The EC2412 and EC2502 experienced a gap down at the open but have since
recovered some of their losses, as EC traders maintain hopes for a freight rate
increase this weekend.
Contrary to the consensus in the EC market, we believe that the December 1st
rate increase is unlikely, as liners are still quoting rates below $4,000 per
FEU for shipments departing on November 30. The moving average utilization rate
has improved slightly, aided by the fully loaded MADISON MAERSK that departed
Tanjung Pel