Shipbrokers Simpson, Spence and Young's Atlantic Capesize Index rose
120 points to 4,520 in the week ending Oct. 18.
"The Atlantic index exceeded 1997 levels on Monday but it is unclear whether the recent steep spike will be maintained," an SS&Y spokesperson said. "It seems that while tonnage remains tight for the next month or so, the current levels will remain steady to firm in the Atlantic," he added.
Steady cargo demand in the Atlantic for both iron ore and coal was said by SS&Y to be largely responsible for last week's gains.