Report Summary 1. Investment Rating - No investment rating information is provided in the report. 2. Core View - The European container shipping line (EC) opened low and fluctuated, with the 06 contract closing at 1555.2 points, down 1.67%. After the fermentation of the global trade demand recession expectation under the influence of Trump's tariff policy, the expected node of the traditional seasonal peak season for the European line has been postponed, and the space is limited. Maersk continued to offer a large container quote of $1800 in the first week of May, using the quote at the end of April. In the second week of May, the large container quote was slightly reduced by $50 to $1750. Both HMM and ONE reduced their large container quotes starting from the 17th week to below $2000. The average large container quote at the beginning of May was around $2100, slightly lower than the current average quote at the end of April. The possibility of a peak season inflection point in early May is small, and the market is cautious about the peak season space expectation. Currently, the start of the festival stocking season for the European line has not been seen, and with more shipping capacity supply from shipping companies in the second half of May, the short - term EC may continue to fluctuate at a low level. Attention should be paid to the subsequent capacity regulation and price increase progress of shipping companies [1]. 3. Summary by Relevant Catalogs EC Contract Volume and Price - **EC2504**: The latest成交价 is 1428.9 points, down 0.31%. The trading volume is 81, and the open interest on one side is 1158. The net long position of the top 20 members is - 92 [1]. - **EC2506**: The latest成交价 is 1555.2 points, down 1.67%. The trading volume is 66899, and the open interest on one side is 36947. The net long position of the top 20 members is - 1261 [1]. - **EC2508**: The latest成交价 is 1646 points, down 0.87%. The trading volume is 20099, and the open interest on one side is 30775. The net long position of the top 20 members is - 912 [1]. - **EC2510**: The latest成交价 is 1314.8 points, up 0.40%. The trading volume is 6862, and the open interest on one side is 16254 [1]. - **EC2512**: The latest成交价 is 1465.2 points, down 0.36%. The trading volume is 1041, and the open interest on one side is 3789 [1]. - **EC2602**: The latest成交价 is 1315.9 points, up 0.88%. The trading volume is 543, and the open interest on one side is 2765 [1]. - **Total**: The total trading volume is 95525, and the total open interest on one side is 91688. The net long position of the top 20 members is - 2265 [1]. Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS is 1402.35 points, down 1.4%; SCFI is $1356/TEU, up 1.5% [1]. - **Daily Spot Freight Rates**: TCI(20GP) is $1564/TEU, unchanged; TCI(40GP) is $2538/FEU, unchanged [1]. - **Basis Spread**: The basis spread on the previous trading day was - 152.85 points, a change of - 14.6 points compared with the day before [1]. Spot Market Data - Shipping Capacity - **Capacity Allocation**: The capacity allocation on the Asia - Europe route is 489606 TEU, a decrease of 1000 TEU. The idle capacity ratio is 2.0%. For different types of container ships, the idle capacity ratios of 17000TEU +, 12000 - 16999TEU, and 8000 - 11999TEU container ships are 1.3%, 0.2%, and 2.4% respectively [4]. - **Average Speed**: The average speed of container ships is 14.01 knots, and the average speeds of 17000TEU + and 12000 - 16999TEU container ships are 15.65 and 15.41 knots respectively [4]. - **Capacity in Port**: The capacity in port in Rotterdam is 24.590,000 TEU, in Hamburg is 9.870,000 TEU, and in Singapore is 34.750,000 TEU [4]. - **Routing Situation**: The number of ships passing through the Gulf of Aden is 7, the north - bound traffic volume of the Suez Canal is 4, and the south - bound traffic volume is 3 [4]. - **Time Charter Rates**: The time charter rates for 9000TEU, 6500TEU, and 2500TEU ships are $106000, $73500, and $33750 per day respectively [4].

Group 1: Investment Rating - No investment rating is provided in the report. Group 2: Core View - The European container shipping line (EC) weakened during intraday trading, with the 06 contract closing at 1600.1 points, a decline of 7.72%. After the fermentation of the global trade demand recession expectation under the influence of Trump's tariff policy, the expected node of the traditional seasonal peak season for the European line has been postponed, and the upside space is limited. Maersk's cabin opening in the first week of May continued with a quote of $1800 per 40 - foot container, the same as the end - of - April quote, and it is less likely to see a peak - season inflection point in early May. The market is skeptical about whether there will be a peak season in June. After an emotional recovery, the 06 contract has weakened continuously. Currently, the export of goods on the US line has dropped sharply, and some shipping capacity may be redeployed to the European line, exacerbating the oversupply situation on the European line. Since the festival stocking season on the European line has not started yet, the EC may continue to fluctuate at a low level in the short term. Attention should be paid to the shipping companies' regulation of shipping capacity and the progress of price increases by shipping companies in May. [1] Group 3: Summary by Relevant Catalogs EC Contract Volume and Price - **EC2504**: The latest成交价 is 1439.3 points, with a decline of 2.94%. The trading volume is 251, and the open interest on a single - side basis is 1216. The net long position of the top 20 members is - 129. [1] - **EC2506**: The latest成交价 is 1600.1 points, with a decline of 7.72%. The trading volume is 55474, and the open interest on a single - side basis is 35437. The net long position of the top 20 members is - 1239. [1] - **EC2508**: The latest成交价 is 1695 points, with a decline of 2.69%. The trading volume is 19883, and the open interest on a single - side basis is 30439. The net long position of the top 20 members is - 656. [1] - **EC2510**: The latest成交价 is 1305.8 points, with a decline of 0.14%. The trading volume is 10037, and the open interest on a single - side basis is 16064. [1] - **EC2512**: The latest成交价 is 1488 points, with a decline of 1.05%. The trading volume is 1462, and the open interest on a single - side basis is 3829. [1] - **EC2602**: The latest成交价 is 1314.4 points, with a decline of 1.08%. The trading volume is 712, and the open interest on a single - side basis is 2667. [1] - **Total**: The total trading volume is 87819, and the total open interest on a single - side basis is 89652. The net long position of the top 20 members is - 2024. [1] Latest Spot Freight Rates - European Routes - **Weekly Spot Index**: The SCFIS is 1402.35 points, a decline of 1.4%; the SCFI is $1356 per TEU, an increase of 1.5%. [1] - **Daily Spot Freight Rates**: The TCI (20GP) is $1591 per TEU, a decline of 3.2%; the TCI (40GP) is $2649 per FEU, a decline of 2.1%. [1] - **Basis Spread**: The previous trading day's basis spread was - 197.75 points, with a change of 96.9 points compared to the day before. [1] Spot Market Data - Shipping Capacity and Related Information - **Shipping Capacity**: The shipping capacity on the Asia - Europe route is 491601 TEU, with no change. The idle shipping capacity ratio for global container ships is 2.0%, 1.3% for ships over 17000 TEU, 0.2% for ships between 12000 - 16999 TEU, and 2.4% for ships between 8000 - 11999 TEU. [4] - **Average Speed**: The average speed of container ships is 14.01 knots, 15.65 knots for ships over 17000 TEU, and 15.41 knots for ships between 12000 - 16999 TEU. [4] - **Shipping Capacity at Ports**: The shipping capacity at Rotterdam Port is 24.59 million TEU, at Hamburg Port is 9.87 million TEU, and at Singapore Port is 34.75 million TEU. [4] - **Route - Bypassing Situation**: The number of ships passing through the Gulf of Aden is 7, the north - bound traffic volume through the Suez Canal is 4, and the south - bound traffic volume through the Suez Canal is 3. [4] - **Time - Charter Rates**: The 6 - 12 - month time - charter rate is $106000 per day for 9000 - TEU ships, $73500 per day for 6500 - TEU ships, and $33750 per day for 2500 - TEU ships. [4]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The US announcement of a 90 - day tariff suspension and a reduction of tariff rates to 10% for non - retaliatory countries alleviated market pessimism about global export trade, leading to a rebound in EC contract valuations. However, the 10% tariff still suppresses trade demand, and the market is affected by the uncertainty of the Trump administration's tariff policy. Investors are advised to operate cautiously in the short term [2][4][7] 3. Summary by Related Catalogs 3.1 Market Quotation - On April 10, the main EC contract for container shipping to Europe opened at 1911.2 points, then slightly declined and closed at 1886 points, with a daily increase of 14.47%. On the morning of the 11th, EC2506 opened slightly lower and weakened [1] 3.2 Market Analysis - The US tariff suspension and reduction measures alleviated market pessimism about global export trade. The previous tariff policy made the market extremely pessimistic about the shipping supply - demand prospects during the June and August peak seasons, resulting in a significant discount in EC contract valuations. After the announcement, the market's expectation of peak - season demand was quickly repaired, and contract valuations rebounded [2] 3.3 Fundamental Analysis - In terms of quotes, the April quotes of leading airlines this week were relatively flat. As of April 10, Maersk's quotes were 1084 - 1517 dollars/TEU and 1805 - 2294 dollars/TEU; CMA's were 1385 - 2385 dollars/TEU and 2345 - 4545 dollars/TEU; MSC's were 143 dollars/TEU and 2390 dollars/TEU; ONE's were 1231 - 2191 dollars/TEU and 1537 - 2137 dollars/TEU; EMC's were 1455 - 2155 dollars/TEU and 2360 - 3560 dollars/TEU. As of April 11, the global container total capacity was 32.05 million TEU, a year - on - year increase of 9.32%. In terms of demand, the eurozone's March composite PMI was 50.9, manufacturing PMI was 48.6, and service PMI was 51; the US March manufacturing PMI index was 49, and the new order index was 45.2, a significant decline. The March OECD leading index for the G7 group was 100.47 [3] - Global freight demand remains cold. The 10% tariff still suppresses trade demand. April is the turning point between the off - season and peak season, and demand will gradually pick up from May. The price in March and April is the traditional seasonal low. In late April, MSC will suspend a large ship, reducing supply compared to the early part of the month, but it is expected to have little impact on prices due to the lack of improvement in demand [4] 3.4 Future Outlook - If the US continues to send signals of tariff relaxation, the prices of EC contracts during the June and August peak seasons are expected to recover to around 2000 points. However, the Trump administration's tariff policy is changeable, and there is great uncertainty. Investors are advised to operate cautiously in the short term and wait for the digestion of macro - disturbances [7]