SS&Y Capesize Indices Fall

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 152 points to 4,194 in the week ending Nov. 1. "The index fell as only Chinese cargoes remained very active, with brokers indicating that trans-Pacific rates for west Australia/China had held up to the softening trend," SS&Y reported. SS&Y 's Atlantic Capesize Index fell 242 points to 4,218. "A lack of early cargo and the standard 161,000 dwt Hyundai vessel fixing in the high teens rather that the low twenties last week led to rates softening in the charterers favor," SS&Y reported. "Richards Bay activity was very slow, with implied rates from there to Rotterdam slipping to the mid $7 from nearer $8 per ton a week ago," SS&Y added. Volatility was still high, reflecting the finely balanced supply and demand situation.