The dry bulk market rose on Tuesday despite ongoing tension and uncertainty between Russia and Ukraine, posting higher average spot rates across all ship sizes.

The capesize 5TC, which looks at five key routes, jumped 9% to $16,709 per day, while the panamax 5TC rose 6.4% to $23,366 per day.

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Average spot rates for supramaxes edged up 0.5%, and those for handymaxes improved 2%, according to Baltic Exchange data.

“Uncertainty abounds, but this will likely impact the shipping markets as flows of crude oil, nat gas/LNG, coal and grains will all be disrupted, probably boosting tonne-mile demand depending on the degree of sanctions and trade dislocations,” Jefferies analyst Randy Giveans wrote in a note.

Russian president Vladimir Putin on Monday ordered Russian troops into two separatist pro-Moscow regions in eastern Ukraine after recognising their independence.

Putin is expected to follow those moves with a larger military operation against Ukraine, perhaps at any moment.

Amid the uncertainty, Diana Shipping was able to fix a newcastlemax for at least a year to Koch Shipping at well above Tuesday’s average rate for capesizes.

Semiramis Paliou-led Diana chartered the 208,006-dwt San Francisco (built 2017) at $30,500 per day from last Friday to anywhere from 1 March 2023 to 15 May 2023. It expects to make $11.3m in revenue off the deal’s mimimum period.

The New York-listed owner of 34 bulkers previously fixed the ship to Olam International for nine months at $24,700 per day after fixing it for three months at $17,750 per day to Olam.