The capesize bulker market reached a six-week high on Monday as shipowners kept their vessels in the Pacific basin instead of ballasting to a less lucrative Atlantic basin, according to a broker.

The Baltic Exchange’s Capesize 5TC set of spot-rate averages across five key routes gained 9.2% on Monday to $14,503 per day to reach its highest point since early August and continue a nearly two-week upward trend.