EC freight futures closed higher last week, with the INE taking an extended
4-day break for the mid-autumm festival from 14 to 17 September. Traders covered
their short positions over the past week after Maersk temporarily set their
floor rates at $4,400 per FEU but the restraint proved short lived with carriers
resuming their aggressive price cutting while Maersk lowered its online
quotation to $4,000 per FEU over the weekend, marking a further 10% decrease
week over week.
The market is expect