Spot market rates for capesize bulkers have doubled over the last year - and are up 10% in the last week alone.

One vessel was fixed to carry ore from western Australia to southern China at a rate which likely equals $27,000 per day.

But the period market is very quiet and brokers point to one reason for this. The paper market for the first quarter is very low at between $10,000 and $12,000 per day.

Aktive Shipping of Singapore has fixed out the 169,000-dwt Cape Northwelle (built 2010) for a year to an undisclosed charterer.