Spot rates for handysize bulkers continue their upward swing with no signs of slowing down, having reached highs unseen in over a decade.

The Baltic Handy Size Index (BHSI) came in at 978 points on Tuesday, up 220 points since 15 February and flirting with 1,000 points for the first time since hitting 988 points on 18 October 2018.

The BHSI reached as high as 3,402 points on 23 May 2008 but then crashed to 299 points in less than six months as a result of the Great Recession that shook markets worldwide that year.