SS&Y Indices Drop

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index was down 62 points in the week ending Monday to 6,019. "Another quiet week in terms of inquiry, which led to a small loss in the index and while there is nothing to indicate that the rest of 2000 will have a vastly different outlook to the past few weeks, the index should remain at or around current levels." SS&Y said. "Looking forward, we are waiting on owners and charterers to start thinking about 2001 business as December loadings loom large," SS&Y added. SS&Y's Atlantic Capesize Index was down 66 points in the week ending Monday to 5,865. "Volatility seems to be the watchword for capers at present, indicating that little has changed in terms of the supply/demand balance in the past 12 months, as seen by Richards Bay/Rotterdam which started at $11.20, fell to $10.50 and finished at $11.10," SS&Y said. "Demand remains high overall, while periods of inactivity can lead to flat to negative tones in the short term. Having said that, the index is still over 29 percent ahead for the year, so 2000 should still be classed as a good year," SS&Y added.