Dry bulk shipping saw higher spot rates across the board on Wednesday as China goes back to work following the Lunar New Year holidays.
Larger vessels saw the biggest jump in the day. The Baltic Exchange’s capesize 5TC, a spot-rate average across five key routes, rose 25% in one day to $12,468 per day.
But all major dry bulk segments saw gains as well, with the average supramax rates surging 10.2% and panamaxes gaining 9.2% on Wednesday.
“This is mainly attributed to the Chinese coming back to ‘business as usual’ following the inactivity that the Chinese New Year Holidays entailed, which created a backlog of orders,” EastGate Shipbrokers founder and head Sevi Katemoglou told TradeWinds.