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].

Report Summary 1. Core View - The European line of container shipping saw a 7.08% decline in EC last Friday. The SCFI European line price announced after the market closed was $1,618/TEU, a week-on-week increase of $166/TEU, reflecting the price increase by shipping companies in the second half of March. As the short-term impact of geopolitics on European line freight rates eases, the European line is expected to return to its seasonal pricing. Attention should be paid to the release of shipping companies' price increase letters in April and the actual implementation of freight rates [2]. 2. EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (One-Side) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1970.1 | -7.08 | 42,818<br>(-19,009) | 25,041<br>(-2,367) | 13,775 | 17,036 | -3,261 | | EC2606 | 2440 | -2.49 | 13,707<br>(-5,213) | 14,285<br>(-687) | - | - | - | | EC2608 | 2368 | -3.39 | 1,740<br>(-303) | 3,048<br>(-90) | - | - | - | | EC2610 | 1581 | -1.13 | 3,681<br>(-1,658) | 8,565<br>(-123) | - | - | - | | EC2612 | 1868.2 | -1.00 | 72<br>(-90) | 403<br>(0) | - | - | - | | Total | - | - | 62,018 | 51,342 | 13,775 | 17,036 | -3,261 | [3] 3. Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Week-on-Week Increase/Decrease | Previous Period | Week-on-Week Increase/Decrease | Two Periods Ago | Week-on-Week Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1545.46 | 5.6% | 1463.4 | -7.0% | 1573.51 | -2.1% | | | SCFI - $/TEU | 1618 | 11.4% | 1452 | 2.3% | 1420 | 4.3% | | Spot Freight Rates | TCI(20GP) $/TEU | 1767 | -4.0% | 1841 | 0.0% | 1841 | 3.1% | | (Daily) | TCI(40GP) $/FEU | 2877 | -3.8% | 2991 | 0.0% | 2991 | 0.7% | [5] 4. Basis Spread (Points) - The basis on the previous trading day was -424.64 points, and the basis on the day before the previous trading day was -474.64 points, with a week-on-week change of 50 points [7].

Report Summary 1. Report Industry Investment Rating No information provided regarding the report industry investment rating. 2. Core View of the Report - The EC of the container shipping European line opened low and fluctuated, with the 08 contract closing at 2065.6 points, a decrease of 2.55%. The latest SCFIS European line on June 9 was 1622.81 points, corresponding to the departure settlement price from 06.02 - 06.08, a 29.5% increase from the previous period, but the increase was less than expected. The current 08 contract basically follows the spot freight rate fluctuations, and whether it can break through the previous high depends on the price increases and implementation in July and August. The market valuation is relatively neutral but the expectation is weak, and it is expected to continue the volatile pattern. Attention can be paid to short - selling opportunities on rallies [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Increase/Decrease (%) | Trading Volume | Open Interest (Unilateral) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2506 | 1948.6 | - 0.31 | 1319 (-1042 compared to the previous period) | 7803 (-335 compared to the previous period) | 6036 | 5812 | 224 | | EC2508 | 2065.6 | - 2.55 | 55701 (-27235 compared to the previous period) | 44127 (-2100 compared to the previous period) | 23014 | 24598 | - 1584 | | EC2510 | 1343.7 | - 0.57 | 7945 (-5732 compared to the previous period) | 24244 (150 compared to the previous period) | 0 | 0 | 0 | | EC2512 | 1520.7 | - 0.18 | 1211 (-721 compared to the previous period) | 4827 (88 compared to the previous period) | | | | | EC2602 | 1376.5 | 0.32 | 379 (-257 compared to the previous period) | 2786 (-5 compared to the previous period) | | | | | EC2604 | 1225.5 | 1.23 | 600 (61 compared to the previous period) | 3356 (-11 compared to the previous period) | | | | | Total | - | - | 67155 | 87143 | 29050 | 30410 | - 1360 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Month - on - Month Increase/Decrease | Previous Period | Month - on - Month Increase/Decrease | Two Periods Ago | Month - on - Month Increase/Decrease | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1622.81 | 29.5% | 1252.82 | 0.5% | 1247.05 | - 1.4% | | | SCFI - $/TEU | 1667 | 5.0% | 1587 | 20.5% | 1317 | 14.1% | | Spot Freight Rates | TCI(20GP) $/TEU | 1809 | - 2.4% | 1854 | 0.0% | 1854 | 0.0% | | (Daily) | TCI(40GP) $/FEU | 2913 | - 3.0% | 3002 | 0.0% | 3002 | 0.0% | [4] Basis Spread (Points) The previous trading day's basis was 366.89, and the basis two trading days ago was - 442.79, with a month - on - month change of - 809.68. There are also trend charts for the basis of the main contract of the container shipping European line futures and the spreads between different contracts [6]. Spot Market Data - **Capacity**: The capacity of the Asia - Europe route was 511055 TEU, a decrease of 1285 TEU compared to the previous period. The idle capacity ratios of global container ships, 17000TEU+ container ships, 12000 - 16999TEU container ships, and 8000 - 11999TEU container ships were 1.7%, 1.2%, 0.7%, and 1.8% respectively. - **Speed**: The average speed of container ships was 13.88 knots, the speed of 17000TEU+ container ships was 15.46 knots, and the speed of 12000 - 16999TEU container ships was 15.26 knots. - **In - Port Capacity**: The in - port capacity in Rotterdam was 23.21 million TEU, in Hamburg was 10.83 million TEU, and in Singapore was 35.86 million TEU. - **Bypass Situation**: The number of ships bypassing the Aden Gulf was 8, the north - bound traffic volume through the Suez Canal was 1, and the south - bound traffic volume was 2. - **Charter Rates**: The 6 - 12 - month charter rates for 9000TEU, 6500TEU, and 2500TEU container ships were $104000 per day, $68500 per day, and $34750 per day respectively [7].