The spot market for capesize bulkers has improved significantly while Australia tries to send more coal to Europe amid a growing international ban on Russian coal.

The capesize 5TC, a spot-rate average across five key routes, leapt 20.4% on Wednesday to $18,298 per day, according to Baltic Exchange data.

“Europe is looking to replace Russian coal with other exporters, and US is also seeing increased activity of coal buying, especially from Asia,” said John Kartsonas, founder of dry-bulk ETF-trading platform Breakwave Advisors.