Capesize rates jumped 10% on Tuesday as the rebound in the dry bulk market continued.
Average capesize spot rates leapt by $1,814 to $19,879 daily, and the Baltic Capesize Index was up 204 points at 2,512.
The sharp rise in capesize rates helped push the market as whole to a year high with the Baltic Dry Index moving up 49 points to 1,200.
However, while capesizes soared the smaller sizes were actually slightly down on Tuesday. The Baltic Panamax Index was down 5 points at 1001 and the Baltic Supramax Index down 1 point at 899.
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