According to Omar Nokta of Clarkson Capital Markets, tonnage trading in the spot market was commanding $4,200 per day on average.

In a client briefing the equity analyst pointed out that this is approximately 10% higher than levels seen a day ago.

“Higher steel prices are allowing for a bit of optimism and capesize rates are gaining some momentum,” Nokta continued.

The forecaster added: “Though rates remain below vessel operating costs, there appears to be support for further upside.”