The spot market for capesize bulkers skyrocketed this week as Europe took in coal and other commodities from farther distances while Russia continued to pummel Ukraine.

The capesize 5TC, a spot-rate average across five key routes, leapt 64% over the past seven days to $22,195 per day on Friday, reaching a level not seen since late December.

The backhaul route from Asia to Europe played a big part in the upswing by spiking to $14,550 per day from $425 per day over the same period.