This morning, many container freight futures contracts dropped to their daily
limit. The EC market is circulating a story about MSC reducing freight rates to
$3,800 per FEU. The author has not yet been able to validate this claim.
However, the fact that MSC and Maersk are still not quoting over $5,000 per FEU
for shipments after mid-November may have triggered a reaction from EC traders.
The sell-off this morning is still concentrated on longer-dated contracts,
reflecting a belief in the EC mark