Sentiment flips: Capesize bulker sector improves fivefold in 21 days since hitting nearly three-year low

Average spot rates for capesize bulkers have risen by more than five times in the last three weeks since hitting its lowest point in almost three years.

The Baltic Exchange’s Capesize 5TC basket of spot-rate averages has skyrocketed 544% over the past 21 days to nearly $14,500 per day on Friday from $2,246 per day on 17 February — a nadir unseen since May 2020.