SS&Y Pacific Capesize Index Plummets 243 Points
Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 243 points to 5,259 in the week ending May 8.
"The Pacific Capesize index fell after the holidays in the Far East
, with early vessels becoming the victims of a lack of inquiry," SS&Y said. "A $1 fall on the Queensland
/Rotterdam route (120/150,000 ton cargo) was certainly not going to help the index, which witnessed its first serious decline since January," SS&Y added.
SS&Y Atlantic Capesize Index Drops 131 Points
Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index fell 131 points to 4,786 in the week ending May 8.
"The Atlantic Capesize index dived on the back of weaker demand, which softened rates for early tonnage. However, iron ore demand in the Atlantic remained steady and limited the fall in rates to more moderate levels," SS&Y said. "There seems no real major cause for concern as the weakening was in line with the usual post-holiday malaise, and demand should begin to pick up in the near future," SS&Y said.