Capesizes led the charge with spot rates rising to almost $20,000/day in late March – more than five times their levels of just a few weeks earlier, although they have since fallen to $15,000/day. Meanwhile panamax rates have risen above $11,000/day for the first time this year, having averaged $7.500/day during February. Handysizes are now over $8,000/day, up almost 50% since February.