Fixing to cover the millennium holiday period is expected to kick-start the Panamax market in the fourth quarter, shipping broker Simpson Spence & Young (SSY) said. "The belief is that the fourth quarter will see a major improvement as people look to fix for the holiday period," SSY said in its latest monthly report. Capesize supply/demand fundamentals were also looking strong for the period, the broker said. However, recent rate gains in the Capesize sector caused by Bocimar's fixing of more than 30 vessels in August could mean some flattening out before rates firmed by the winter. Panamax spot rates had so far been disappointing but period business was beginning to look firmer, SSY said. Spot rates had climbed to over $20 for 52,000 ton Panamaxes from the U.S.