Speculative traders returned to the CoFIF market last week with average trading
volumes doubling compared to the week before. Prices for longer dated contracts
for June 2024 through February 2025 rallied.
The EC2406 and EC2408 contracts rose above 2,500 compared to the latest SCFIS
index at 2,135, implying an expected increase of over 17% from current rate
levels. Market conviction on the May rate hikes have strengthened with several
carriers pushing for higher FAK rates backed by improved vess