Selling pressure on EC contracts continued today, with longer-dated contracts
underperforming. This indicates that the primary driver at this point is the
incremental changes in the Middle East as it moves toward a ceasefire deal. EC
traders remain hopeful for one more round of freight rate increases in the
FE-N.EUR before the CNY holidays.
The utilization moving average ticked up slightly due to a couple of fully
loaded vessels (APL CHANGI and ESTELLE MAERSK) that departed the Straits of
Sing