CoFIF freight futures to North Europe rallied sharply last week on the back of the sharp spot rate hikes driven by the current shortage of capacity on the trade. Effective capacity to North Europe is down 5.1% despite having 17.8% more in total vessel capacity deployed compared to a year ago, with the longer route via the Cape of Good Hope taking away almost 23% of the effective capacity. The SCFIS increased by 13.7% on 13 May to reach 2,512 with further increases expected over the coming weeks