The capesize bulker sector is beginning to show a little spring in its step after pretty much dragging its feet for more than two weeks. The Baltic Exchange’s capesize 5TC, a spot-rate average across five key routes, leapt 35% over the past two days to $15,299 per day on Friday. Before this, it did not change by more than $1,500 per day for two weeks, peaking at $12,285 per day on 14 April. “After several weeks of relatively flat price movement, the capesize 5TC market has started to show a little positive sentiment,” Baltic Exchange analysts said on Friday. “Fixture activity on the whole has not been very eventful.”

But Capesize Chartering Ltd (CLL) was able to relet a capesize to Greece’s Enesel at on Friday. The Athens-based diversified operator fixed Bocimar’s 178,062-dwt Mineral Dragon (built 2008) to ballast from India to South Africa with the intent of delivering chrome ore to China. Enesel is paying $28,000 per day. The trip is set to commence on 29 April.

Baltic analysts pointed out that the C5 West Australia to Qingdao route increased $0.773 on Friday to $10.741 per tonne and “has steadily improved over the week”. On that route, BHP fixed an unnamed capesize on Friday to carry 170,000 tonnes of iron ore at $10.70 per tonne, while a similar fixture was booked for a somewhat lower $9.10 per tonne on Tuesday.

“Meanwhile, the cargo to vessel ratio in the Atlantic is said to have tightened — especially for prompt positions.” They also pointed out that the transatlantic C8 has risen $2,250 per day over the past week to reach $11,625 on Friday.

“The capesize market is definitely improving in sentiment, which is a welcome sight for many,” they wrote. “However, with the dark shadow of the lockdown situation in Shanghai hanging over all the shipping markets, the capesize main destination market is unable to fire on all cylinders placing somewhat of a cap on trade at this time.”