Shipbrokers Simpson, Spence and Young's Pacific Capsize Index fell 401 points in the week ending Monday to 5,618. "The Index is higher than it was a month ago and yet there appears to be a shift from optimism to pessimism by capsize owners," SS&Y said.
"Underlying demand has not altered markedly and the supply situation has not altered since spring and while inquiry has generally been light, we feel that owners are slipping into sackcloth and ashes far too soon," SS&Y added.
SS&Y's Atlantic Capsize Index fell 138 points in the week ending Monday to 5,699. "Charterers have recently been booking early to avoid the Christmas rush, which has lead to a quiet period," SS&Y said. "Much is now being made of the outlook for the steel market
in 2001. We feel that while the supply of steel
is outstripping demand, there is a base demand sufficient to keep the market moving and that supply will level out with demand," SS&Y added.