Spot rates for capesize bulk carriers received a significant boost on Thursday after weeks of mediocrity.

The time-charter average rate for the Baltic Capesize Index was assessed $4,249 higher than Wednesday at $22,841 per day, equivalent to a boost of 23%.

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Strength in the capesize market led to the Baltic Dry Index being assessed 179 points or 13% higher than Wednesday at 1,605 points.