Galaxy Futures: Iran indicates that the blockade is only aimed at ships of the US, Israel, and Europe; the statements from all sides involved in the war still tend to be increasingly tough.

Currently, the specific duration of the geopolitical conflict remains to be seen, with Iran stating it is prepared for a prolonged struggle. The transit volume through the Strait of Hormuz has significantly decreased, with some ships stranded in the Persian Gulf, and most ships en route choosing to wait outside the Persian Gulf due to concerns about vessel attacks. Regarding spot freight rates, mainstream shipping companies’ rates in the first half of March centered around $1,800-2,300 per FEU. Gemini’s rates in the second half of March centered around $2,200-2,300 (MSKWK12 Shanghai-Rotterdam quote at $2,300 per 40HC, up by $400)); OA in the first half of March around $2,200-2,300 (OOCL at $2,200, EMC around $2,250), with a target increase to around $4,000 in the second half of March; PA in the first half of the month centered around $1,800-2,000 (YML in the second week of March dropped to $1,850, ONE in early March dropped to $1,900-2,000, HMM in the first half of March reported around $1,800), with YML today quoting $4,000 for the second half of March; MSC in the first half of March increased by $300 to $2,640, with a declared target increase from $3,200 to $4,000 in the second half of March, currently at $2,740, up $100 from the first half of the month. The specific impact of the geopolitical conflict on spot freight rates depends on how long the conflict affects the shipping supply chain. If the conflict persists longer, it may catalyze an increase in spot freight rates; if shorter, the impact will be relatively limited. Future focus should be on the duration of the conflict and Iran’s statements regarding the Strait of Hormuz. (Galaxy Futures)