The capesize market hit a level on Wednesday not seen since midwinter, despite the ominous Covid-19 overhang.
The Baltic Capesize Index weighted time charter equivalent average of seven routes reached $6,003 per day, for its first visit beyond the $6,000 mark since declining to $7,062 per day on 21 January.
"While capesize earnings eased somewhat yesterday, market activity seems to be improving," Clarksons Platou Securities said in its daily report.
"Earnings came in at $6,000 per day and the paper market is seeing a firm move upwards this morning, with a $500 per day lift across remaining contracts for the year with fourth quarter 2020 contracts now show $14,000 per day, the smaller classes also witnessed slightly higher levels."
All 11 capesize routes followed by the Baltic Exchange saw gains, including the China-Brazil leg's skip to $7,214 per day from $6,927 per day.
The Baltic Dry Index jumped 21 points to 627, while the panamax index lifted five points to 805.
"As we neared Easter holidays, there was a real big spike in activity out of South America, with grain houses and a host of others entering the fray," the Baltic Exchange said in its daily report.
"Surprisingly with the depth of volume, there was little change in rates, which remained generally flat, with an appetite from some owners to take cover prior Easter."
The supramax index slid 18 points to 454, however, as the handysize index declined nine points to 315.
"Most of the fixtures were on private and confidential terms with brokers suggesting the fixing rates being depressing," the exchange said.
Few handysize cargoes remained in the Pacific basin, with the 43,413-dwt Venture Luck (built 2015) in Zhoushan reportedly fixing for a trip to East Africa at $3,500 for the first 65 days and $7,000 thereafter.
