The CoFIF end April forward contracts (EC2404) closed 4% higher on 19 February
2024 on lower trading volumes after the 11 day break for the Chinese New Year
holidays. Although the latest SCFIS Asia-North Europe index dropped 3.5%
compared to their pre-holiday levels to 3,246, it remains at a significant
premium of current forward levels with EC2404 closing at 2,190.
Traders are still digesting the impact of continued tensions in the Red Sea and
the freight rates development over the last two we