Short covering on the first freight futures that will expire on 29 April kept
EC2404 prices up, although futures contracts for rates expiring after April
registered small declines. Traders liquidated another 37% of their positions to
cut the open interests (OI) for EC2404 from 11,899 lots to 7,511 lots. The
EC2404 open interest peaked at 134,537 on 22 Dec 2023 and has been sliding since
then. At 7,511 lots, the open interests for EC2404 amounted to some $110m. Since
only the losses/profits of th