The Baltic Dry Index has reached its highest level since the 2010 soccer World Cup kicked off, on the back of an ever-strengthening capesize market. The index, which provides an overview of dry-freight spot markets, rose a further 104 points on Tuesday and reached 3,157 points. The BDI has risen for the past 14 consecutive trading days and is now at its highest level since 11 June 2010, when the global soccer tournament commenced in South Africa.

Once again, BDI’s rise and rise is thanks to the sky-rocketing spot market for capesize bulk carriers, where rates have hit the highest levels in almost 11 years. Baltic Exchange panellists assessed the capesize 5TC, the weighted average of spot rates on five key routes, $2,351 higher on Tuesday at $42,959 per day. This is the highest level since 13 October 2010, using the assessment’s old methodology, which was discontinued in 2014.

Things were looking even hotter in the futures market on Tuesday, with bids for May 5TC contracts surpassing the $44,000 per day level. Rising iron ore prices have underpinned the capesize market’s bull run and are trading at the higher prices in a decade. The price of NYMEX-traded 62% Fe iron ore (CFR China) hit $185.04 per tonne when markets closed on Monday. This has been reflected in freight rates for reported capesize fixtures on key iron-ore routes, which are fixing at the highest levels in almost eight years. On Tuesday, Baltic panellists added a huge $1.32 to the assessment for rates on the Western Australia to China route, which reached for $14.564 per tonne. Likewise, rates on the Brazil to China route were put 63 cents higher at $30.32 per tonne on Tuesday. Three capesizes were reported fixed for iron-ore voyages on the route on Friday at rates as high as $34 per tonne for major commodity players Trafigura, Vale and Olam.

The BDI’s rise has also been powered by firm markets for panamax and supramax bulk carriers. Panamaxes have regained lost ground after undergoing a marked correction in early April, thanks to consistent demand for transport of grain and minerals. The weighted average of panamax spot rates on five key routes was assessed $470 higher on Tuesday at $24,515 per day, close to the 10-year highs seen in March.

Supramax rates are at levels not seen for over a decade, but are going through a small market correction following public holidays in Greece and the UK and ahead of Golden Week holidays in several Asian countries. The weighted average spot rate for supramaxes fell by $148 on Tuesday and was assessed at $23,433 per day.