There was a significant rally in the EC this morning. Most of the strength was
seen in December contract, with the liner's FAK rate quotations for shipments
departing in November being higher than those for shipments leaving this month.
However, quotations for shipments departing on the same dates were mostly
revised downward overnight.
We spoke with various cargo owners, and most anticipate a sequential increase in
volume in November. This suggests that the market could be moving out of the
s