Average spot rates for capesize bulkers have surpassed $20,000 per day for the first time this year, marking the sector’s highest point in nearly five months.
The futures market also spiked on Tuesday.
The Baltic Exchange’s Capesize 5TC set of spot-rate averages across five key routes rose 5.3% on Tuesday to hit $20,800 per day.
The size of the 5TC gain may have partly been in part because the Baltic Exchange was closed on Monday in observance of the coronation of the UK’s King Charles, Clarksons Securities analyst Frode Morkedal said.
