Shipbrokers Simpson, Spence and Young's Pacific Capesize Index
fell 45 points to 4,060 in the week ending Jan. 24.
"A fresh decline in the Pacific Capesize Index this week indicated that the market has turned in the charterers' favor. Although we feel that this is only a temporary change in direction," SS&Y reported. "The demand forecasts from Asia
in particular remain bullish towards the back end of the first quarter," SS&Y added.
SS&Y's Atlantic Capesize Index fell 71 points to 4,248 in the same week.
"The Atlantic Capesize index lost another 71 points this week and has dropped 213 points since the start of the year, but we feel that this is line with our predictions of some months ago, and that it will begin to rise again around the latter part of the first quarter," SS&Y reported. "However, Richards Bay bucked the trend of falling rates with a 10 cent rise, and despite the market appearing to be in the charterers favor, the fine balance between supply/demand means that this could change in an instant," SS&Y added.