Average spot rates for capesize bulkers has doubled in a mere seven days as the futures market signals even better days ahead for the dry bulk sector.

The Baltic Exchange’s Capesize 5TC set of spot-rate averages across five key routes soared 102% in the past week to reach to $12,200 per day on Tuesday, when the indicator reached its highest level in two months.

The C8 round-trip grain route from Brazil to Europe posted the greatest jump over the week, as it skyrocketed 160% to nearly $13,200 per day as the Russia-Ukraine war continues.