core View of the Report - The 12 - month contract trading focuses on the rhythm, with expectations and reality intertwined. Shipping companies will adjust supply to keep freight rates high. The valuation of the 12 - month contract may have a top around 2100 - 2200 points, and its valuation bottom is rising. The February 2026 contract may have a large expectation gap but is currently suppressed by the resumption of navigation expectations [4][5] Summary According to the Table of Contents 1. Futures Prices - As of November 5, 2025, the total open interest of all container shipping index European line futures contracts is 75,038 lots, and the single - day trading volume is 54,169 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1652.00, 1199.60, 1426.10, 1497.10, 1142.80, and 1946.00 respectively [6] 2. Spot Prices - On October 31, the SCFI (Shanghai - Europe route) price was 1344 dollars/TEU, the SCFI (Shanghai - US West route) price was 2647 dollars/FEU, and the SCFI (Shanghai - US East) price was 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) was 1208.71 points, and the SCFIS (Shanghai - US West) was 1267.15 points [6] 3. Container Ship Capacity Supply - In November, the average weekly capacity from China to European base ports was 286,000 TEU, and in December, it was 322,900 TEU. In November, there were 10 blank sailings and 1 TBN; in December, there were 6 TBNs. As of October 31, 2025, 218 container ships had been delivered in 2025, with a total capacity of 1.784 million TEU [3][6] 4. Supply Chain - The Suez Canal Authority held a meeting with 20 major shipping companies and agency representatives to discuss the development of the Red Sea situation and invited shipping companies to conduct trial voyages [2] 5. Demand and European Economy - The US will cancel the 10% so - called "fentanyl tariff" on Chinese goods, and the 24% reciprocal tariff will be suspended for another year. The US will also suspend the 301 investigation measures on China's maritime, logistics, and shipbuilding industries for one year. This is conducive to the recovery of Sino - US trade, which will drive the recovery of demand on the US route and support the prices of European routes to some extent [3]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - The 12 - month futures contract for shipping has a strong price increase expectation, and the valuation keeps rising. Shipping companies will adjust the supply to keep freight rates at a high level for the next - year long - term contract negotiation. The 12 - month contract trading will focus on the rhythm of price increase expectations and actual implementation of price increase letters. The price of the second half of December may reach around 3000 dollars/FEU, and the valuation ceiling of the 12 - month contract may be around 2100 - 2200 points. The 2026 February contract may have a large expectation difference but is currently suppressed by the resumption of flights expectation [4][5] - The decline of the 10% "fentanyl tariff" is conducive to promoting the recovery of Sino - US trade, driving the demand recovery of the US - bound routes, and providing some support for the European route prices [3] - The strategy for futures trading is that the 12 - month contract is expected to be volatile and bullish, and there is no arbitrage strategy for now [7] Summary by Directory 1. Futures Price - As of November 4, 2025, the total open interest of all contracts of the container shipping index European line futures is 69023.00 lots, and the single - day trading volume is 37617.00 lots. The closing prices of EC2602, EC2604, EC2606, EC2608, EC2610, and EC2512 contracts are 1593.70, 1190.00, 1411.00, 1485.00, 1135.00, and 1909.90 respectively [6] 2. Spot Price - On October 31, 2025, the SCFI (Shanghai - Europe route) price is 1344 dollars/TEU, the SCFI (Shanghai - US West route) price is 2647 dollars/FEU, and the SCFI (Shanghai - US East) price is 3438 dollars/FEU. On November 3, the SCFIS (Shanghai - Europe) is 1208.71 points, and the SCFIS (Shanghai - US West) is 1267.15 points [6] 3. Container Ship Capacity Supply - In November 2025, the average weekly capacity of China - European base ports is 286,000 TEU, and the capacities of Week 45/46/47/48/49 are 310,700/273,000/296,500/270,000/299,900 TEU respectively. In December, the average weekly capacity is 322,900 TEU, and the capacities of Week 50/51/52/53 are 336,400/299,400/335,600/320,400 TEU respectively. There are 10 blank sailings and 1 TBN in November and 6 TBNs in December [3] - As of October 31, 2025, 218 container ships have been delivered in 2025, with a total capacity of 1.784 million TEU. 67 ships with a capacity of 12,000 - 16,999 TEU have been delivered, with a total capacity of 1.008 million TEU; 11 ships with a capacity of over 17,000 TEU have been delivered, with a total capacity of 236,320 TEU [6] 4. Supply Chain - Not provided with specific summarized information in the content 5. Demand and European Economy - Not provided with specific summarized information in the content