The capesize bulker market has been in a funk for weeks as a result of China’s real estate market, but analysts are not expecting the sector to boom anytime soon.

The Baltic Exchange’s Capesize 5TC average of five key spot rates improved 12.5% on Monday to $6,270 per day after battling back from a low of $2,505 per day on 31 August.

But analysts were not celebrating on Monday as they pointed out that this average spot rate falls well short of meeting operating costs, and that it may only go high enough to allow shipowners to pay the bills over the next couple of years.