The capesize bulker market leapt on Thursday to its highest mark in nearly two months.

The Baltic Exchange’s Capesize 5TC set of spot rate averages across five key routes skyrocketed 21.6% on Thursday to $17,374 per day, exceeding $17,000 for the first time since it hit $17,175 per day on 21 October.

The 5TC received a boost from average spot rates for two iron ore capesize routes improving significantly since Wednesday.