The October futures contracts rose sharply with the longer dated contracts
trading limit up on 29 July to hit the maximum daily limit of 16%, ending its 3
week losing streak. Trading sentiment were boosted by the smaller than expected
drop in the SCFI assessment for North Europe on 26 July with carriers largely
able to hold the rates. Although the SCFIS Europe index that was published after
market close on 29 July recorded its first WoW drop of 1.5% after 13 consecutive
weekly gains, traders are