EC contracts rose again, with strength shifting to the February-April 2025
contracts on relatively lower volume, although open interest continues to
increase.
The overnight changes in the liners' quotations are modestly bearish; for
example, OOCL has reduced its October rates by 3-5%. We would have expected
freight rates to strengthen in anticipation of a successful General Rate
Increase. Moreover, liners are still implementing some blank sailings for
November, which does not convey any confide