Report Industry Investment Rating - No information provided Core View - Geopolitical factors support the container shipping trend, and shipping companies' cargo - receiving situation is average, with expected lower freight quotes. The container shipping market is expected to be volatile and weak, with a large range of fluctuations. It is recommended to focus on short - term operations or wait for opportunities and control risks [1] Summary by Relevant Catalog Macro and Container Shipping European Line - **Market Logic**: On March 23, SCFIS closed at 1,693.26 points, up 8.8% from the previous period. The underlying spot index is still at a discount to the futures. On March 20, the SCFI European line freight rate was $1,636/TEU, with a 1.1% increase [1] - **Market Quotes**: On Wednesday, the container shipping European line EC2604 contract fell to 1,803.0, a decrease of 6.04%. The decline of far - month contracts was greater than that of near - month contracts [1] - **Important Information**: The permanent mission of Iran to the United Nations stated that non - belligerent countries' ships can pass through the Strait of Hormuz safely after coordination; Iran rejected the US - proposed cease - fire plan and put forward 5 conditions for a cease - fire; Israeli Prime Minister Netanyahu said that military operations against Iran will "continue in full force"; Maersk significantly lowered the opening price for the 15th week, which may prompt other liner companies to follow suit in soliciting cargo [1] - **Trading Strategy**: The container shipping market is expected to be volatile and weak, with large fluctuations. It is recommended to conduct short - term operations or wait for opportunities and focus on risk control [1]

Group 1: Report Industry Investment Rating - No information provided Group 2: Core View of the Report - Geopolitical factors support the container shipping trend, but it's difficult to see a sharp increase like before in the short term. The market fluctuates greatly, making it difficult to participate. It is recommended to focus on short - term operations or wait for opportunities and control risks [1] Group 3: Summary by Related Catalogs Market Review - On Tuesday, the EC2604 contract of container shipping to Europe declined, closing at 1898.9, a 5.4% drop. The decline of far - month contracts was greater than that of near - month contracts [1] Important Information - The US government proposed a 15 - item conflict - ending plan to Iran through Pakistan, covering nuclear programs, missile capabilities, and regional issues. The US is considering a one - month cease - fire for further negotiations [1] - US President Trump said the US is communicating with the "right people", and Iran "wants to reach an agreement". He also claimed that Iran "has no leadership" and the US has "achieved great success" on the Iran issue [1] - Iran's new supreme leader's military advisor, Mohsen Rezaei, emphasized that Iran will stop the war only after getting all compensation, having all economic sanctions lifted, and obtaining international legal guarantees of US non - interference in Iran's affairs [1] Market Logic - On March 23, the SCFIS closed at 1693.26 points, an 8.8% increase from the previous period. The underlying spot index is still at a discount to the futures [1] - On March 20, the SCFI European line freight rate was 1636 US dollars/TEU, a 1.1% increase [1] - Maersk's week 14 offer for large containers is 2600 US dollars and 2700 US dollars for high - cube containers, a 400 - dollar increase. CMA CGM announced an increase of large containers to 3500 US dollars, slightly higher than the written increase of 3100 US dollars in late March. Yang Ming announced a list price of 2700 US dollars for large containers in April. The preliminary offer of the PA alliance may be at the level of 2700 US dollars for large containers. Some 0A voyages will use the end - of - March quotes at the beginning of April, and some voyages have special offers. The regular FAK is expected to be between 2800 - 3100 US dollars for large containers. Follow - up observation will focus on Maersk's week 15 opening and the PA alliance's price adjustment [1] - As of March 23, 2026, the total number of global operating container ships increased to 7,521, with a total global operating capacity of 33,924.968 TEU and a total operating ship tonnage of 402,768,003 tons. As of the week of March 23, the trans - Atlantic capacity was 169,459 TEU, the trans - Pacific capacity was 538,820 TEU, and the Far East - Europe capacity was 524,271 TEU [1] Trading Strategy - Geopolitical factors support the container shipping trend, but it's difficult to see a sharp increase like before in the short term. The market fluctuates greatly, making it difficult to participate. It is recommended to focus on short - term operations or wait for opportunities and control risks [1]

Report Summary 1. Report Industry Investment Rating There is no information about the industry investment rating in the report. 2. Core View The European container shipping line has passed the first - stage after the US - Iran conflict, with the freight rate gradually returning to supply - demand pricing, though still affected by geopolitical changes. In April, as the resumption of work is completed, the cargo volume will increase. Under the condition that the geopolitical conflict does not ease, shipping companies are more likely to raise and maintain prices, and the freight rate is expected to enter an upward - trending channel. MSC has started weekly price - maintaining, with the large - container quote in the 13th week increased by $300 to $3040. Attention should be paid to the release of price - increase letters in April and the new cabins opened by Maersk [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2604: The latest成交价 is 1938.8 points, with a decline of 4.03%. The trading volume is 38449 (a decrease of 4369 compared to the previous period), and the long - position holding by the top 20 members is 13527, while the short - position holding is 16754, with a net long - position of - 3227 [2]. - EC2606: The latest成交价 is 2394.4 points, with a decline of 2.30%. The trading volume is 12680 (a decrease of 1027 compared to the previous period), and the open interest is 14383 (an increase of 98 compared to the previous period) [2]. - EC2608: The latest成交价 is 2375 points, with a decline of 1.00%. The trading volume is 1331 (a decrease of 409 compared to the previous period), and the open interest is 2868 (a decrease of 180 compared to the previous period) [2]. - EC2610: The latest成交价 is 1568 points, with a decline of 1.89%. The trading volume is 3635 (a decrease of 46 compared to the previous period), and the open interest is 8472 (a decrease of 93 compared to the previous period) [2]. - EC2612: The latest成交价 is 1814 points, with a decline of 3.02%. The trading volume is 102 (an increase of 30 compared to the previous period), and the open interest is 403 (unchanged compared to the previous period) [2]. - The total trading volume is 56197, and the total open interest is 50729 [2]. Latest Spot Freight Rates - European Routes - Weekly data: The SCFIS index is 1556.49 points, with a week - on - week increase of 0.7%. The SCFI is $1618 per TEU, with a week - on - week increase of 11.4% [4]. - Daily data: The TCI for 20GP is $1767 per TEU, with no change compared to the previous period, and the TCI for 40GP is $2877, also with no change [4]. Basis Spread The basis spread between the previous trading day and the day before the previous trading day changed by 42.33 points, from - 382.31 to - 424.64 [6].

1. Report Industry Investment Rating - The investment rating for the container shipping industry on the Europe route is bullish [1] 2. Core View of the Report - Geopolitical factors continue to dominate the market trend. With the escalating situation in the Middle East, short - term international oil prices can be an anchor of concern for container shipping on the Europe route. After an obvious decline and then a rise in crude oil prices, container shipping is expected to still have an upward potential in the short term, with increased volatility risks. It is recommended to conduct short - term operations and strictly control risks [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Monday, all container shipping routes to Europe rose, and both near - and far - month contracts hit the daily limit at one point. The EC2604 contract opened at the daily limit, then the limit was lifted, and it closed at the daily limit again [1] 3.2 Important Information - US President Trump said that the war between the US and Iran may soon end, and the war is almost over, causing a rapid drop in US oil prices [1] - G7 finance ministers held a phone call on Monday to discuss how to deal with the soaring oil prices caused by the war between the US, Israel and Iran. They basically reached a consensus not to release strategic oil reserves for the time being [1] - Iranian Parliament Speaker Kalibaf said that if the current conflict further expands to the infrastructure level, international oil prices may remain at three - digit levels for a considerable period [1] - Saudi Arabia has started to cut oil production as its oil storage facilities are approaching saturation. Aramco is cutting production at two oil fields [1] - IMF Managing Director Georgieva said that the global economy is suffering from wave after wave of shocks. Oil and gas facilities are damaged and shut down, and energy security has become the primary concern [1] 3.3 Market Logic - On March 9, the SIFIS closed at 1545.46, a 5.6% increase from the previous period [1] - On March 6, the SCFI index closed at 1489.19, a week - on - week increase of 156.08 points [1] 3.4 Trading Strategy - Geopolitics continues to dominate the market trend. With the escalating situation in the Middle East, short - term international oil prices can be an anchor of concern for container shipping on the Europe route. After an obvious decline and then a rise in crude oil prices, container shipping is expected to still have an upward potential in the short term, with increased volatility risks. It is recommended to conduct short - term operations and strictly control risks [1]

1. Report's Investment Rating for the Industry - No investment rating information is provided in the report. 2. Core Viewpoints of the Report - The EC of the container shipping European route fell 1.43% last Friday. The joint strike on Iran by the US and Israel and the Houthi's decision to resume attacks on shipping routes in the Red Sea and Israel have affected the resumption progress and expectations of shipping companies. Shipping companies that previously announced their return to the Suez Canal have cancelled their decisions. The possibility of full resumption during the peak season from June to August this year has further decreased, and the plan for a phased and large - scale return to the Red Sea in 2026 will be further postponed. The short - term market is expected to be dominated by event - based gaming, with an emotional rebound, especially in far - month contracts [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2604: The latest成交价 is 1224.4 points, with a decline of 1.43%. The trading volume is 32063 (a change of 3238 from the previous period), and the open interest on one side is 37245 (a change of 1071 from the previous period). The net long position of the top 20 members is - 5638 [2]. - EC2606: The latest成交价 is 1629.6 points, with a decline of 0.23%. The trading volume is 4540 (a decrease of 1314 from the previous period), and the open interest on one side is 17087 (an increase of 438 from the previous period) [2]. - EC2608: The latest成交价 is 1715.8 points, with a decline of 0.64%. The trading volume is 301 (a decrease of 83 from the previous period), and the open interest on one side is 1379 (a decrease of 2 from the previous period) [2]. - EC2610: The latest成交价 is 1161 points, with an increase of 0.01%. The trading volume is 2305 (an increase of 796 from the previous period), and the open interest on one side is 10914 (an increase of 600 from the previous period) [2]. - EC2612: The latest成交价 is 1445 points, with an increase of 0.89%. The trading volume is 14 (a decrease of 5 from the previous period), and the open interest on one side is 137 (an increase of 3 from the previous period) [2]. - Total: The total trading volume is 39223, and the total open interest on one side is 66762. The long position of the top 20 members is 20361, the short position is 25999, and the net long position is - 5638 [2]. Latest Spot Freight Rates - European Routes - SCFIS (weekly): The latest value is 1573.51 points, with a decline of 2.1%. The previous value was 1607.27 points, with a decline of 3.1%, and the value before that was 1657.94 points, with a decline of 7.5% [4]. - SCFI ($/TEU): The latest value is 1420, with an increase of 4.3%. The previous value was 1361, with a decline of 3.0%, and the value before that was 1403, with a decline of 1.1% [4]. - TCI (20GP) spot freight rate ($/TEU): The latest value is 1490, with an increase of 0.4%. The previous value was 1484, with no change, and the value before that was 1484, with a decline of 2.2% [4]. - TCI (40GP) ($/FEU, daily): The latest value is 2541, with an increase of 0.4%. The previous value was 2530, with no change, and the value before that was 2530, with a decline of 0.9% [4]. Basis Spread (Points) - The basis spread on the previous trading day was 349.11 points, and the basis spread on the trading day before that was 337.51 points, with a change of 11.6 points [6].

Report Summary 1. Industry Investment Rating - No industry investment rating is provided in the report. 2. Core View - The EC of container shipping to Europe decreased by 0.39%. The average price of 40 - foot containers in the spot market at the end of February is around $2060, and the premium/discount rate has flattened. There is relatively limited driving force for the spot market in February. After MSC announced a price - increase notice for March on February 4th, HPL and CMA followed suit over the weekend. Compared with the market performance after the release of the March price - increase notice in the same period of 2025, the current market is more rational. The market is expected to be in a volatile pattern before the Spring Festival. After the festival, it will enter a verification period for the rush - export of photovoltaic products and the implementation of the March price - increase notice. Pay attention to the possible falsification of expectations brought by the spot market after the festival under strong expectations [1]. 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price - **EC2602**: The latest increase/decrease is 0.79%. The trading volume is 124 (a decrease of 99 compared to the previous period), and the open interest on one side is 1437 (an increase of 8). The long - position and short - position holdings of the top 20 members are 1128 and 1278 respectively, with a net long - position of - 150 [2]. - **EC2604**: The latest trading price is 1238 points, with a decrease of 0.39%. The trading volume is 14384 (a decrease of 15067), and the open interest on one side is 31132 (a decrease of 295). The long - position and short - position holdings of the top 20 members are 17381 and 21507 respectively, with a net long - position of - 4126 [2]. - **EC2606**: The latest trading price is 1553 points, with a decrease of 0.03%. The trading volume is 2206 (a decrease of 2694), and the open interest on one side is 14726 (a decrease of 86). The long - position and short - position holdings of the top 20 members are both 0 [2]. - **EC2608**: The latest trading price is 1614.8 points, with an increase of 0.29%. The trading volume is 269 (a decrease of 213), and the open interest on one side is 1414 (an increase of 27) [2]. - **EC2610**: The latest trading price is 1126.1 points, with an increase of 0.25%. The trading volume is 615 (a decrease of 499), and the open interest on one side is 7893 (an increase of 15) [2]. - **EC2612**: The latest trading price is 1425.5 points, with an increase of 0.66%. The trading volume is 7 (a decrease of 5), and the open interest on one side is 138 (a decrease of 1) [2]. - **Total**: The total trading volume is 17605, the total open interest on one side is 56740. The total long - position and short - position holdings of the top 20 members are 18509 and 22785 respectively, with a net long - position of - 4276 [2]. 3.2 Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS is 1657.94 points, a decrease of 7.5% compared to the previous period; the SCFI is $1403/TEU, a decrease of 1.1% [4]. - **Daily Spot Freight Rates**: The TCI (20GP) is $1551/TEU, with no change; the TCI (40GP) is $2636/FEU, with no change [4]. 3.3 Basis Spread - The basis of the previous trading day was 419.94 points, and the basis of the day before the previous trading day was 560.94 points, with a decrease of 141 points [6].

Core Viewpoint - The shipping industry, particularly the European route, is experiencing fluctuations in freight rates due to trade tensions and geopolitical factors, with short-term demand expectations showing signs of improvement despite ongoing uncertainties [1][4]. Group 1: Market Performance - The main contract for European shipping opened lower and fell over 2% during the day, reaching a low of 2261.0 points, following a previous day where it rose over 6% and closed up 4.36% [1]. - The Shanghai export container freight index for European routes reported a decrease of 2.9%, standing at 1265.30 points as of May 19, 2025 [2]. Group 2: Freight Rates - Current spot freight rates for the latter half of May have dropped to a range of $1500-$1900 per FEU, with various shipping companies adjusting their rates, such as YML at around $1600 and MSC at $1890 [2]. - Predictions indicate that the "explosion" of demand on the US routes may continue until late July, potentially leading shipping companies to reallocate capacity from European routes, tightening supply and driving up European freight rates [1]. Group 3: Demand and Supply Dynamics - The demand for European shipping is expected to improve due to a potential recovery in US line demand, which may alleviate pressure on European routes [3][5]. - The average weekly capacity for May, June, and July is projected at 27.46, 29.89, and 29.83 million TEU respectively, with attention needed on future shipping schedule adjustments [5]. Group 4: Market Sentiment and Strategy - Short-term trading sentiment remains bullish due to the lack of significant negative drivers, with expectations for freight rates to rise despite potential downward adjustments in the short term [3]. - Investors are advised to remain cautious and monitor geopolitical developments, capacity, and cargo volume data closely [4].

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The European container shipping line (EC) opened low and fluctuated, with the 06 contract closing at 1704.7 points, down 6.57%. Most shipping companies' freight rates in the first half of April continued the quotes at the end of March, with a slight increase in the second half. The freight rates in April tend to stabilize, and the average price of a 40 - foot container in the 16th week was around $2300. Some shipping companies have announced their online quotes for May, with the quotes for 40 - foot containers ranging from $2337 to $4545. The weekly average capacity put into service by shipping companies in May exceeds 300,000 TEU, and the rate - increase efforts of each shipping company vary. The market had expectations for the upcoming traditional peak season in the second quarter, but under the uncertainty of high tariffs, shipping companies may start a price - cut game to preserve more profits rather than betting on the peak - season demand, and the expected peak - season node may be postponed or the expected difference may drop to zero. Trump's latest tariff policy "U - turn" announced a 90 - day delay in equivalent tariffs for most countries, which may lead to short - term emotional repair. Attention should be paid to the shipping companies' subsequent capacity regulation and the progress of rate increases in May [1] 3. Summary by Relevant Catalogs 3.1 EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (Unilateral) | Long - Position Holdings (Top 20 Members) | Short - Position Holdings (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2504 | 1491 | - 1.37 | 556 | 1509 | 1123 | 1264 | - 141 | | EC2506 | 1704.7 | - 6.57 | 86722 | 34705 | 20734 | 19291 | 1443 | | EC2508 | 1703.2 | - 8.18 | 34648 | 28839 | 0 | 0 | 0 | | EC2510 | 1275.8 | - 3.44 | 18080 | 16196 | - | - | - | | EC2512 | 1455.2 | - 4.13 | 3509 | 3554 | - | - | - | | EC2602 | 1295.8 | - 4.05 | 2938 | 2752 | - | - | - | | Total | - | - | 146453 | 87555 | 21857 | 20555 | 1302 | [1] 3.2 Latest Spot Freight Rates - European Routes | Index | Latest Period | Month - on - Month Increase/Decrease | Previous Period | Month - on - Month Increase/Decrease | Two Periods Ago | Month - on - Month Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | | Spot Index (Weekly) - SCFIS (Points) | 1422.42 | - 3.5% | 1473.56 | - 2.2% | 1506.17 | - 6.5% | | SCFI ($/TEU) | 1336 | 1.4% | 1318 | 0.9% | 1306 | - 2.7% | | Spot Freight Rates (Daily) - TCI (20GP) ($/TEU) | 1660 | 0.0% | 1660 | 0.0% | 1660 | 3.7% | | Spot Freight Rates (Daily) - TCI (40GP) ($/FEU) | 2737 | 0.0% | 2737 | 0.0% | 2737 | 8.7% | | Basis Spread (Points) | - | - | - | - | - | 62.3 | [1] 3.3 Spot Market Data - **Capacity and Utilization**: The capacity put into service on the Asia - Europe route is 489,797 TEU, a decrease of 1153 TEU. The idle capacity ratio is 2.4%. For different types of container ships (17000TEU +, 12000 - 16999TEU, 8000 - 11999TEU), the idle capacity ratios are 3.2%, 0.6%, and 2.7% respectively [4] - **Average Speed**: The average speed of container ships is 13.95 knots. The speeds of 17000TEU + and 12000 - 16999TEU container ships are 15.7 and 15.3 knots respectively [4] - **Capacity at Port**: The capacity at Rotterdam Port is 229,100 TEU, at Hamburg Port is 98,200 TEU, and at Singapore Port is 335,300 TEU [4] - **Route - Bypass Situation**: The number of ships passing through the Gulf of Aden is 8, the north - bound traffic volume through the Suez Canal is 2, and the south - bound traffic volume is 1 [4] - **Charter Rates**: The 6 - 12 - month time - charter rates for 9000TEU, 6500TEU, and 2500TEU container ships are $106,000, $73,500, and $33,750 per day respectively [4]