The CoFIF market went into steeper backwardation as the spot SCFIS went up 12%
WoW while the CoFIF contracts were down about 4-6% WoW across the board.
Liquidation of the Open Interest continued but on a slower pace than previous
weeks. There are indications that rates are peaking as the market looks beyond
the current tight market to the expected rate correction post-Chinese New year,
with the SCFI registering its first drop last week after 8 consecutive weekly
hikes.
Spot freight rates compi