Star Bulk Carriers expects the supramax bulker spot market to pick up after the Chinese New Year after seasonal factors pushed rates to their lowest level in more than two years.

The New York-listed bulker owner’s forecast came on the same day that spot rates on the Baltic Exchange’s Supramax 7TC route basket slipped to $8,831 per day, marking the first time it has fallen below $9,000 per day since July 2020.

“Indeed the supramax market is extremely weak,” deputy chief investment officer Constantinos Simantiras said on Tuesday during an online question-and-answer session hosted by Capital Link.