After a day of mark-to-market trading yesterday (8 July), futures participants retreated to the sidelines today (9 July), awaiting the next catalyst. Market consensus remains stubbornly bearish, with most expecting freight rates to decline. The principal concern among traders is not a sudden surge in rates, but rather that time may run out for a meaningful drop before the August contract expires. Both daily volume and open interest dropped sharply day to day today.
Vessel utilisation continues