The story was simple in Wednesday’s capesize market. Across spot rates and futures — everything went up.

Steady demand has been coming from several different pockets of cargo supply in the Atlantic and Pacific basins. Meanwhile, capesizes are taking longer routes to receivers by diverting away from the Red Sea.

Baltic Exchange panellists added $3,086 on Wednesday to their basket assessment of capesize spot rates across five benchmark routes, which reached $29,800 per day.