The capesize bulker market staged a rebound on Wednesday after a several-week plummet that was followed by almost two weeks of modest gains.

The Baltic Exchange’s Capesize 5TC spot-rate average across five key routes jumped 45% on Wednesday to $12,977 per day, marking the highest figure in five weeks.

This average had plummeted to $2,505 per day on 31 August from $24,603on 18 July, before finding its way up to $8,952 per day on Tuesday.