Average spot rate assessments for capesize bulk carriers have more than doubled in the space of two days, shortly after market watchers were wondering whether assessments for capesize bulk carriers might enter negative territory this week.

But analysts say the turnaround has come on the back of short-term effects on vessel supply and that the market needs a more radical boost to demand for rates to take off again.

The 5TC, the weighted average of spot rates across five key benchmark routes, jumped $2,189 to $6,076 per day, according to Baltic Exchange assessments.