The dry bulk market made significant gains over the past week as shipments of Brazilian and Australian iron ore climbed, according to market observers.

The Baltic Dry Index skyrocketed 64% over the past seven days to 883 points on Friday, marking its highest point in five weeks.

Capesize bulkers saw the greatest improvement over the week, as the Cape 5TC set of spot-rate averages across five key routes rose 135% to $5,271 per day.