Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell
16 points to 3,250 in the week ending Sept. 20.
"The Pacific Capesize index
had a disappointing 16 point fall this week, with a five cent drop on trans-Pacific routes an indication of the lack of demand," SS&Y said. "The index is still nearly 1,000 points down on 1997 levels and dipping away from clearing 1998's peak, so cargoes need to start emerging soon if the market is to remain feeling buoyant."