All EC freight futures retreated last week on concerns that market rates have
peaked, with the escalation in the Middle East crisis over the weekend doing
little to reverse the negative trading sentiment. Apart from the August 2024
contract, all of the other contracts dropped by double digits.
The SCFIS defied market expectations and recorded a 5% WoW gain after market
close on 22 July which could lift the August contracts for the rest of this week
but the near term sentiment continues to be fo