Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 281 points in the week ending Monday to 5,337. "The Pacific has weakened with tonnage being fixed APS Australia plus ballast bonus by a number of Chinese operators, which has been helped by diluted interest in December stems for trans-Pacific and backhaul routes," SS&Y said.
"This has led owners to seek refuge in Richards Bay although
rates are headed downwards at present, which hasn't been helped by this movement of vessels," SS&Y added.
S&Y said its Atlantic Capesize Index fell 274 points in the week ending Monday to 5,425.
"There has been a drop in voyage and timecharter markets over the past week, with some attributing this weaker outlook to a drop in bunkers," SS&Y said. "However, there is also an argument for an early pre-holiday lull even though quotes for January stems are at or below today's rates," SS&Y added.