The capesize bulker sector continued its upward trend on Wednesday, marking a fifth straight trading day of gains.
The capesize 5TC, which takes an average of spot rates across five benchmark rates, has risen 16.3% since 1 December to $43,030 per day on Wednesday, according to Baltic Exchange data.
"The market seems to be in a mini-squeeze mode, driven by weather delays and port congestion," said John Kartsonas, founder of Breakwave Advisors and its dry bulk ETF-trading platform.
