EC freight futures failed to retain the initial gains following Israel’s attack on Iran on 13 June with prices closing lower on 16 June as the market continues to assess the impact of the rising tensions in the Middle East. The prolonged closure of the Red Sea and higher fuel costs are expected to lead to keep freight rates elevated, the prospect of a blockade of the Strait of Hormuz could leave up to 3.4% of global container volumes stranded.
Trading remained subdued throughout the past week a