SS&Y Indices Drop Again

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index fell 53 points to 5,284. "Owners have been keen to get their vessels fixed well before the office Christmas party to keep them trading over the festive period, which has been gratefully grasped by charterers who got the discounts they desired," SS&Y said. "This may not be the case in January when the balanced positional market will have little encouragement for owners to discount asking prices, giving rise to more positive thoughts for rates," SS&Y added. SS&Y's Atlantic Capesize Index also fell 159 points to 5,266. "With two weeks to go the average for the year stands 5,153," SS&Y said.