The dry bulk market continues to sail full steam ahead, toppling one record after another amid tight supply and strong demand for iron ore. The capesize 5TC, a spot-rate average weighted across five key routes, on Thursday improved 3.3% to $61,683, surpassing the $60,000-per-day mark for the first time since 2008.

It last reached that height on 23 September 2008 when it fell 6% to $62,105 per day before falling another 8.7% the next day to $56,724 per day, according to Baltic Exchange data. Before late February 2014, the spot-rate average for capesizes calculated only four key routes.

The capesize bulker sector is in backwardation as the paper market remains well below its physical counterpart. The forward freight agreement (FFA) rate for September improved $364 per day on Thursday to $51,500 per day. It declines steadily over the next few months to $25,161 per day for January 2022.

This latest crossing over the $60,000-per-day threshold comes well short of flirting with $234,000 per day in June 2008. The dry bulk sector’s other asset classes are also maintaining forward momentum amid tight supply and high demand for other commodities such as grain and coal.

The panamax 5TC picked up $300 per day to reach $35,947 per day, while the supramax 10TC gained $121 per day to achieve $36,838 per day. The handysize 5TC improved $271 per day to hit $34,486 per day.

The Baltic Dry Index, which does not factor in handysize rates, added 91 points on Thursday to attain 4,651 points.