The capesize bulker market experienced its biggest leap since late June on Wednesday due to transatlantic iron-ore shipments picking up this week, according to market experts.

The Baltic Exchange’s Capesize 5TC set of spot-rate averages across five key routes gained 21.9% on Wednesday to reach $14,379 per day and achieve its highest point since hitting $14,589 per day on 29 June.

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“Well, the cape market always surprises us,” said John Kartsonas, founder of Breakwave Advisors, a US-based asset management firm that runs an exchange-traded fund focused on dry bulk.

Vale reportedly fixed a capesize to carry 170,000 tonnes of iron ore from Tubarao, Brazil, to Taranto, Italy, at a rate in the low to mid-$13,000-per-day range, according to the Baltic Exchange.

The Brazilian iron ore giant plans to load the vessel from 27 July to 5 August.

“Despite the prompt loading dates, the fixture shows a strong time charter equivalent figure on both backhaul or transatlantic run,” exchange analysts said.

And Berge Bulk’s 175,935-dwt Berge Torre (built 2011) was fixed to carry 180,000 tonnes from Nouadhibou, Mauritania, to Taranto at $11.50 per tonne after loading the vessel from 20 to 31 July.

But five capesizes were fixed over Tuesday and Wednesday to carry the steel-making ingredient to China across the Pacific basin, according to the Baltic Exchange.

Australian iron ore majors Rio Tinto and BHP fixed three unnamed capesizes to send iron ore from Australia to China at freight rates between $7.50 per tonne and $7.65 per tonne.

And Adani Shipping relet the 175,300-dwt Ojas (built 2011) to K-Line on Tuesday to ship 170,000 tonnes of iron ore at $14.10 per tonne from Saldanha Bay, South Africa, to Qingdao, China, after loading from 13 to 19 August.

Regardless of which basin is getting the ore shipments, Kartsonas said the capesize market is bottoming out.

He also said average spot rates may more than double before the year is over, despite forward freight agreement (FFA) rates for the fourth quarter improving 2.8% to $14,379 per day on Wednesday.

“I am more optimistic September onwards and I believe the probability of capesize spot rates touching $30,000 per day sometime in the fourth quarter is increasing, something that is not priced in the futures market at the moment,” he said.

“As always, FFAs turn to be either too optimistic or too pessimistic about the future, and we have been in a period of excess pessimism.”