SS&Y Indices Push Higher

Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 123 points in the week ending Monday to 5,726. "A major resurgence from Japanese interests heated the spot market in the Pacific with rates rising accordingly. Because of the tightened supply situation any new interest will boost the market," SS&Y said. "Several charterers have already covered early November positions, but enquiries are still relatively plentiful leading to a conclusion of continued strength in the Pacific for this week," SS&Y added. Meanwhile, SS&Y's Atlantic Capesize Index rose 44 points to 5,896 in the week ending Monday October 23. "Demand remains strong but has slackened somewhat over the past week," SS&Y said. "However, a further 44 points rise (up 93 the week before), shows that last done rates were matched if not improved in many cases, as the overall pace at the end of the third quarter/start of the fourth quarter was being maintained," SS&Y added.