The Baltic Exchange's main sea freight index rose on Thursday, due to higher rates across all vessel segments.
The main index gained 42 points, or three per cent, to 1,465 points.
The Capesize index rose 10 points, or 0.6 per cent, to 1,664. The contract snapped a seventeen-session losing streak. Average daily earnings for Capesize vessels increased $84 to $13,799.
Iron ore futures gained for a third straight session, hitting multi-month highs, as hopes of a new wave of reforms to rein in steel supply and more stimulus measures from top consumer China boosted sentiment.
The Panamax index rose 102 points, or 6.3 per cent, to 1,723, marking its highest level since July 31 last year. Average daily earnings for Panamax vessels gained $917 to $15,507.
Among smaller vessels, the supramax index added 31 points, or 2.7 per cent, to 1,182.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Sahal Muhammed)