Report Summary 1. Report Industry Investment Rating - Not provided in the given content 2. Core View of the Report - The European container shipping line (EC) has declined by 1.71%. Maersk (MSK) has opened new bookings for the first week of April, with a large container quote to Rotterdam at $2,600, a $400 increase from the previous period, and the quote is basically on par with the online average price of shipping companies at the end of March. The European line has passed the first stage after the US - Iran conflict, where freight rates soared due to supply - chain uncertainties. With the increase in fuel costs caused by the conflict, most shipping companies have implemented emergency fuel surcharges. The main logic of the European line is gradually returning to supply - demand pricing, but sentiment is still affected by geopolitical changes. Referring to past seasonality, cargo volume is expected to gradually increase in April as the resumption of work is completed, but there may be pressure due to the end of the rush - export of products like photovoltaic. If the geopolitical conflict does not subside, shipping companies will be more inclined to raise and maintain prices. Attention should be paid to the quotes of other shipping companies in the future [1] 3. Summary According to Relevant Catalogs EC Contract Volume and Price | Contract | Latest Transaction Price (Points) | Latest Percentage Change (%) | Trading Volume (Change) | Open Interest (Change) | Long Positions (Top 20 Members) | Short Positions (Top 20 Members) | Net Long Positions (Top 20 Members) | | --- | --- | --- | --- | --- | --- | --- | --- | | EC2604 | 1905.3 | -1.71 | 27129 (-1988) | 21187 (-2265) | 12188 | 14266 | -2078 | | EC2606 | 2342 | -2.15 | 10169 (1057) | 13686 (-462) | | | | | EC2608 | 2316 | -1.84 | 1094 (489) | 2770 (-6) | | | | | EC2610 | 1525.4 | -2.41 | 2351 (-52) | 7808 (-147) | | | | | EC2612 | 1718.8 | -4.52 | 113 (42) | 411 (6) | | | | | Total | - | - | 40856 | 45862 | 12188 | 14266 | -2078 | [2] Latest Spot Freight Rates - European Routes | Spot Index | Indicator | Latest Period | Percentage Change | Previous Period | Percentage Change | Two Periods Ago | Percentage Change | | --- | --- | --- | --- | --- | --- | --- | --- | | (Weekly) | SCFIS - Points | 1556.49 | 0.7% | 1545.46 | 5.6% | 1463.4 | -7.0% | | | SCFI - $/TEU | 1618 | 11.4% | 1452 | 2.3% | 1420 | 4.3% | | | TCI(20GP) | 1869 | -5.3% | 1975 | 11.8% | 1767 | 0.0% | | Spot Freight Rates (Daily) | $/TEU | | | | | | | | | TCI(40GP) $/FEU | 3133 | -4.1% | 3266 | 13.5% | 2877 | 0.0% | [4] Basis Spread (Points) - The basis spread of the previous trading day was -348.81, and that of the day before the previous trading day was -448.01, with a change of 99.2 [6]

Group 1: Report Overview - The report is from the Energy and Chemicals Team of the Research Center, dated February 2, 2026 [2] Group 2: Contract Data Contract Price and Volume - EC2602: Yesterday's close was 1716.7, down 0.05%, with a basis of 142.6, volume of 453, and open interest of 2551, down 261 [2] - EC2604: Yesterday's close was 1227.0, down 1.82%, with a basis of 632.3, volume of 25237, and open interest of 35881, down 3788 [2] - EC2606: Yesterday's close was 1542.8, down 2.11%, with a basis of 316.5, volume of 5606, and open interest of 12303, up 997 [2] - EC2608: Yesterday's close was 1607.0, down 2.33%, with a basis of 252.3, volume of 694, and open interest of 1594, down 72 [2] - EC2610: Yesterday's close was 1122.5, down 2.49%, with a basis of 736.8, volume of 2674, and open interest of 8134, down 799 [2] Month - Spread Data - EC2502 - 2604: The previous day's spread was 489.7, with a daily increase of 21.9 and a weekly decrease of 36.8 [2] - EC2504 - 2606: The previous day's spread was - 315.8, with a daily increase of 10.5 and a weekly decrease of 68.4 [2] Group 3: Spot Market Data - The spot (European Line) "ટરનાટ" index on January 26, 2026 was 1859.31 points, down 4.86% from the previous period [2] - The SCFI (European Line) on January 30, 2026 was $1418/TEU, down 11.10% from the previous period [2] Group 4: Market Analysis and Recommendations Short - Term Market - Geopolitical tensions, stable Maersk February quotes, and expected March rush shipments may prevent short - term price drops [3] Near - Month Contracts - For the 04 contract, shorting should be done with caution. Watch for significant premiums. Pay attention to PA Alliance quotes and geopolitical situations [3] Far - Month Contracts - Short the 10 contract on rallies, based on the logic of off - season and tax - refund negatives. The valuations of 06 and 08 are hard to determine, and they will fluctuate widely within a reasonable range. Operate with caution under geopolitical uncertainties [3] Group 5: European Line Spot Situation - Downstream is booking February 2 (Week 6 - 7) cabins. Ships are receiving good cargo, but the pressure to attract cargo is increasing, and shipping companies need to attract cargo for ships during the Spring Festival [4] - The price center in Week 7 is $2140, equivalent to 1500 points on the futures. Maersk's Week 8 - 9 quotes are $1950 (unchanged from the previous period), and other shipping companies are also keeping their quotes unchanged for now [4] Group 6: News and Geopolitical Situation Military Exercise News - On February 1, Iranian officials said media reports about an Iranian Revolutionary Guard military exercise in the Strait of Hormuz were false, and no official statement had been issued [5] Diplomatic Negotiation News - On February 2, the US signaled a willingness to negotiate with Iran, and a meeting may be held in Turkey. However, experts believe that although both sides have a willingness to negotiate, there are serious differences, and the negotiation prospects are difficult [5][6]