SS&Y Capesize Indices Fall

Friday, October 29, 1999
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 32 points to 4,346 in the week ending Oct. 25. "Despite a 32 point decline in the index, there seems to be continued buoyancy for cargoes into Japan and China for November positions, and Hyundai 161,000 dwt Capesizes broker $20,000 daily for trips into the Far East," an SS&Y spokesperson said. "Some vessels were fixed and failed as rates generally eased back over last week, and with sufficient tonnage to satisfy demand in the Pacific, rates could face a possible softening this week," he added. SS&Y's Atlantic Capesize Index also dropped last week, falling 60 points to 4,460. "A weak fixture (Tubarao/Rotterdam) seemed to unsettle the Atlantic market, and while rates for prompt tonnage look potentially softer, the timecharter market remained largely unchanged from last week," the spokesperson said. "Despite short-term uncertainty, a lack of tonnage for second half November onwards implies that this week's fall was unlikely to be sustained," he added.
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