The Baltic Exchange's main sea freight index climbed for a seventh consecutive session to reach its highest level in over a month on Thursday, supported by gains across all vessel segments.
The main Baltic index rose 61 points, or 2.1 per cent, to 3,020 points, its highest since October 5.
The Capesize index gained 136 points, or 2.9 per cent, to 4,836 points, its strongest level since October 2.
Average daily earnings for Capesize vessels increased by $1,232 to $40,357.
Iron ore futures fell on Thursday as sluggish port trading and the prospect of more Simandou supply weighed on prices.
The Panamax index added 14 points, or 0.7 per cent, to reach 2,117 points, its highest level since October 22.
Average daily earnings for Panamax vessels rose $131 to $19,054.
Among smaller vessels, the supramax index was up 21 points, or 1.2 per cent, to reach 1,831 points, its highest in over a week.
(Reporting by Vishak Mathew in Bengaluru; Editing by Shreya Biswas)