Shipbrokers Simpson, Spence and Young's Pacific Capesize Index rose 97 points in the week ending Monday to 5,572. Its Atlantic Capesize Index rose 59 points in the week ending Monday to 5,759.
"Backhaul rates strengthened amid a generally active market last week and expectations are that the market will firm further this week despite holidays in the Far East
," SS&Y said in reference to the Pacific Index.
"Richards Bay fixtures
pointed the way forward for the Atlantic market last week, with fixtures that would equate to $11.15 per tonne on an index basis," SS&Y said in reference to the Atlantic Index. "Inquiry hasn't risen dramatically but the tough decisions that need to be made will revolve around whether to fix spot or forward."