The hike in rates came amid speculation that the demand from China has dried out the fleet capacity available for charter.
“China was particularly more active in the market with a record number of fixtures this week from all areas,” Bloomberg cited George Los, a New York-based analyst at shipbroker Charles R. Weber Co as saying.
According to him, the move came as a surprise but it was not expected to see rates to continue shooting up.
The shrinking of ship supply is also believed to have been contributed by the recent picking up of activity in West Africa Market.
Namely, there has been a growing number of ships being chartered by China to haul crude from West Africa.