EC freight futures recovered most of their YTD losses last week in active trading with volumes rebounding by 23% while open interest shrunk by 17% as some traders closed their short positions ahead of the Chinese New Year holidays. The International Energy Exchange (INE), where EC contracts are listed, will be closed from 28 January to 4 February.
End February contracts (EC2502) remained largely unchanged and now trades at an 18% discount to latest spot rates after the SCFIS slipped by a furthe