1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot market is expected to operate weakly but may be affected by fuel prices [3] - The valuation of the 04 contract is neutral, and the 06 contract has become the main contract. It is recommended to wait and see because it is greatly affected by geopolitical news and shipping company behavior, and its valuation is difficult to anchor [3] - Due to the ongoing and unpredictable geopolitical risks, it is recommended to observe opportunities arising from the deviation of monthly spreads, but attention should be paid to the current poor liquidity of EC [3] 3. Summary by Relevant Catalogs Contract Information - **Contract Prices and Changes**: The closing prices of EC2604 - EC2612 contracts on the previous day ranged from 1592.8 to 2586.2, with price changes from -5.46% to 2%. For example, EC2604 was 1672.9 with a -27.2% change, and EC2606 was 2394.1 with a -5.46% change [2] - **Trading Volume and Open Interest**: The trading volume of contracts on the previous day varied from 42 to 20444, and the open interest ranged from 467 to 16342, with changes in open interest from -1369 to -4 [2] - **Monthly Spreads**: The monthly spreads of different contract combinations (e.g., EC2604 - 2606, EC2604 - 2605) showed different values and changes compared to previous days and weeks. For example, the EC2604 - 2606 spread was -721.2, with a day - on - day increase of 91.4 and a week - on - week decrease of 160.1 [2] Spot Market Information - **Spot Index Changes**: The TERMINAL index on March 30, 2026, was 1752.54 points, with a 3.50% increase from the previous period. The SCFI index on March 27, 2026, was 1703 dollars/TEU, with a 4.10% increase from the previous period [2] - **European Line Spot Situation**: The price increase in April failed. In Week 14, the average quotation was 2570 dollars, equivalent to 1800 points on the disk. In Week 15, Maersk's quotation was 2350 dollars (a 300 - dollar decrease from the previous week), and the average quotation of shipping companies was 2450 dollars, equivalent to 1715 points on the disk. In Week 16, Maersk's opening quotation was 2200/2300 dollars, and a 400 - dollar/FEU surcharge was implemented for long - term contracts [4] Relevant News - Trump said that the US would end the war in Iran in two to three weeks and would give a national speech on the Iran issue at 9 pm local time on the next day (9 am Beijing time on Thursday) [5] - The Iranian president was willing to end the war under the condition of obtaining guarantees [5]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The EC2604 contract has entered the delivery logic with neutral valuation. Its trend is expected to follow the spot price, and the market is concerned about subsequent shipping company quotes and geopolitical situations [3]. - The EC2606 contract has become the main contract. It is recommended to wait and see because it is greatly affected by geopolitical news and shipping company behaviors, and its valuation is difficult to determine [3]. - Geopolitical risks remain and are difficult to predict. It is recommended to observe opportunities brought by the deviation of monthly spreads, but attention should be paid to the current poor liquidity of EC [3]. 3. Summary by Relevant Catalogs Contract Information - **Contract Prices and Changes**: The EC2604 contract closed at 1719.7 with a -0.88% change; EC2605 at 2005.6 with a 0.64% change; EC2606 at 2532.3 with a 6.18% change; EC2607 at 2625.0 with a 3.78% change; EC2608 at 2539.0 with a 5.66% change; EC2609 at 1753.7 with a 2.52% change; EC2610 at 1626.0 with a 1.93% change; EC2612 at 1834.2 with a 4.06% change [2]. - **Trading Volume and Open Interest**: The trading volume of EC2604 was 8177, and the open interest was 7029 with a decrease of 2233; EC2605 had a trading volume of 1460 and an open - interest of 2027 with an increase of 205; EC2606 had a trading volume of 26147 and an open - interest of 17711 with an increase of 3558; EC2607 had a trading volume of 32 and an open - interest of 1231 with an increase of 187; EC2608 had a trading volume of 1308 and an open - interest of 2808 with an increase of 166; EC2609 had a trading volume of 111 and an open - interest of 541 with an increase of 48; EC2610 had a trading volume of 3462 and an open - interest of 7135 with a decrease of 29; EC2612 had a trading volume of 214 and an open - interest of 471 with a decrease of 30 [2]. - **Basis and Monthly Spreads**: The basis of EC2604 was 32.8, EC2605 was -253.1, EC2606 was -779.8, EC2607 was -872.5, EC2608 was -786.5, EC2609 was -1.2, EC2610 was 126.5, and EC2612 was -81.7. The monthly spread of EC2604 - 2606 was -812.6 (a decrease of 162.6 compared to the previous day and 272.3 compared to the previous week); EC2604 - 2605 was -285.9 (a decrease of 28.0 compared to the previous day and 279.3 compared to the previous week); EC2606 - 2610 was 906.3 (an increase of 116.5 compared to the previous day and 40.1 compared to the previous week) [2]. Spot Market Information - **Spot Price Changes**: The spot price (in points) on March 30, 2026, was 1752.54, a 3.50% increase from the previous period, and the previous period had an 8.79% increase. The SCFI (European line) on March 27, 2026, was 1703 US dollars/TEU, a 4.10% increase from the previous period, and the previous period had a 1.11% increase [2]. - **European Line Spot Quotes**: In Week 13, MSK quoted 2250 US dollars flat, PA quoted 2400 - 2500, and some voyages were 2200 (2000 for large - volume orders), with the spot average converted to the futures price being about 1700 - 1800 points, and the price increase in April failed. In Week 14, the average quote was 2570 US dollars, converted to 1800 points. In Week 15, Maersk quoted 2350 US dollars (a decrease of 300 compared to the previous period), PA continued to use the previous quote, and OA and MSC had not fully reported [4]. Relevant News - On March 30, hundreds of US special operations forces arrived in the Middle East to participate in a deployment action related to a military conflict with Iran [5]. - On March 30, three Chinese ships passed through the Strait of Hormuz [5]. - On March 31, an Iranian attack on a Kuwaiti fully - loaded oil tanker caused the oil price to rise [5].

Report Industry Investment Rating - Not provided in the content Core Viewpoints - The 04 contract has entered the delivery logic, with a neutral valuation. The market is concerned about subsequent shipping company quotes and geopolitical situations, and its trend is expected to follow the spot quotes [2]. - The 06 contract has become the main contract. It is recommended to wait and see because it is greatly affected by geopolitical news and shipping company behaviors, and its valuation is difficult to anchor [2]. - Geopolitical risks remain and are difficult to predict. It is recommended to observe opportunities arising from the deviation of the monthly spread, but attention should be paid to the current poor liquidity of the EC [2]. Summary by Relevant Catalogs EC Contract Analysis - The 04 contract is in the delivery logic with a neutral valuation, and its trend follows spot quotes [2]. - The 06 contract is the main contract, affected by geopolitical news and shipping company actions, with difficult - to - anchor valuation, so it's advisable to wait and see [2]. - Observe opportunities from monthly spread deviation, but note the poor EC liquidity [2]. European Line Spot Situation - In Week 13, MSK's offer was flat at $2250, PA offered $2400 - 2500, and some voyages were $2200 (large - volume orders at $2000). The spot average converted to the futures price was about 1700 - 1800 points. The price increase in April failed [3]. - In Week 14, the average offer was $2570, converting to 1800 points on the futures [3]. - In Week 15, Maersk's offer was $2350 (down $300 from the previous week), PA's offer remained the same, and OA and MSC had not fully reported their prices [3]. Relevant News - On March 28, Iran agreed to release 20 more Pakistani vessels. Two LPG tankers bound for India passed through the Strait of Hormuz. Malaysia said Iran allowed its stranded tankers to pass. Thailand reached an agreement with Iran on the passage of its tankers through the Strait of Hormuz [4]. - On March 29, the US and Israel attacked an Iranian dock near the Strait of Hormuz, causing 5 deaths and 4 injuries. The Israeli military spokesman said the Yemeni Houthi rebels launched missiles at Israel and joined the Iran war, and Israel would respond [4]. - On March 30, Trump said indirect negotiations with Iran were progressing smoothly, and an agreement was expected to be reached soon. The Wall Street Journal reported that US officials said Trump was considering military action against Iran but had not made a decision [4]. EC Contract Price and Index Data - For EC2604, the closing price was 1735.0, down 2.05% (-1468), with a trading volume of 9616 and an open interest of 9262, a change of -2.48% (-25) [6]. - For EC2605, the closing price was 1992.9, down 299.6, with a trading volume of 944 and an open interest of 1822, a change of -1.34% (322) [6]. - For EC2606, the closing price was 2385.0, down 691.7, with a trading volume of 11021 and an open interest of 14153, a change of -0.23% (56) [6]. - For EC2607, the closing price was 2529.4, down 836.1, with a trading volume of 338 and an open interest of 1044, a change of -0.39% (-155) [6]. - For EC2608, the closing price was 2403.0, down 709.7, with a trading volume of 809 and an open interest of 2642, a change of 0.81% (4) [6]. - For EC2609, the closing price was 1710.6, with a trading volume of 493 and an open interest of -3, a change of 1.14% (-29) [6]. - For EC2610, the closing price was 1595.2, up 98.1, with a trading volume of 1148 and an open interest of 7164, a change of 0.73% (0) [6]. - For EC2612, the closing price was 1762.7, down 69.4, with a trading volume of 25 and an open interest of 501 [6]. - For the monthly spread EC2604 - 2606, the current value was -650.0, with a day - on - day change of -4.1 and a week - on - week change of 85.5 [6]. - For the monthly spread EC2604 - 2605, the current value was 14.3, with a day - on - day change of -257.9 and a week - on - week change of -272.2 [6]. - For the monthly spread EC2606 - 2610, the current value was -50.3, with a day - on - day change of 789.8 and a week - on - week change of 840.1 [6]. - The SCFIS (European line) index on March 23, 2026, was 1545.46, up 8.79% from the previous period [6]. - The SCFI (European line) on March 20, 2026, was 1636, up 1.11% from the previous period [6].

Group 1: Report Industry Investment Rating - No information provided Group 2: Core Viewpoints of the Report - The 04 contract is gradually entering the delivery logic. There is a contradiction between its weak fundamentals and the potential increase in fuel costs. In the short term, there is a high possibility of a decline in spot prices. Meanwhile, geopolitical risks still exist, and it is expected to fluctuate weakly. The 10 contract follows the cost - support logic, with a long time horizon and a peak season in between. It is recommended to wait and see in the short term [3]. - The core of other far - month contracts lies in the blockade time of the Strait of Hormuz. If it is blocked for a long time, it will not only disrupt the global supply chain, but also high oil prices will have a negative impact on the European economy. The transmission path of this geopolitical event to the European route is complex and highly uncertain. It is recommended to avoid the high - volatility risks of far - month unilateral positions and look for arbitrage opportunities from the valuation of the monthly spread [3]. Group 3: Summary of Related Catalogs EC Contract Information - EC2604 had a closing price of 1771.4, a decline of 1.75%, a basis of - 78.1, a trading volume of 12470, an open interest of 10730, and an open - interest change of - 1330 [2]. - For other contracts (EC2605 - EC2612), their prices, price changes, bases, trading volumes, open interests, and open - interest changes are also provided in the report [2]. - The monthly spreads (e.g., EC2604 - 2606, EC2604 - 2605, EC2606 - 2610) and their changes compared to the previous days and weeks are presented [2]. Spot and Index Information - The spot price on 2026/3/23 was 1693.26 points, with a month - on - month increase of 8.79% [2]. - The SCFI (European route) on 2026/3/20 was 1636 dollars/TEU, with a month - on - month increase of 1.11% [2]. European Route Spot Situation - In Week 13, MSK opened flat at 2250 dollars, PA reported 2400 - 2500 dollars, and some voyages were 2200 dollars (2000 dollars for large orders). The average spot price converted to the futures price was about 1700 - 1800 points [4]. - In the first half of April, YML and ONE reported 2500 dollars, EMC reported 3160 dollars, and OOCL reported 3100 dollars [4]. - Maersk reported 2650 dollars in Week 14 (a 400 - dollar increase from the previous week) and 2350 dollars in Week 15 (a 300 - dollar decrease from the previous week). On Thursday, CMA reported 2800 dollars, and ONE's FE4 line was 2000 dollars [4]. Related News - On 3/26, Trump announced that the strike on Iranian energy facilities would be postponed for 10 days until April 6 at the request of Iran. Mediators said the possibility of a cease - fire was still low due to the tough demands of both sides [5]. - On 3/27, according to the Wall Street Journal, President Trump was considering sending an additional 10,000 ground troops to the Middle East [5]. Price Trend Charts - There are price trend charts of EC main contracts, EC forward curves, and various TCI (different routes) and SCFI (European route) seasonal trends [6][7][8][9] etc.

Group 1: Report Industry Investment Rating - No relevant content found Group 2: Core Viewpoints of the Report - The EC2604 contract is expected to fluctuate today due to the contradiction between its weak fundamentals and potential fuel cost increases. The EC2610 contract follows the cost - support logic, and it is recommended to wait and see in the short term. Other far - month contracts' core lies in the blockade time of the Strait of Hormuz. It is advised to avoid the high - volatility risk of far - month unilateral trading and look for arbitrage opportunities from the valuation of month spreads [3] Group 3: Summary by Related Catalogs Futures Contract Information - The closing prices of EC2604, EC2605, EC2606, EC2607, EC2608, EC2609, EC2610, and EC2612 are 1803.0, 2086.0, 2364.1, 2475.2, 2354.2, 1658.1, 1567.9, and 1716.7 respectively, with price drops of 5.05%, 4.23%, 3.08%, 3.58%, 2.35%, 3.60%, 0.32%, and 3.23% respectively. Their trading volumes are 18169, 1146, 12555, 421, 1120, 84, 2222, and 143 respectively, and the changes in open interest are - 3207, - 155, FF60, - 22, - 108, B, - 172, and નિર્ respectively [2] - The day - on - day changes of EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 are - 20.8, - 3.7, and - 70.0 respectively, and the week - on - week changes are - 89.9, - 253.0, and - 28.4 respectively [2] Spot Market Information - The spot price of the (European Line) on March 23, 2026, is 1693.26 points, with a 8.79% increase from the previous period. The SCFI on March 20, 2026, is 1636 dollars/TEU, with a 1.11% increase from the previous period [2] - In Week 13, MSK opened at 2250 US dollars, PA reported 2400 - 2500, and some voyages reported 2200 (2000 for large shipments). The average spot price converted to the futures盘面 is about 1700 - 1800 points. In the first half of April, YML and ONE reported 2500 US dollars, EMC reported 3160 US dollars, and OOCL reported 3100 US dollars. Maersk reported 2650 US dollars in Week 14 (a 400 - dollar increase from the previous period) and 2350 US dollars in Week 15 (a 300 - dollar decrease from the previous period) [4] Relevant News - On March 25, Cosco Shipping resumed bookings for Gulf countries, but ships will not pass through the Strait of Hormuz for now. Instead, containers will be shipped to ports on the east side of the strait and then transferred by land [5] - On March 25, Iran put forward five cease - fire conditions. The US media reported that the White House was planning a negotiation with Iran over the weekend, and the US vice - president might attend [5] - On March 26, the White House press secretary reiterated that the time frame for Iran's actions was 4 to 6 weeks. Iran was willing to have a dialogue, and Trump was ready to participate [5]

1. Report Industry Investment Rating - No information provided in the given content 2. Core View of the Report - It is recommended to mainly adopt a wait - and - see approach. Contract 04 is gradually entering the delivery logic, and it is necessary to observe whether there are opportunities for basis repair. Although historically, the reverse spreads of 6 - 7 and 6 - 8 are reasonably valued, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] 3. Summary by Relevant Catalogs Futures Contract Information - **Contract Prices and Changes**: EC2604 closed at 1905.3 yesterday, down 4.95%; EC2605 at 2137.0, down 4.64%; EC2606 at 2342.0, down 4.53%; EC2607 at 2475.0, down 2.93%; EC2608 at 2316.0, down 3.54%; EC2609 at 1693.3, down 3.34%; EC2610 at 1525.4, down 3.46%; EC2612 at 1718.8, down 4.56% [2] - **Trading Volume and Open Interest**: The trading volume and open interest of each contract vary, with some contracts showing a decrease in open interest, such as EC2604 with an open - interest change of - 2265, and EC2605 with a change of - 81 [2] - **Monthly Spread**: The monthly spreads of different contract combinations have changed. For example, the spread of EC2604 - 2606 was - 436.7, with a day - on - day increase of 11.8 and a week - on - week decrease of 19.9 [2] Spot Market Information - **Spot Price and Index**: The spot price (in points) was 1545.46 on March 9, 2026, up 5.61% from the previous period. The SCFI (European Line) was 1618 US dollars/TEU on March 13, 2026, up 11.43% from the previous period [2] - **European Line Spot Price Increase**: In March, OA and PA alliances, and MSC announced price increases to around 4000 US dollars. In Week 12, the average price was 2450 US dollars, equivalent to about 1715 points on the futures market. In Week 13, MSK kept the price flat at 2250 US dollars, and other shipping companies quoted around 2700 - 3000 US dollars. On Tuesday, Maersk opened the cabin for the first week of April (Week 14) at 2650 US dollars (up 400 US dollars from the previous period) [3] News - **Fuel Surcharge Increase**: On March 18, CMA CGM raised the emergency fuel surcharge from 150 to 265 US dollars/TEU [4] - **Geopolitical Events**: On March 18, Iran's National Television reported that parts of the South Pars Gas Field and the Asaluyeh Petroleum Industry Facilities were attacked. On March 19, the US Senate rejected the resolution to limit the use of force against Iran again. Trump is considering sending thousands of troops to the Middle East and evaluating ground - action options. Iran warned that if the attacks continue, it will expand the scope of strikes to all energy infrastructure of US and Israeli allies [4][5]

Report Industry Investment Rating - The report suggests a wait - and - see approach [2] Core Viewpoints - The EC2604 contract is gradually entering the delivery logic, and it is necessary to observe whether there is an opportunity for basis repair. Although the historical seasonality shows that the 6 - 7 and 6 - 8 reverse spreads have appropriate valuations, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] Summary by Related Catalogs Futures Contract Information - For the EC2604 contract, the previous closing price was 1905.3, with a decline of 4.95%, a basis of - 359.8, a trading volume of 27129, an open interest of 21187, and an open interest change of - 2265 [2] - For the EC2605 contract, the price was 2137.0, with a decline of 4.64%, a basis of - 591.5, a trading volume of 1060, an open interest of 1847, and an open interest change of - 81 [2] - For the EC2606 contract, the price was 2342.0, with a decline of 4.53%, a basis of - 796.5, a trading volume of 10169, an open interest of 13686, and an open interest change of - 462 [2] - For the EC2607 contract, the price was 2475.0, with a decline of 2.93%, a basis of - 929.5, a trading volume of 393, an open interest of 841, and an open interest change of 60 [2] - For the EC2608 contract, the price was 2316.0, with a decline of 3.54%, a basis of - 770.5, a trading volume of 1094, an open interest of 2770, and an open interest change of - 6 [2] - For the EC2609 contract, the price was 1693.3, with a decline of 3.34%, a basis of - 147.8, a trading volume of 127, an open interest of 542, and an open interest change of 8 [2] - For the EC2610 contract, the price was 1525.4, with a decline of 3.46%, a basis of 20.1, a trading volume of 2351, an open interest of 7808, and an open interest change of - 147 [2] - For the EC2612 contract, the price was 1718.8, with a decline of 4.56%, a basis of - 173.3, a trading volume of 113, an open interest of 411, and an open interest change of 6 [2] Month - to - Month Spread Information - The EC2604 - 2606 spread was - 436.7, with a daily increase of 11.8 and a weekly decrease of 19.9 [2] - The EC2604 - 2605 spread was - 231.7, with a daily increase of 4.7 and a weekly decrease of 186.3 [2] - The EC2606 - 2610 spread was 816.6, with a daily decrease of 56.4 and a weekly decrease of 39.9 [2] Spot Market Information - The spot price of the European line (Tolar) was 1545.46 points on March 9, 2026, with a week - on - week increase of 5.61% [2] - The SCFI (European line) was 1618 dollars/TEU on March 13, 2026, with a week - on - week increase of 11.43% [2] European Line Spot Situation - In late March, OA and PA alliances and MSC announced price increases to around 4000 US dollars [3] - In Week 12, MSK offered 2250 US dollars (a week - on - week increase of 400), QA alliance offered 2700 - 2800 US dollars, PA alliance offered 2200 US dollars (a reduction of 200 for large - volume orders), and MSC offered 2740 US dollars (a reduction of 200 for large - volume orders). The average price was 2450 US dollars, equivalent to about 1715 points on the futures market [3] - In Week 13, MSK kept the price at 2250 US dollars, while other shipping companies offered around 2700 - 3000 US dollars [3] - On Tuesday, Maersk opened the booking for the first week of April (Week 14) at 2650 US dollars (a week - on - week increase of 400) [3] - On Wednesday, YML offered 2400 US dollars for the last week of March (2200 US dollars for 3 routes), and MSC offered 2840 US dollars (2640 US dollars for large - volume orders) [3] News - On March 18, CMA CGM raised the emergency fuel surcharge from 150 to 265 US dollars/TEU [4] - On March 18, Iran's national TV reported that parts of the South Pars gas field and the Asaluyeh oil industrial facilities were attacked [4] - On March 19, the US Senate rejected the resolution to limit the use of force against Iran again [4] - On March 19, foreign media reported that Trump was considering sending thousands of US troops to the Middle East and evaluating ground - operation options [4] - On March 19, Iran stated that if the attacks continued, it would expand the scope of strikes to all energy infrastructure of US and Israeli allies [5]

Core Insights - The report highlights the complex transmission path of geopolitical events affecting the European shipping market, suggesting a cautious approach to high volatility risks and recommending the exploration of arbitrage opportunities from monthly price differences [2] - It notes a significant increase in freight rates for the European route, with major alliances announcing price hikes, indicating a potential upward trend in shipping costs [3] Market Data Summary - The report provides detailed pricing data for various contracts, with EC2604 closing at 1938.8, showing a decrease of 1.59%, and EC2605 and EC2606 also experiencing declines of 1.83% and 1.87% respectively [2] - The spot market index for the European route (SCFI) increased by 11.43% to 1618 USD/TEU, reflecting a strong upward movement compared to previous periods [2] - The report indicates that the average freight rates for Week 12 were around 2450 USD, with fluctuations noted in the pricing strategies of different shipping companies [3] Geopolitical Context - Recent communications between Iranian officials and U.S. representatives have been reported, with Iran denying any recent contact, which adds to the uncertainty in the geopolitical landscape affecting shipping routes [4] - The report emphasizes the need to monitor geopolitical developments closely, as they could significantly impact market conditions and pricing strategies in the shipping industry [4]

Report Industry Investment Rating - Not provided in the given content Core Viewpoint - The transmission path of the geopolitical event to the European line is complex and highly uncertain. It is recommended to avoid the high volatility risk of unilateral trading and look for arbitrage opportunities brought by the valuation of monthly spreads. Short - term, it is advisable to wait and see. Although historically, the reverse spreads of 6 - 7 and 6 - 8 are reasonably valued, it still depends on the duration of the geopolitical situation. If the issue is resolved in May, the current structure is also reasonable [2] Summary by Relevant Catalogs Futures Contract Information - For contract EC2604, the previous closing price was 1938.8, with a decline of 1.59%, a basis of - 393.3, a trading volume of 38449, an open interest of 24603, and an open interest change of - 438 [2] - For contract EC2605, the price was 2175.0, with a decline of 1.83%, a basis of - 629.5, a trading volume of 2285, an open interest of 1957, and an open interest change of - 203 [2] - For contract EC2606, the price was 2394.4, with a decline of 1.87%, a basis of - 848.9, a trading volume of 12680, an open interest of 14383, and an open interest change of 98 [2] - For contract EC2607, the price was 2500.6, with a decline of 0.87%, a basis of - 955.1, a trading volume not provided, an open interest of 775, and an open interest change of 3 [2] - For contract EC2608, the price was 2375.0, with an increase of 0.30%, a basis of - 829.5, a trading volume of 1331, an open interest of 2868, and an open interest change of - 180 [2] - For contract EC2609, the price was 1716.8, with a decline of 0.65%, a basis of - 171.3, a trading volume not provided, an open interest of 576, and an open interest change of - 6 [2] - For contract EC2610, the price was 1568.0, with a decline of 0.82%, a basis of - 22.5, a trading volume of 3635, an open interest of 8472, and an open interest change of - 93 [2] - For contract EC2612, the price was 1814.0, with a decline of 2.90%, a basis of - 268.5, a trading volume of 102, an open interest of 403, and an open interest change of 0 [2] Month - spread Information - The month - spread of EC2604 - 2606 was - 416.8, with a day - on - day increase of 14.3 and a week - on - week decrease of 134.5 [2] - The month - spread of EC2604 - 2605 was - 186.3, with a day - on - day increase of 9.2 and a week - on - week decrease of 59.1 [2] - The month - spread of EC2606 - 2610 was 856.5, with a day - on - day decrease of 32.6 and a week - on - week increase of 115.6 [2] Spot and Index Information - The spot price (European line) on March 9, 2026, was 1545.46, with a 5.61% increase compared to the previous period and a - 7.00% decrease in the previous period [2] - The SCFI (European line) index on March 13, 2026, was 1618 dollars/TEU, with an 11.43% increase compared to the previous period and a 2.25% increase in the previous period [2] European Line Spot Situation - In late March, OA and PA alliances and MSC announced price increases to around 4000 US dollars [3] - In Week 12, MSK quoted 2250 US dollars (a 400 - dollar increase compared to the previous week), QA alliance quoted 2700 - 2800 US dollars, PA alliance quoted 2200 US dollars (a 200 - dollar decrease for large - volume orders), and MSC quoted 2740 US dollars (a 200 - dollar decrease for large - volume orders). The average was 2450 US dollars, equivalent to about 1715 points on the futures market [3] - In Week 13, MSK kept the price at 2250 US dollars, and other shipping companies quoted around 2700 - 3000 US dollars. On Monday, ONE's Week 13 quote dropped from 2755 US dollars to 2445 US dollars at 1:30 pm and then was adjusted back to 2755 US dollars after the market closed, possibly due to an internal staff operation error [3] News - On March 16, the media reported that the Iranian foreign minister had text - exchanged with Witkoff, which the Iranian foreign minister denied [4] - On March 17, Iranian Foreign Minister Araqchi stated that there had been no information exchange between Iran and the US, Tehran had not proposed a cease - fire request, and "the war must end in a way that ensures it will not happen again" [4] - Two senior White House officials said that Iran had recently tried to contact the Trump administration through multiple channels to restart diplomatic negotiations, but President Trump refused to resume negotiations. Iranian officials tried to contact US Middle East envoy Witkoff and other government officials, but Trump instructed the team not to negotiate for the time being and hoped to continue military operations. Araqchi denied recent contact with Witkoff and said that the last contact occurred before the US launched new military operations against Iran [4]

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoint The current European line is still in the off - season cargo - collection period. The geopolitical impact is mainly reflected in the increase in fuel costs. The subsequent situation requires close tracking of global ship refueling and port congestion. The core variable in the future is the blockade time of the Strait of Hormuz. If it is blocked for a long time, it will disrupt the global supply chain and harm the European economy. The transmission path of this geopolitical event to the European line is complex and highly uncertain. It is recommended to avoid unilateral high - volatility risks and look for arbitrage opportunities from the monthly spread valuation. A 6 - 7 reverse spread can be arranged, but attention should be paid to the poor liquidity of the 07 contract [2]. 3. Summary by Related Catalogs 3.1 Futures Contract Data - **Contract Price and Change**: EC2604 closed at 1970.1, down 2.48%; EC2605 closed at 2215.5, up 0.41%; EC2606 closed at 2440.0, up 0.13%; EC2607 closed at 2522.5, up 0.66%; EC2608 closed at 2368.0, down 0.46%; EC2609 closed at 1728.1, down 1.81%; EC2610 closed at 1581.0, up 0.04%; EC2612 closed at 1868.2, down 0.36% [2]. - **Volume and Open Interest**: The trading volume and open interest of each contract vary, and the open interest of most contracts has decreased. For example, the open interest of EC2604 decreased by 2367, and that of EC2605 decreased by 87 [2]. - **Monthly Spread**: The monthly spreads such as EC2604 - 2606, EC2604 - 2605, and EC2606 - 2610 have different changes compared with the previous days and weeks. For example, EC2604 - 2606 was - 469.9, with a day - on - day decrease of 53.1 and a week - on - week decrease of 212.3 [2]. 3.2 Spot Market Situation - **Spot Price Index**: The spot price index of the European line (OCEAN) on March 9 was 1545.46 points, up 5.61% from the previous period; the SCFI (European line) on March 13 was 1618 US dollars/TEU, up 11.43% from the previous period [2]. - **Shipping Company Price Announcements**: In late March, OA and PA alliances and MSC announced price increases to around 4000 US dollars. In Week 12, the average price was 2450 US dollars, equivalent to about 1715 points on the futures market. In Week 13, MSK's price remained flat at 2250 US dollars, and other shipping companies quoted around 2700 - 3000 US dollars [3]. 3.3 News - **War - related Statements**: On March 15, the Iranian Foreign Minister said that the end of the war depends on two conditions. The Israeli military spokesman said that the military operation against Iran will last at least three more weeks. On March 16, Trump warned of a new strike on Iran's oil export hub, Kharg Island [4]. - **Multinational Convoy Plan**: On March 16, US media reported that the US government plans to announce a multinational joint convoy in the Strait of Hormuz as early as this week, but many countries are hesitant to participate before the end of hostilities [5].