Average spot rates for capesize bulkers have returned to rates above $20,000 per day as the ships trade in their strongest quarter, but where the market goes in the typically softer first quarter depends on Mother Nature, an analyst said.

The Baltic Exchange’s Capesize 5TC basket of spot-rate averages across five key routes improved 4.6% to just over $20,100 per day on Tuesday, breaking the $20,000-per-day threshold for the second time in less than two weeks.