Benchmark contract EC2508 dropped 7%, with the bulk of the decline coming in the afternoon session. Open interest rose by 4,279 lots, pointing to heightened conviction among short sellers.
This sharp fall stands in stark contrast to recent moves by shipping lines, which have lifted near-term freight rates for the first time in weeks. MSC, for example, reversed course overnight, increasing its quotation from $2,640 to $3,240 per FEU. The only bearish signal overnight was a drop in vessel utilisa