The capesize bulker market improved for the second consecutive day as the panamax bulker sector continued a slide that began a week ago. The Baltic Exchange’s Capesize 5TC, a spot-rate average across five key routes, gained 12.5% over the past two days to $24,214 per day on Wednesday. The average spot rate for the C10 route, which covers a roundtrip voyage between China and Western Australia, saw the biggest two-day leap in the capesize sector, leaping 37.7% to $24,591 per day.

Pacbulk Shipping on Tuesday hired an unnamed capesize to ship 170,000 tonnes of ore from Australia to Qingdao, China, at $12.90 per tonne. Australian miner Rio Tinto on Monday fixed a to-be-named capesize to send the same quantum of ore from Dampier, Australia, to Qingdao at $11.45 per tonne. Both ships are scheduled to be loaded from 16 to 18 June.

Chartering activity in the Pacific basin provided firm support over these two days, while fixtures in the Atlantic basin were hard to find, according to Baltic Exchange analysts. “Cargo support still appeared lacking in the Atlantic,” they wrote on Wednesday in their daily take on the dry bulk market. They also noted that higher bunker prices put downward pressure on spot rates and a rising forward curve has made charterers reluctant to fix any July dates. “There were bids and offers discussed but limited fixtures were concluded in the end,” they wrote.

Panamax spot rates, on the other hand, continued falling on Wednesday to maintain a steady downward trend that started at $30,392 per day on 23 May and ended up at $25,663 per day on Wednesday. “A mixed day in the panamax world, the Pacific was said to have found a floor and firmer bids were said to be available in most trades,” the analysts said. “The Atlantic was a little confusing however, perhaps muddled somewhat by fervent cape and FFA markets clouding sentiment.”

Supramaxes and handysizes showed less volatility over the past two days. The Supramax 10TC slipped 2.5% over the past two days to $29,578 per day on Wednesday, while the Handysize 7TC slid 1.2% to $28,712 per day.