Short-covering continue to be the driver moving up prices of the container
freight futures as traders close their freight futures positions to rotate to
equities. Open interests fell 23% in a week. Main contract ie EC2412 rallied
again this morning after have moved up 8% in the previous 2 trading days.
Liners are still cutting their freight rates, which on average dropped 5% over
the past weekend. The lowest quotation have broken below $3000/FEU with the THE
Alliance liners leading the freight