1. Report Industry Investment Rating - No information about the report industry investment rating is provided in the content. 2. Core Viewpoints of the Report - The spot prices in early April did not meet the announced increase, mainly remaining the same or slightly declining. The Houthi attacks on Israel may expand the conflict to the Red Sea, but the impact on the actual operation routes of European lines is limited. The short - term supply - demand contradiction is not prominent. After Iran established a safety corridor, the passage through the strait has rebounded slightly recently, and the geopolitical premium may be partially reversed. - The outlook is weak and volatile. The online freight rates of Jiyu are expected to be weak and volatile. The SCFIS European line is expected to reach a recent high next week and then decline. The establishment of Iran's passage mechanism may lead to a partial reversal of the geopolitical premium [1][6]. 3. Summary by Relevant Catalogs 3.1 Transaction Logic - According to the latest special report, the spot prices in early April did not meet the announced increase, mainly remaining the same or slightly declining. The Houthi attacks on Israel may expand the conflict to the Red Sea, with limited impact on European lines. The short - term supply - demand contradiction is not prominent. After Iran established a safety corridor, the passage through the strait has rebounded slightly recently, and the geopolitical premium may be partially reversed [1][6]. 3.2 Spot Market Freight Rates - MSK's online freight rate for the AE1 route in the second week of April was $2350/FEU, up $50 from the opening. HPL SPOT's low - end price for the AE2/NE1 route in early April was adjusted down to $2147/FEU, a decrease of $200 from the previous week. Other voyages remained at $3035/FEU, and the online price in the second half of April was also adjusted down to $3035/FEU. The price in May remained at $3535/FEU. - OOCL's price in the first week of April remained at $2781 - 2881/FEU, up $50 - $100 from the end of March. In the second week of April, the high - end online price decreased, and the freight rates above $3000/FEU dropped to $2787 - 2880/FEU. EMC's freight rate remained unchanged, with a special - offer voyage CES on April 1 at $2650/FEU and other voyages in April at $3060/FEU. CMA CGM's online freight rate in early April was $2725/FEU. - MSC's online freight rate in early April remained at $2852/FEU. ONE's online freight rate at the beginning of April dropped to $2561/FEU, basically the same as at the end of March, and was at $3061/FEU from the second half of April to May [2]. 3.3 Passage Through the Strait - On March 29, there were 8 passages through the strait, including 1 dry - bulk carrier operated by Jia Xiang Da Shipping Co Ltd, a shipping company from Hong Kong, China. - On March 27, the VLCC freight rate from the Middle East to China was updated to $10.78/barrel, a 2% decrease from the previous period, and the VLCC freight rate from West Africa to China was updated to $8.26/barrel, a 1.4% decrease. - Iranian officials plan to implement an access and toll system for ships passing through the Strait of Hormuz, establishing a new strait management system similar to Turkey's management of the Bosphorus Strait and Egypt's management of the Suez Canal [3][6]. 3.4 Futures Contract Data | Contract | Closing Price (Points) | Settlement Price (Points) | Price Change (%) | Trading Volume (Lots) | Open Interest (Lots) | Long Position (Lots) | Short Position (Lots) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1719.7 | 1757.1 | 1.0408 | 8177 | 7029 | 4577 | 5171 | | EC2605 | 2005.6 | 2049 | - 0.3478 | 1460 | 2027 | | | | EC2606 | 2532.3 | 2567.2 | 7.7886 | 26147 | 17711 | | | | EC2607 | 2625 | 2670 | 4.3198 | 635 | 1231 | | | | EC2608 | 2539 | 2545.6 | 6.958 | 1308 | 2808 | | | | EC2609 | 1753.7 | 1778.9 | 3.1467 | 111 | 541 | | | | EC2610 | 1834.2 | 1656.5 | 4.3399 | 3462 | 7135 | | | | EC2612 | 1834.2 | 1840.7 | 5.1648 | 214 | 471 | | | [9] 3.5 Spot Freight Rate Data | | SCFI | SCFIS | | --- | --- | --- | | Composite Index (Points) | 1826.8 | | | Northern European Route ($/TEU) | 1703 | 1752.54 (+3.5%) | | Mediterranean Route ($/TEU) | 2764 | | | US West Route ($/FEU) | 2352 | 1263.40(+23.4%) | | US East Route ($/FEU) | 3264 | | [10]

Industry Investment Rating - The report's outlook is for a volatile market, suggesting to pay attention to going long on Contracts 05 and 06 on dips [5] Core Viewpoints - Against the backdrop of potential deterioration in the Middle East geopolitical situation during the holiday, an adjustment in US tariff policies with a certain reduction in the actual implementation rate, and the EU's decision to extend the Red Sea escort plan, the sentiment side provides some support to the market. The spot price has not shown obvious signs of decline, and the futures market has increased positions to repair the discount [2] - The market is still trading around the near - month contracts, with a significant increase in positions in Contract 04. In the short term, attention should be paid to the risks of MSK's cabin opening, geopolitical sentiment fluctuations, and the rush actions of the photovoltaic industry chain; in the medium term, attention should be paid to the support of spot - end cargo volume and whether shipping companies issue price increase notices [4] Summary by Related Content Market Performance - The SCFIS European line index has had a slow decline for two consecutive periods. The main contract 04 reached a maximum of 1397 points, with a gain of 6.8% and an increase of over 8000 lots in positions. As of the close, the open interest rose to 34,500 lots. Contract 05 closed at 1479 points, up 12.6%, with an increase of 122 lots in positions. Contract 06 closed at 1691.6 points, up 6.1%, with an increase of 1897 lots in positions, and the open interest rose to 15,800 lots [2] Spot Market Freight Rates - As of 16:00, according to Geek Rate online freight rates, MSK's early - March price rose to $1950/FEU after the cabin opening, remaining the same as the previous day. HPL's Shanghai - Rotterdam freight rate in late February was $2035/FEU, and the March price was $3135/FEU. Ocean carriers' 3 - month freight rates varied, with OOCL at $3030 - 3130/FEU, CMA's first - half - month March freight rate in the range of $2293 - 2493/FEU and the second - half - month rate dropping from a high of $3993/FEU to $2793/FEU, EMC at $3030 - 3130/FEU, ONE at $3035/FEU, and MSC's March price at $2340/FEU, a $200 increase compared to February [3] Geopolitical Situation - Trump signaled a缓和 in the US - Iran situation, preferring an agreement over war. Netanyahu of Israel threatened Iran, saying that if Iran attacks Israel due to US military strikes, it will face "unimaginable" retaliation [3] Trade Situation - The US has stopped collecting certain tariffs but imposed a 10% import surcharge under Section 122. China is closely monitoring and will comprehensively evaluate US measures, and will decide on counter - measures against US fentanyl and reciprocal tariffs. China opposes unilateral tariff measures and hopes to conduct candid consultations with the US in the upcoming 6th round of China - US economic and trade consultations [4] Red Sea Navigation Situation - The EU announced on the 23rd that it would extend the Red Sea escort operation for one year until February 28, 2027, to maintain "freedom of navigation in the Red Sea and surrounding waters" [4]

Core Viewpoint - In May, European shipping rates have stabilized, while EC contracts continue to show weakness, with fluctuations in pricing and trading volumes observed [1] Pricing Trends - The main EC contract EC2506 closed at 1249.8 points, down 2.59%, with open interest decreasing by 1255 contracts to 36887 [1] - EC2508 closed at 1528.8 points, down 1.77%, with open interest increasing by 75 contracts to 36104 [1] - Other contracts such as EC2510 and EC2512 also experienced declines of 0.97% and 0.88% respectively [1] Shanghai Containerized Freight Index (SCFI) - The SCFI for Shanghai to Europe was reported at $1161 per TEU, a decrease of $39 or 3.24% from the previous period [1] - Major shipping companies have set varying rates, with Maersk maintaining $1450 per FEU, Hapag-Lloyd at $2100 per FEU, and others adjusting their rates significantly [1] Regional Rate Changes - SCFI rates for the Mediterranean route remained stable, while rates for the West and East US routes increased, with the West route rising by $75 to $2347 per FEU and the East route by $52 to $3335 per FEU [1] Geopolitical Context - High-level trade talks between China and the US took place on May 10 in Geneva, which may influence future shipping rates and EC contract fluctuations [1] - The market is expected to remain volatile, with attention on potential easing of tariff policies and subsequent price changes [1]