Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The EC2604 contract has entered the delivery logic with neutral valuation. Its trend is expected to follow the spot price, and the market is concerned about subsequent shipping company quotes and geopolitical situations [3]. - The EC2606 contract has become the main contract. It is recommended to wait and see because it is greatly affected by geopolitical news and shipping company behaviors, and its valuation is difficult to determine [3]. - Geopolitical risks remain and are difficult to predict. It is recommended to observe opportunities brought by the deviation of monthly spreads, but attention should be paid to the current poor liquidity of EC [3]. 3. Summary by Relevant Catalogs Contract Information - **Contract Prices and Changes**: The EC2604 contract closed at 1719.7 with a -0.88% change; EC2605 at 2005.6 with a 0.64% change; EC2606 at 2532.3 with a 6.18% change; EC2607 at 2625.0 with a 3.78% change; EC2608 at 2539.0 with a 5.66% change; EC2609 at 1753.7 with a 2.52% change; EC2610 at 1626.0 with a 1.93% change; EC2612 at 1834.2 with a 4.06% change [2]. - **Trading Volume and Open Interest**: The trading volume of EC2604 was 8177, and the open interest was 7029 with a decrease of 2233; EC2605 had a trading volume of 1460 and an open - interest of 2027 with an increase of 205; EC2606 had a trading volume of 26147 and an open - interest of 17711 with an increase of 3558; EC2607 had a trading volume of 32 and an open - interest of 1231 with an increase of 187; EC2608 had a trading volume of 1308 and an open - interest of 2808 with an increase of 166; EC2609 had a trading volume of 111 and an open - interest of 541 with an increase of 48; EC2610 had a trading volume of 3462 and an open - interest of 7135 with a decrease of 29; EC2612 had a trading volume of 214 and an open - interest of 471 with a decrease of 30 [2]. - **Basis and Monthly Spreads**: The basis of EC2604 was 32.8, EC2605 was -253.1, EC2606 was -779.8, EC2607 was -872.5, EC2608 was -786.5, EC2609 was -1.2, EC2610 was 126.5, and EC2612 was -81.7. The monthly spread of EC2604 - 2606 was -812.6 (a decrease of 162.6 compared to the previous day and 272.3 compared to the previous week); EC2604 - 2605 was -285.9 (a decrease of 28.0 compared to the previous day and 279.3 compared to the previous week); EC2606 - 2610 was 906.3 (an increase of 116.5 compared to the previous day and 40.1 compared to the previous week) [2]. Spot Market Information - **Spot Price Changes**: The spot price (in points) on March 30, 2026, was 1752.54, a 3.50% increase from the previous period, and the previous period had an 8.79% increase. The SCFI (European line) on March 27, 2026, was 1703 US dollars/TEU, a 4.10% increase from the previous period, and the previous period had a 1.11% increase [2]. - **European Line Spot Quotes**: In Week 13, MSK quoted 2250 US dollars flat, PA quoted 2400 - 2500, and some voyages were 2200 (2000 for large - volume orders), with the spot average converted to the futures price being about 1700 - 1800 points, and the price increase in April failed. In Week 14, the average quote was 2570 US dollars, converted to 1800 points. In Week 15, Maersk quoted 2350 US dollars (a decrease of 300 compared to the previous period), PA continued to use the previous quote, and OA and MSC had not fully reported [4]. Relevant News - On March 30, hundreds of US special operations forces arrived in the Middle East to participate in a deployment action related to a military conflict with Iran [5]. - On March 30, three Chinese ships passed through the Strait of Hormuz [5]. - On March 31, an Iranian attack on a Kuwaiti fully - loaded oil tanker caused the oil price to rise [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The 04 contract has entered the delivery logic, with a neutral valuation. The market is concerned about subsequent shipping company quotes and geopolitical situations, and its trend is expected to follow the spot quotes [2]. - The 06 contract has become the main contract. It is recommended to wait and see because it is greatly affected by geopolitical news and shipping company behaviors, and its valuation is difficult to anchor [2]. - Geopolitical risks remain and are difficult to predict. It is recommended to observe opportunities arising from the deviation of the monthly spread, but attention should be paid to the current poor liquidity of the EC [2]. Summary by Relevant Catalogs EC Contract Analysis - The 04 contract is in the delivery logic with a neutral valuation, and its trend follows spot quotes [2]. - The 06 contract is the main contract, affected by geopolitical news and shipping company actions, with difficult - to - anchor valuation, so it's advisable to wait and see [2]. - Observe opportunities from monthly spread deviation, but note the poor EC liquidity [2]. European Line Spot Situation - In Week 13, MSK's offer was flat at $2250, PA offered $2400 - 2500, and some voyages were $2200 (large - volume orders at $2000). The spot average converted to the futures price was about 1700 - 1800 points. The price increase in April failed [3]. - In Week 14, the average offer was $2570, converting to 1800 points on the futures [3]. - In Week 15, Maersk's offer was $2350 (down $300 from the previous week), PA's offer remained the same, and OA and MSC had not fully reported their prices [3]. Relevant News - On March 28, Iran agreed to release 20 more Pakistani vessels. Two LPG tankers bound for India passed through the Strait of Hormuz. Malaysia said Iran allowed its stranded tankers to pass. Thailand reached an agreement with Iran on the passage of its tankers through the Strait of Hormuz [4]. - On March 29, the US and Israel attacked an Iranian dock near the Strait of Hormuz, causing 5 deaths and 4 injuries. The Israeli military spokesman said the Yemeni Houthi rebels launched missiles at Israel and joined the Iran war, and Israel would respond [4]. - On March 30, Trump said indirect negotiations with Iran were progressing smoothly, and an agreement was expected to be reached soon. The Wall Street Journal reported that US officials said Trump was considering military action against Iran but had not made a decision [4]. EC Contract Price and Index Data - For EC2604, the closing price was 1735.0, down 2.05% (-1468), with a trading volume of 9616 and an open interest of 9262, a change of -2.48% (-25) [6]. - For EC2605, the closing price was 1992.9, down 299.6, with a trading volume of 944 and an open interest of 1822, a change of -1.34% (322) [6]. - For EC2606, the closing price was 2385.0, down 691.7, with a trading volume of 11021 and an open interest of 14153, a change of -0.23% (56) [6]. - For EC2607, the closing price was 2529.4, down 836.1, with a trading volume of 338 and an open interest of 1044, a change of -0.39% (-155) [6]. - For EC2608, the closing price was 2403.0, down 709.7, with a trading volume of 809 and an open interest of 2642, a change of 0.81% (4) [6]. - For EC2609, the closing price was 1710.6, with a trading volume of 493 and an open interest of -3, a change of 1.14% (-29) [6]. - For EC2610, the closing price was 1595.2, up 98.1, with a trading volume of 1148 and an open interest of 7164, a change of 0.73% (0) [6]. - For EC2612, the closing price was 1762.7, down 69.4, with a trading volume of 25 and an open interest of 501 [6]. - For the monthly spread EC2604 - 2606, the current value was -650.0, with a day - on - day change of -4.1 and a week - on - week change of 85.5 [6]. - For the monthly spread EC2604 - 2605, the current value was 14.3, with a day - on - day change of -257.9 and a week - on - week change of -272.2 [6]. - For the monthly spread EC2606 - 2610, the current value was -50.3, with a day - on - day change of 789.8 and a week - on - week change of 840.1 [6]. - The SCFIS (European line) index on March 23, 2026, was 1545.46, up 8.79% from the previous period [6]. - The SCFI (European line) on March 20, 2026, was 1636, up 1.11% from the previous period [6].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The 04 contract is gradually entering the delivery logic. There is a contradiction between its weak fundamentals and the potential increase in fuel costs. In the short term, there is a high possibility of a decline in spot prices. Meanwhile, geopolitical risks still exist, and it is expected to fluctuate weakly. The 10 contract follows the cost - support logic, with a long time horizon and a peak season in between. It is recommended to wait and see in the short term [3]. - The core of other far - month contracts lies in the blockade time of the Strait of Hormuz. If it is blocked for a long time, it will not only disrupt the global supply chain, but also high oil prices will have a negative impact on the European economy. The transmission path of this geopolitical event to the European route is complex and highly uncertain. It is recommended to avoid the high - volatility risks of far - month unilateral positions and look for arbitrage opportunities from the valuation of the monthly spread [3]. Group 3: Summary of Related Catalogs EC Contract Information - EC2604 had a closing price of 1771.4, a decline of 1.75%, a basis of - 78.1, a trading volume of 12470, an open interest of 10730, and an open - interest change of - 1330 [2]. - For other contracts (EC2605 - EC2612), their prices, price changes, bases, trading volumes, open interests, and open - interest changes are also provided in the report [2]. - The monthly spreads (e.g., EC2604 - 2606, EC2604 - 2605, EC2606 - 2610) and their changes compared to the previous days and weeks are presented [2]. Spot and Index Information - The spot price on 2026/3/23 was 1693.26 points, with a month - on - month increase of 8.79% [2]. - The SCFI (European route) on 2026/3/20 was 1636 dollars/TEU, with a month - on - month increase of 1.11% [2]. European Route Spot Situation - In Week 13, MSK opened flat at 2250 dollars, PA reported 2400 - 2500 dollars, and some voyages were 2200 dollars (2000 dollars for large orders). The average spot price converted to the futures price was about 1700 - 1800 points [4]. - In the first half of April, YML and ONE reported 2500 dollars, EMC reported 3160 dollars, and OOCL reported 3100 dollars [4]. - Maersk reported 2650 dollars in Week 14 (a 400 - dollar increase from the previous week) and 2350 dollars in Week 15 (a 300 - dollar decrease from the previous week). On Thursday, CMA reported 2800 dollars, and ONE's FE4 line was 2000 dollars [4]. Related News - On 3/26, Trump announced that the strike on Iranian energy facilities would be postponed for 10 days until April 6 at the request of Iran. Mediators said the possibility of a cease - fire was still low due to the tough demands of both sides [5]. - On 3/27, according to the Wall Street Journal, President Trump was considering sending an additional 10,000 ground troops to the Middle East [5]. Price Trend Charts - There are price trend charts of EC main contracts, EC forward curves, and various TCI (different routes) and SCFI (European route) seasonal trends [6][7][8][9] etc.

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The EC2604 contract is expected to fluctuate today due to the contradiction between its weak fundamentals and potential fuel cost increases. The EC2610 contract follows the cost - support logic, and it is recommended to wait and see in the short term. Other far - month contracts' core lies in the blockade time of the Strait of Hormuz. It is advised to avoid the high - volatility risk of far - month unilateral trading and look for arbitrage opportunities from the valuation of month spreads [3] Group 3: Summary by Related Catalogs Futures Contract Information - The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 1803.0, 2086.0, 2364.1, 2475.2, 2354.2, 1658.1, 1567.9, and 1716.7 respectively, with price drops of 5.05%, 4.23%, 3.08%, 3.58%, 2.35%, 3.60%, 0.32%, and 3.23% respectively. Their trading volumes are 18169, 1146, 12555, 421, 1120, 84, 2222, and 143 respectively, and the changes in open interest are - 3207, - 155, FF60, - 22, - 108, B, - 172, and નિર્ respectively [2] - The day - on - day changes of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 are - 20.8, - 3.7, and - 70.0 respectively, and the week - on - week changes are - 89.9, - 253.0, and - 28.4 respectively [2] Spot Market Information - The spot price of the (European Line) on March 23, 2026, is 1693.26 points, with a 8.79% increase from the previous period. The SCFI on March 20, 2026, is 1636 dollars/TEU, with a 1.11% increase from the previous period [2] - In Week 13, MSK opened at 2250 US dollars, PA reported 2400 - 2500, and some voyages reported 2200 (2000 for large shipments). The average spot price converted to the futures盘面 is about 1700 - 1800 points. In the first half of April, YML and ONE reported 2500 US dollars, EMC reported 3160 US dollars, and OOCL reported 3100 US dollars. Maersk reported 2650 US dollars in Week 14 (a 400 - dollar increase from the previous period) and 2350 US dollars in Week 15 (a 300 - dollar decrease from the previous period) [4] Relevant News - On March 25, Cosco Shipping resumed bookings for Gulf countries, but ships will not pass through the Strait of Hormuz for now. Instead, containers will be shipped to ports on the east side of the strait and then transferred by land [5] - On March 25, Iran put forward five cease - fire conditions. The US media reported that the White House was planning a negotiation with Iran over the weekend, and the US vice - president might attend [5] - On March 26, the White House press secretary reiterated that the time frame for Iran's actions was 4 to 6 weeks. Iran was willing to have a dialogue, and Trump was ready to participate [5]

Core Insights - The report highlights the complex transmission path of geopolitical events affecting the European shipping market, suggesting a cautious approach to high volatility risks and recommending the exploration of arbitrage opportunities from monthly price differences [2] - It notes a significant increase in freight rates for the European route, with major alliances announcing price hikes, indicating a potential upward trend in shipping costs [3] Market Data Summary - The report provides detailed pricing data for various contracts, with EC2604 closing at 1938.8, showing a decrease of 1.59%, and EC2605 and EC2606 also experiencing declines of 1.83% and 1.87% respectively [2] - The spot market index for the European route (SCFI) increased by 11.43% to 1618 USD/TEU, reflecting a strong upward movement compared to previous periods [2] - The report indicates that the average freight rates for Week 12 were around 2450 USD, with fluctuations noted in the pricing strategies of different shipping companies [3] Geopolitical Context - Recent communications between Iranian officials and U.S. representatives have been reported, with Iran denying any recent contact, which adds to the uncertainty in the geopolitical landscape affecting shipping routes [4] - The report emphasizes the need to monitor geopolitical developments closely, as they could significantly impact market conditions and pricing strategies in the shipping industry [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The transmission path of the geopolitical event to the European line is complex and highly uncertain. It is recommended to avoid the high volatility risk of unilateral trading and look for arbitrage opportunities brought by the valuation of monthly spreads. Short - term, it is advisable to wait and see. Although historically, the reverse spreads of 6 - 7 and 6 - 8 are reasonably valued, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] Summary by Relevant Catalogs Futures Contract Information - For contract EC2604, the previous closing price was 1938.8, with a decline of 1.59%, a basis of - 393.3, a trading volume of 38449, an open interest of 24603, and an open interest change of - 438 [2] - For contract EC2605, the price was 2175.0, with a decline of 1.83%, a basis of - 629.5, a trading volume of 2285, an open interest of 1957, and an open interest change of - 203 [2] - For contract EC2606, the price was 2394.4, with a decline of 1.87%, a basis of - 848.9, a trading volume of 12680, an open interest of 14383, and an open interest change of 98 [2] - For contract EC2607, the price was 2500.6, with a decline of 0.87%, a basis of - 955.1, a trading volume not provided, an open interest of 775, and an open interest change of 3 [2] - For contract EC2608, the price was 2375.0, with an increase of 0.30%, a basis of - 829.5, a trading volume of 1331, an open interest of 2868, and an open interest change of - 180 [2] - For contract EC2609, the price was 1716.8, with a decline of 0.65%, a basis of - 171.3, a trading volume not provided, an open interest of 576, and an open interest change of - 6 [2] - For contract EC2610, the price was 1568.0, with a decline of 0.82%, a basis of - 22.5, a trading volume of 3635, an open interest of 8472, and an open interest change of - 93 [2] - For contract EC2612, the price was 1814.0, with a decline of 2.90%, a basis of - 268.5, a trading volume of 102, an open interest of 403, and an open interest change of 0 [2] Month - spread Information - The month - spread of EC2604 - 2606 was - 416.8, with a day - on - day increase of 14.3 and a week - on - week decrease of 134.5 [2] - The month - spread of EC2604 - 2605 was - 186.3, with a day - on - day increase of 9.2 and a week - on - week decrease of 59.1 [2] - The month - spread of EC2606 - 2610 was 856.5, with a day - on - day decrease of 32.6 and a week - on - week increase of 115.6 [2] Spot and Index Information - The spot price (European line) on March 9, 2026, was 1545.46, with a 5.61% increase compared to the previous period and a - 7.00% decrease in the previous period [2] - The SCFI (European line) index on March 13, 2026, was 1618 dollars/TEU, with an 11.43% increase compared to the previous period and a 2.25% increase in the previous period [2] European Line Spot Situation - In late March, OA and PA alliances and MSC announced price increases to around 4000 US dollars [3] - In Week 12, MSK quoted 2250 US dollars (a 400 - dollar increase compared to the previous week), QA alliance quoted 2700 - 2800 US dollars, PA alliance quoted 2200 US dollars (a 200 - dollar decrease for large - volume orders), and MSC quoted 2740 US dollars (a 200 - dollar decrease for large - volume orders). The average was 2450 US dollars, equivalent to about 1715 points on the futures market [3] - In Week 13, MSK kept the price at 2250 US dollars, and other shipping companies quoted around 2700 - 3000 US dollars. On Monday, ONE's Week 13 quote dropped from 2755 US dollars to 2445 US dollars at 1:30 pm and then was adjusted back to 2755 US dollars after the market closed, possibly due to an internal staff operation error [3] News - On March 16, the media reported that the Iranian foreign minister had text - exchanged with Witkoff, which the Iranian foreign minister denied [4] - On March 17, Iranian Foreign Minister Araqchi stated that there had been no information exchange between Iran and the US, Tehran had not proposed a cease - fire request, and "the war must end in a way that ensures it will not happen again" [4] - Two senior White House officials said that Iran had recently tried to contact the Trump administration through multiple channels to restart diplomatic negotiations, but President Trump refused to resume negotiations. Iranian officials tried to contact US Middle East envoy Witkoff and other government officials, but Trump instructed the team not to negotiate for the time being and hoped to continue military operations. Araqchi denied recent contact with Witkoff and said that the last contact occurred before the US launched new military operations against Iran [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoints - Ship companies may issue price increase letters for April recently. The current 04 contract corresponds to a freight rate of $2800, with a basis of -$300, which has already priced in short-term risk premiums, mainly due to a rise in fuel costs (around +$300), and the valuation is relatively reasonable. Geopolitical sentiment is fluctuating. It is expected that the short-term market will remain strong and volatile. The fundamental contradiction of the peak-season contracts lies in geopolitics, and it may be too early for left-side trading with large upward potential [2] Summary by Relevant Catalogs Contract Information - EC2604: Yesterday's closing price was 1992.7, up 7.78%, with a basis of -447.2, a trading volume of 66207, an open interest of 28602, and an open interest change of 797 [2] - EC2605: Yesterday's closing price was 2050.0, up 7.44%, with a basis of -504.5, a trading volume of 3113, an open interest of 2223, and an open interest change of 336 [2] - EC2606: Yesterday's closing price was 2329.4, up 7.35%, with a basis of -783.9, a trading volume of 16645, an open interest of 15615, and an open interest change of 168 [2] - EC2607: Yesterday's closing price was 2434.9, up 6.90%, with a basis of -889.4, a trading volume of 490, an open interest of 802, and an open interest change of 81 [2] - EC2608: Yesterday's closing price was 2295.5, up 6.39%, with a basis of -750.0, a trading volume of 1655, an open interest of 3132, and an open interest change of 253 [2] - EC2609: Yesterday's closing price was 1684.1, up 6.11%, with a basis of -138.6, a trading volume of 268, an open interest of 582, and an open interest change of 51 [2] - EC2610: Yesterday's closing price was 1536.0, up 5.26%, a trading volume of 4582, an open interest of 9144, and an open interest change of -402 [2] - EC2612: Yesterday's closing price was 1838.5, up 3.12%, with a basis of -293.0, a trading volume of 171, an open interest of 386, and an open interest change of -36 [2] Month Spread Information - EC2604 - 2606: The previous day's spread was -336.7, with a daily change of -15.6 and a weekly change of -154.6 [2] - EC2604 - 2605: The previous day's spread was -57.3, with a daily change of 1.8 and a weekly change of -37.0 [2] - EC2606 - 2610: The previous day's spread was 793.4, with a daily change of 82.6 and a weekly change of 238.2 [2] Spot Index Information - Spot (European Line): Updated every Monday, as of March 9, 2026, the index was 1545.46 points, up 5.61% from the previous period [2] - SCFI (European Line): Updated on Friday, as of March 6, 2026, the price was $1452/TEU, up 2.25% from the previous period [2] European Line Spot Situation - Yesterday, major shipping companies issued emergency fuel surcharges for long-term contracts. There are rumors that HMM offered a special price of $1800 [3] - In the second half of March, the expected trading center is $2300, but the FAK quote (the part included in the index) is expected to be around $2500, equivalent to 1750 points on the futures market [3] Related News - ONE and MSC added emergency fuel surcharges of $320 and $300 respectively [4] - Three ships were attacked in the Strait of Hormuz, and one oil tanker and one VLGC passed through yesterday [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The current market sentiment is high, and the monthly spread valuation is also high. Once there is negative news, there may be a significant decline. It is recommended to wait and see in the short term. Additionally, focus on fuel costs, the congestion level of the Singapore port, and the possible release of a price increase notice for April by shipping companies this week [2]. 3. Summary by Relevant Catalogs EC Contract Information - **Contract Prices and Changes**: EC2604 closed at 2236.4 with an 18.19% increase; EC2605 at 2257.0 with a 19.27% increase; EC2606 at 2494.0 with a 15.39% increase; EC2607 at 2590.4 with a 14.14% increase; EC2608 at 2422.6 with an 11.13% increase; EC2609 at 1742.3 with a 10.20% increase; EC2610 at 1617.2 with a 10.84% increase; EC2612 at 1861.0 with a 9.70% increase [2]. - **Trading Volume and Open Interest**: The trading volume and open interest of each contract vary, with some showing a decrease in open interest [2]. - **Monthly Spread**: The monthly spreads of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 have different changes compared to previous days and weeks [2]. Spot Market Information - **Spot Price**: The spot price of the European line on March 9, 2026, was 1545.46 points, with a 5.61% increase from the previous period. The SCFI (European line) on March 6, 2026, was 1452 US dollars/TEU, with a 2.25% increase [2]. - **Online Quotes**: OOCL quoted 2800, YML quoted 2700. The current average quotes are around 1750 points on the disk, and attention should be paid to further adjustments [3]. News and Events - **US - Iran Tensions**: The US President Trump stated that they are "far from" sending troops to Iran. G7 finance ministers reached a consensus not to release oil war reserves. Iran plans to charge "security fees" on some ships in the Persian Gulf, and Trump threatened to strike Iran if it blocks oil flow [4]. - **Oil Price and Military Action**: Trump said that military action against Iran will end soon and the oil price increase is lower than expected [4].

1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - Short - term geopolitical sentiment will dominate the 04 contract's trading, with significant external capital impact. Next week (week 12) is the actual booking window, and the supply - demand situation is weak. It is recommended to observe cargo - booking conditions. Due to large price fluctuations, it is advisable to focus on right - side short - selling opportunities [3][23] 3. Summary According to Relevant Catalogs Contract Information - **Contract Prices and Changes**: EC2604 closed at 1768.0 with a - 7.41% change; EC2605 at 1805.0 with a - 14.48% change; EC2606 at 1950.1 with a - 12.51% change; EC2607 at 2066.4 with a - 12.07% change; EC2608 at 2010.0 with a - 10.31% change; EC2609 at 1498.3 with a - 11.01% change; EC2610 at 1394.9 with a - 7.25% change; EC2612 at 1677.3 with a - 9.96% change [2][22] - **Contract Volumes and Positions**: EC2604 had a trading volume of 153840 and a position of 36679 with a change of - 1939; EC2605 had a volume of 6155 and a position of 1782 with a change of - 12; EC2606 had a volume of 30528 and a position of 20170 with a change of - 1467; EC2607 had a volume of 1091 and a position of 771 with a change of 72; EC2608 had a volume of 4342 and a position of 2964 with a change of - 113; EC2609 had a volume of 768 and a position of 477 with a change of - 102; EC2610 had a volume of 12355 and a position of 11408 with a change of - 611; EC2612 had a volume of 430 and a position of 354 with a change of - 109 [2][22] - **Contract Month - spreads**: EC2604 - 2606 was - 182.1 with a daily change of 137.3 and a weekly change of 223.1; EC2604 - 2605 was - 37 with a daily change of 164.1 and a weekly change of - 180.7; EC2606 - 2610 was 555.2 with a daily change of - 169.7 and a weekly change of 86.6 [2][22] Spot Market Information - **European Line Spot Situation**: In early March, MSC led a price increase to $3000, and most other shipping companies followed, raising prices to $3000 - 3100. In week 10, MSK, MSC, and YML maintained prices, OOCL increased by $100, and ONE and HMM increased by $200, with an average of $2200, equivalent to about 1560 points. In week 11, MSK opened at $1850 (a $100 decrease), and other companies mainly maintained prices, with YML offering two special - price ships at $1800. In week 12, MSK opened at $2250 (a $400 increase) [4][24][25] - **Spot Price Index**: The European line spot price on March 2, 2026, was 1463.40, a - 7.00% change from the previous period and a - 2.10% change from two periods ago. The SCFI on February 27, 2026, was $1420 per TEU [2][22] News and Related Information - **Shipping - related News**: On March 5, major global seafarers' unions declared the Middle East Gulf region, including the Strait of Hormuz, a war - action area, and seafarers were given the right to refuse to go there. Iranian officials made statements about not asking for a cease - fire, being ready to respond to a US ground invasion, being willing to abandon the nuclear program under certain conditions, and keeping the Strait of Hormuz closed during the war [6][26] - **Price Increase Announcements**: In mid - March, MSC announced a price increase to $3200 for weeks 12 - 13 and $4000 for week 12. On March 3, HPL and CMA raised their online quotes to $4193 and $3135 respectively. On March 5, YML's offline quote for the second half of the month was $4000 [5][25]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - The futures market is expected to be bullish, mainly due to emotional factors such as geopolitical escalation, MSC's announcements, and the lack of significant price drops in the spot market. However, the supply-demand imbalance in the European route remains unchanged, and the transmission effect of the Middle East route on the European route is weak. Therefore, it is recommended to pay attention to geopolitical risks in the short term and look for opportunities to short on rallies later [3] Group 3: Summary by Relevant Catalog Futures Market Data - EC2604 contract: Yesterday's closing price was 1429.2, up 16.73%, with a basis of 34.2, a trading volume of 81309, an open interest of 46243, and an open interest change of 8998 [2] - Other contracts (EC2605 - EC2612): Each contract has its own closing price, price change percentage, basis, trading volume, open interest, and open interest change [2] - Month spreads (EC2604 - 2606, EC2604 - 2605, EC2606 - 2610): There are differences in values compared to the previous day and three days ago, with corresponding daily and weekly changes [2] Spot Market Data - Ternar (European route): Updated daily, announced on 2026/3/2, the current value is 1463.40, down 7.00% from the previous period, and the previous period was down 2.10% [2] - SCFI (European route): Updated weekly, announced on 2026/2/27, the current value is 1420 USD/TEU [2] European Route Spot Situation - In early March, MSC led the price increase by announcing a 3000 - dollar increase, and most other shipping companies followed suit, with prices ranging from 3000 - 3100 dollars. In Week 10, some shipping companies maintained prices, while others had small increases, with an average of 2200 dollars, equivalent to about 1560 points on the futures market. In Week 11, MSK opened at 1850 dollars (down 100 dollars from the previous week). In late March, MSC announced price increases for the second half of March (Week 12 - 13) to 3200 dollars and for Week 12 to 4000 dollars [4] News - On 2/28, conflicts broke out between Israel, the US, and Iran, and the Houthi rebels announced the resumption of attacks on shipping in the Red Sea corridor [5] - On 3/1, Iran's Islamic Revolutionary Guard Corps announced the closure of the Strait of Hormuz. Many shipping companies notified they would avoid high - risk areas, and some began to levy a surcharge of 1000 - 1500 dollars on the Middle East route [5] - On 3/3, according to Iranian media, the US was deploying reinforcement troops. Also, US media reported that the US was preparing for a "large - scale attack" on Iran in the next 24 hours, aiming to destroy Iran's missile production facilities, drones, and naval forces, but the US missile inventory was decreasing [5]