The Baltic Exchange's main sea freight index rose to a more than two-week high on Thursday, buoyed by firmer rates across all vessel segments.
The main index rose 60 points, or three per cent, to 2,063 points, its highest level since October 22.
The Capesize index gained 158 points, or 5.1 per cent, to 3,242, its highest in over three weeks. Average daily earnings for Capesize vessels increased $1,315 to $26,888.
Dalian iron ore futures prices snapped a four-session losing streak to end higher on Thursday due to a fall in global shipments, although lingering concerns about oversupply curbed gains.
The Panamax index rose 24 points, or 1.3 per cent, to 1,817. Average daily earnings for Panamax vessels was up by $211 to $16,351.
Among smaller vessels, the supramax index gained five points, or 0.4 per cent, to 1,312.
(Reporting by Anushree Mukherjee in Bengaluru; Editing by Shailesh Kuber)