SS&Y Pacific And Atlantic Capesize Indices Drop
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 45 points to 5,284 in the week ending March 27.
"The Pacific sector remains tight, with owners gaining firm rates in a positional market," SS&Y said. "Tonnage is scarce for early positions, allowing owners to play a stronger hand," SS&Y added.
SS&Y's Atlantic Capesize Index fell 85 points to 5,179 in the same week.
"The fall in this week's index was due to rates obtainable for Richards Bay
/Rotterdam and Bolivar/Rotterdam, down to around $10 and the mid $7 respectively," SS&Y said. "However, there is a firm belief that the market will remain strong, with South Korea
in particular still an area of heavy demand for capers from the Atlantic," SS&Y added.