With growing optimism for a ceasefire between Ukraine and Russia, it has seen a rise in bulk vessel demand, driven by the anticipated transportation of rebuilding materials such as steel and cement.

The Baltic Dry Index (BDI) and bulk vessel freight rates have been trending upward, alongside rising iron ore prices. In the past week alone, Capesize bulk vessel freight rates have surged by 38%.

Over the past decade, the Capesize bulk vessel market has remained sluggish. As a result, the current number of Capesize vessels is among the lowest in the past 20 years.