The Baltic Exchange's dry bulk sea freight index hit its highest level since late March, driven by strong demand across Capesize and Panamax vessel segments.
The main index was up 137 points, or 9.2 per cent, at 1,626 - its highest since March 26. The index was up for a seventh straight session.
The Capesize index added 364 points, or 14.7 per cent, to 2,845, its highest since March 14. Average daily earnings for Capesize vessels firmed $3,016 to $23,592.
Iron ore futures dipped, as the focus shifted back to softening steel consumption in top consumer China's off-peak demand season.
The Panamax index gained 66 points, or 5.8 per cent, to 1,211, a near two-week high. Average daily earnings for Panamax vessels were up $592 at $10,899.
Among smaller vessels, the supramax index lost 4 points, to 936 points, its lowest since April 14.
Chinese President Xi Jinping on Thursday held talks with US President Donald Trump by phone, the official Xinhua news agency reported. On Wednesday, Washington's doubled tariffs on imported steel and aluminum came into effect.
(Reporting by Ishaan Arora in Bengaluru; Editing by Vijay Kishore)