Singapore shipping stocks outperforming wider market as key shipping market indicator Baltic Dry Index consolidates after coming off recent lows; STX Pan Ocean +1.2% at S$10.24, NOL +0.8% at S$1.27 vs FTSE ST All Share index down 0.2%. BBI ended 2008 at 774, is flat since start of year, closing at 772 yesterday, but index still well above its early December low of 663, which is likely underpinning sentiment. Still, Macquarie is cautious on outlook for shippers, reckons "2009 will be the year that individual company fundamentals and positioning will drive varying share price performance." Broker advises avoiding companies with high cost chartered-in fleets such as STX Pan Ocean. Adds container shipping market also worrisome; "we advise investors to adjust down their perceptions of cheap given the negative news flow and potential for multiyear operating losses." Broker rates both STX Pan Ocean and NOL at Underperform. Charts show thin traded volume, suggests buying interest light, gains may be capped unless BDI takes off again.