The main EC freight futures contracts for December 2024 (EC2412) tumbled by 23%
over the past week on high trading volumes. Carriers continued to slash FAK
rates to North Europe, with market sentiment remaining bearish. Contrarian views
are providing support for EC2410 on the belief that October contracts have been
oversold at its current 52% discount to the SCFIS. Open interests increased by
11% WoW, indicating the high conviction that traders have on their positions.