The average spot rate for capesize bulkers shot upwards on Monday as tonnage supply remained limited in the Atlantic basin.
The capesize 5TC, which calculates a spot-rate average of five key routes, gained 6.1% to $34,360 per day, according to the Baltic Exchange.
The spike allowed the 5TC to recover from a low of $31,317 per day on Wednesday after slipping 2.6% from a week earlier.
"The tonnage list remained tight in the Atlantic, as some vessels were said to be getting delayed in north Atlantic," the Baltic Exchange said in its daily report on the dry bulk market.
"Despite limited fronthaul orders in the market, brokers also noticed offers being pulled back upon the week starting again."
SwissMarine was rumoured to have taken Thenamaris' 177,775-dwt Seamate (built 2010) on Monday to move iron ore from Brazil to China at $30 per tonne in the second half of December.
By comparison, Brazilian miner Vale chartered Star Bulk Carriers' 207,800-dwt Star Virgo (built 2017) last Thursday to carry iron ore on the same route in late December at $25.30 per tonne.
The Baltic Exchange's average freight rate for this ore stem was $28.95 per tonne on Monday, versus $26.18 per tonne last Thursday.
Average spot rates for the smaller asset classes also avoided any losses over the past week.
The panamax 5TC improved 19.3% over seven days to $24,613 per day on Monday, while the supramax 10TC gained 2.2% to $25,119 per day during the same period.
The handysize 7TC remained flat, falling less than 0.5% to $27,729 on Monday.
