The CoFiF market shrugged off the 9% drop in the SCFI Asia-North Europe rates
last week as the drop was already widely anticipated with forward rates still
trading at a discount to spot. The latest SCFIS (Europe) index on 4 March
dropped by 3.0% after the previous week’s 9.5% fall with the smaller decline
helping to curb further selling in the CoFiF market.
With the EC2404 expiration date drawing closer, trading volumes have dropped
amidst uncertainty over the extent and speed of further rate