Spot capesize rates continued to storm upwards because of increased enquiries combined with tonnage tightness. The average weighted time charter on the Baltic Exchange gained 2.8% to hit $63,030 per day at the close on Monday compared with Friday’s quote. That marks a 17% increase from a week ago and is the highest level for the 180,000-dwt assessment, which launched in 2014. The Baltic Capesize Index jumped to 7,600 points, which the highest position since November 19, 2009.

“The main driving force for the market came from the Pacific, as West Australian charterers were caught early on in the week dealing with a slim selection of choices and troubled vessel schedules resulting from the previous week’s weather in eastern China,” the Baltic Exchange said in a note at the end of last week. The C5 Western Australia to China route leapt up $3,759 at the beginning of last week to $20,145 before falling back on Friday to $19,082, while the C10 Transpacific route closed the week at a significant $67,000, despite being lower than the previous day’s high of $70,742.

Meanwhile, the fronthaul C9 route commanded a $81,775 price tag, allowing owners to cash in on their premium position for the price of repositioning to the Pacific, the London-based exchange said in the note.

Given the high rates, some owners such as Norway-based Golden Ocean were said to be staying exposed to the spot market for now but were looking to cover the traditional weaker months in the early part of next year with either floating or fixed rates.

Belships chief executive Lars Christian Skarsgård said his company had recently fixed a newbuilding for six months at $41,000 per day. Earlier in the year, one-year charters had been concluded at the $21,000-$22,000 per day range, while a two-year deal had been conducted at about $23,000-$24,000 per day, he said on a recent Arctic Securities’ webinar.

For 2020 Bulkers, its index-linked charters provide flexibility, always “capturing the market”, said its chief executive Magnus Halvorsen.