Report Industry Investment Rating - Not provided Core View of the Report - The container shipping market is expected to be weak with oscillations. It is recommended to conduct short - term operations or wait for opportunities, with a focus on risk control [1] Summary According to Related Catalogs Macro and Container Shipping European Line - **Market Review**: On Friday, the container shipping European line EC2604 contract declined [1] - **Important Information**: - The US military's ground - war quick - decision plan in a few weeks was exposed, with a "sharp - blade beheading" tactic targeting Iran's oil - lifeline Kharg Island [1] - On March 28, Iran agreed to let 20 Pakistani - flagged vessels pass through the Strait of Hormuz, allowed several Malaysian oil tankers stranded there to pass, and Thailand reached an agreement with Iran on the passage of its oil tankers [1] - On March 28, the Yemeni Houthi armed forces launched their first military operation, using multiple ballistic missiles to strike "important military targets" in Israel [1] - The Iranian Foreign Ministry spokesman said the US - submitted suggestions were extreme and unreasonable, not showing a good - will or serious diplomatic attitude [1] - **Market Logic**: - On March 23, the SCFIS closed at 1693.26 points, an 8.8% increase from the previous period, and the underlying spot index was still at a discount to the futures price [1] - On March 20, the SCFI European line freight rate was $1636/TEU, a 1.1% increase [1] - Maersk significantly lowered the opening price for the 15th week, which may prompt other liner companies to follow suit in cargo - soliciting [1] - **Trading Strategy**: It is expected that the container shipping market will be weak with oscillations. Short - term operations or waiting for opportunities are recommended, with a focus on risk control [1]

1. Report Industry Investment Rating - No information provided 2. Core View - The container shipping market is expected to fluctuate weakly. It is recommended to conduct short - term operations or wait for opportunities, focusing on risk control [1] 3. Summary by Relevant Catalogs 3.1 Market Review - On Thursday, the EC2604 contract of container shipping to Europe declined, closing at 1771.4, a decrease of 0.84%. The far - month contracts moved last week [1] 3.2 Important Information - On the 26th, US President Trump threatened Iran again regarding the armistice negotiation, saying that Iran "had better take the negotiation seriously as soon as possible, otherwise it will be too late". The White House press secretary said on the 25th that the US - Iran negotiation was still ongoing and threatened Iran not to misjudge the situation again [1] - The Chinese Foreign Ministry spokesman said on the 26th that China and the US were in communication about Trump's planned visit to China in mid - May [1] - Trump postponed the strike on Iranian energy facilities by 10 days until 8 p.m. on April 6, 2026, Eastern Time. He denied being eager to reach an agreement with Iran and said that the US military operations against Iran were continuing, insisting that it was Iran that sought to restart the negotiation [1] - Iranian Foreign Minister Araqchi said that ships from countries such as China, Russia, Pakistan, Iraq, India, and Bangladesh had safely passed through the Strait of Hormuz [1] 3.3 Market Logic - On March 23, the SCFIS closed at 1693.26 points, a rise of 8.8% from the previous period. The underlying spot index was still at a discount to the market [1] - On March 20, the SCFI European line freight rate was 1636 US dollars/TEU, with a growth rate of 1.1% [1] - Maersk significantly lowered the opening price for the 15th week, which may prompt other liner companies to follow suit in soliciting cargo [1] 3.4 Trading Strategy - It is expected that the container shipping market will fluctuate weakly. Short - term operations or waiting for opportunities are recommended, with a focus on risk control [1]

Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View - The Middle East situation is stalemated and its impact is gradually dulled. The short - term market is expected to experience wide - range fluctuations with high volatility risks. It is recommended to observe while trading and focus on risk control [1] 3. Summary by Directory **Market Review** - On Friday, the EC2604 contract of container shipping to Europe opened low and closed high, closing with a positive line [1] **Important Information** - On March 21, US President Trump threatened to attack Iranian power plants if Iran didn't fully open the Strait of Hormuz within 48 hours. The Iranian speaker responded that if Iranian infrastructure was targeted, important facilities in the Middle East would be legitimate targets and oil prices would rise in the long - term [1] - On March 22, an anonymous Iranian official said Iran put forward six conditions for a cease - fire, including ensuring no more war, closing US military bases in the Middle East, and getting compensation from the aggressors [1] - On March 22, Iranian President Pezeshkian stated that threats would strengthen Iran's unity, the Strait of Hormuz is open to all except those who violate Iranian territory, and Iran will resist threats on the battlefield [1] - France, the UK, Germany, Italy, the Netherlands, and Japan announced in a joint statement that they are ready to take appropriate measures to ensure the safety of navigation in the Strait of Hormuz [1] **Market Logic** - On March 16, SIFIS closed at 1556.49, up 0.7% from the previous period [1] - In February, China's container exports were 250,000, a year - on - year decrease of 16.7%. The cumulative exports from January to February were 640,000, a year - on - year decrease of 18.6%. In February, China's container ship exports were 8, a year - on - year increase of 100%. The cumulative exports from January to February were 16, a year - on - year decrease of 38.5%. In February, China's bulk carrier exports were 30, a year - on - year increase of 87.5%. The cumulative exports from January to February were 91, a year - on - year increase of 26.4%. In February, China's ship imports were 576, a year - on - year decrease of 1.2%. The cumulative imports from January to February were 1,027, a year - on - year decrease of 25.5% [1] - On March 18, the Baltic Freight Index (FBX) closed at $1782/FEU, down 0.89% or $16/FEU from the previous value [1] **Trading Strategy** - Due to the stalemate in the Middle East situation, the market is expected to have wide - range short - term fluctuations with high risks. It is advisable to observe while trading and focus on risk control [1]