Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The European container shipping line has passed the first stage after the US - Iran conflict, with the main logic gradually returning to supply - demand pricing, though sentiment is still affected by geopolitical changes [1] - In April, cargo volume is expected to gradually increase as work resumes, but there may be cargo volume pressure due to the end of rush - exports of products like photovoltaic, along with potential downward pressure on freight rates [1] - With the geopolitical conflict not cooling down, shipping companies are more likely to raise and maintain prices, and the subsequent quotation of other shipping companies should be monitored [1] 3. Summary by Relevant Catalogs EC Contract Volume and Price - EC2604: Latest成交价 is 1944 points, with a latest涨跌幅 of - 0.64%,成交量 is 27497 (a 3062 increase),持仓量单边 is 17770 (a 2145 decrease),多单持仓 is 10876,空单持仓 is 11883, and净多持仓 is - 1007 [2] - EC2606: Latest成交价 is 2422.3 points, with a latest涨跌幅 of 0.55%,成交量 is 11230 (a 2239 increase), and持仓量单边 is 13836 (a 245 increase) [2] - EC2608: Latest成交价 is 2377 points, with a latest涨跌幅 of - 0.97%,成交量 is 956 (a 401 increase), and持仓量单边 is 2814 (a 74 increase) [2] - EC2610: Latest成交价 is 1569.8 points, with a latest涨跌幅 of - 0.46%,成交量 is 2498 (a 502 increase), and持仓量单边 is 7521 (a 112 decrease) [2] - EC2612: Latest成交价 is 1758.7 points, with a latest涨跌幅 of 0.30%,成交量 is 146 (an 83 increase), and持仓量单边 is 436 (a 22 increase) [2] - Total成交量 is 42327, and total持仓量单边 is 42377, with a net long position of - 1007 [2] Latest Spot Freight Rates - European Routes - SCFIS (weekly): The latest value is 1556.49 points, with a环比涨跌幅 of 0.7%, the previous value was 1545.46 points (a 5.6% increase), and the value before that was 1463.4 points (a - 7.0% decrease) [4] - SCFI ($/TEU, weekly): The latest value is $1636, with a环比涨跌幅 of 1.1%, the previous value was $1618 (an 11.4% increase), and the value before that was $1452 (a 2.3% increase) [4] - TCI (20GP, daily): The latest value is $1925, with a环比涨跌幅 of 0.0%, the previous value was $1925 (a 3.0% increase), and the value before that was $1869 (a - 5.3% decrease) [4] - TCI (40GP, daily): The latest value is $3241, with a环比涨跌幅 of 0.0%, the previous value was $3241 (a 3.5% increase), and the value before that was $3133 (a - 4.1% decrease) [4] Basis Spread - The previous trading day's basis was - 387.51 points, and the day before that was - 358.51 points, with a环比变化 of - 29 points [6]

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoint of the Report - The EC of container shipping to Europe has hit the daily limit again. The joint strike by the US and Israel against Iran affects the resumption progress and expectations of shipping lines. The possibility of full - scale resumption during the peak season from June to August this year has further decreased, and the plan for container shipping to Europe to return to the Red Sea in stages and on a large scale in 2026 will be further postponed. The short - term market is expected to be dominated by the events and will have an emotional rebound, especially in the far - month contracts [1]. - The impact on linked routes and the uncertainty of the supply chain have increased. Shipping lines on the Middle East route have started to levy emergency surcharges of $1000 - 2000, and MSC has announced the suspension of Middle East freight. The short - term supply chain uncertainty on the Middle East route has risen. If the geopolitical conflict intensifies, the EC may continue to be dominated by emotional trading, with the price rising or even hitting a new high [1]. - In the next 3 - 4 months, it is the seasonal off - season. Shipping lines can hold up prices, but the actual volume of goods is limited, so the price increase will be limited. However, if the blockade of the Strait of Hormuz continues, the resulting supply chain chaos may largely spread to the European route [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (points) | Latest Increase/Decrease (%) | Trading Volume (Change) | Open Interest (Change) | Long Position (Top 20 Members) | Short Position (Top 20 Members) | Net Long Position (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1644.8 | 18.00 | 17836 (-63473) | 44074 (-2169) | 23822 | 29179 | -5357 | | EC2606 | 2181.7 | 18.00 | 3269 (-12905) | 20446 (-321) | | | | | EC2608 | 2277.6 | 18.00 | 844 (-1766) | 2141 (39) | | | | | EC2610 | 1469.8 | 15.00 | 7755 (-6567) | 12564 (-1147) | | | | | EC2612 | 1913.4 | 17.99 | 197 (-29) | 330 (74) | | | | | Total | - | - | 29901 | 79555 | 23822 | 29179 | -5357 | [2] Latest Spot Freight Rates - European Routes | Indicator | Latest Period | Month - on - Month Increase/Decrease | Previous Period | Month - on - Month Increase/Decrease | Two Periods Ago | Month - on - Month Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | | Spot Index (Weekly) - SCFIS (points) | 1463.4 | -7.0% | 1573.51 | -2.1% | 1607.27 | -3.1% | | Spot Index (Weekly) - SCFI ($/TEU) | 1420 | 4.3% | 1361 | -3.0% | 1403 | -1.1% | | Spot Freight Rate (Daily) - TCI(20GP) ($/TEU) | 1489 | 0.6% | 1480 | 0.0% | 1480 | -0.6% | | Spot Freight Rate (Daily) - TCI(40GP) ($/FEU) | 2510 | 0.0% | 2510 | 0.0% | 2510 | -1.2% | [4] Basis Spread (points) - The basis spread of the previous trading day was - 215.6, and that of the day before the previous trading day was - 181.4, with a change of 34.2 [6]