Market is going see-saw debating whether the higher freight rates post 1
November will be sustainable. Yesterday, the main contract i.e. EC2412 was down
9% to its lowest, still reacting to HMM's undercutting, before recovering half
of the loss in the last 30 minutes. Today, the main contract continued to
rebound to get back to the level on par with Monday close.
Utilization has been getting better since Golden Week holidays but the doubt
among traders is whether such improved loading is just b