Capesize freight rates continued to rise despite mixed market movement between the paper and physical market.
The paper market was pushing for greater height, while the physical market took a breather from flurry of fixtures done previously.
The Baltic Dry Index (BDI) also rallied by 1.78% or 38 points to 2,178 readings, due to record-high Panamax freight rates at almost one-year high.
Mixed market outlook in both basins
Pacific market maintained healthy cargo list from better iron ore shipping demand, however the freight rates still came under pressure amid mixed market outlooks.
Nevertheless, all mining majors were heard to be seeking vessels for the end-April and early-May laycans at the key western Australia to China route.
Meanwhile, there was a standoff between shipowners and charterers in the Atlantic basins that resulted less fixtures.
Despite of that, market participants remained optimistic on more iron ore exports out of Brazil due to the better weather, while miners chased to fulfill their shipment targets.
Rising bunker prices fail to support spot freight rates
Bunker prices rallied on better oil demand, as the price of VLSFO rose by $7.50/mt to $495/mt in the port of Singapore.
Firmer crude oil prices also attributed to the recent bunker prices rally, following a weekly fall of 5.9 million barrels for US crude inventories in early April, according to Energy Information Administration.
The inventory draw fostered market confidence in oil demand recovery by absorbing the massive global oil inventories being built up due to the pandemic.