The Baltic Exchange's dry bulk sea freight index rose, supported by strong rates across all vessel segments on Friday, and registered its first weekly gain in four.
The main index or 13.5 per cent, to 1,663 points, hitting its highest since June 25. The contract was up two per cent for the week.
The Capesize index rose 440 points, or 26.4 per cent, to 2,104. The contract logged its highest daily percentage gain since March 1, 2023. However, it was down over 10 per cent for the week.
Average daily earnings for Capesize vessels increased $3,654 to $17,453.
Iron ore futures rose and were headed for a third weekly gain, underpinned by renewed hopes that top consumer China's crackdown on a price war will pave the way for another round of reforms to curb steel overcapacity.
The Panamax index rose 137 points, or eight per cent, to 1,860, marking its highest level since June 20 last year. The contract was up 13.4 per cent for the week. Average daily earnings for Panamax vessels gained $1,236 to $16,743.
"The Panamax market has gained significant upward momentum this week, primarily fueled by a robust Atlantic basin," shipbroker Fearnleys wrote in a weekly note on Wednesday.
"This Atlantic strength has had a positive spillover effect, stimulating the previously quiet Indonesian market and lending support to a firmer tone in the Pacific."
Among smaller vessels, the supramax index added 37 points, or 3.1 per cent, to 1,219.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Tasim Zahid)