Average capesize spot rates have risen by almost 14% this week as the Lunar New Year holidays end in Asia and charterers return to the market.
Major mining companies have been busy booking China-bound capesizes for loadings in the first and second weeks of March and reported rates have risen accordingly.
Baltic Exchange panellists added $2,047 on Thursday alone to their basket assessment of capesize spot rates across five benchmark routes, which reached $23,139 per day.
