The Baltic Exchange's dry bulk freight index reached its highest level in nearly two weeks on Wednesday on firm demand across vessel categories.
The main Baltic index added 39 points, or 1.3 per cent, to 3,124, its highest level since May 15.
The Capesize index was up 78 points, or 1.5 per cent, at 5,272, marking a two-week high. Average daily earnings for Capesize vessels increased $712 to $44,314.
China's coking coal prices fell on Wednesday as concerns about steel demand outweighed the supply jitters triggered by a deadly mine accident in northern Shanxi province that had propelled a rally for two straight sessions.
The Panamax index rose 34 points, or 1.5 per cent, to 2,292, highest level since May 20. Average daily earnings for Panamax vessels gained $311 to $20,629.
Among smaller vessels, the supramax index edged up three points, or 0.2 per cent, to 1,562.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Joyjeet Das)