Australia’s drive to send more coal to Europe during the Russia-Ukraine conflict has propelled the backhaul rate for capesize bulkers to highs not seen in months.

The average spot rate for the C16 route covering voyages from Asia to Europe on Thursday shot up 141% to $12,450 per day, according to Baltic Exchange data. This figure hasn’t been this high since mid-December.

Overall, average capesize earnings jumped 14.5%