The Baltic Exchange's dry bulk sea freight index hit a more than one-month high on Tuesday, driven by higher rates across all vessel segments.
The main index or three per cent, to 2,079 points, its highest level since July 29.
Meanwhile, the Capesize index rose to a two-week high, adding 104 points, or 3.6 per cent, to 3,016 points, its highest since August 26. Average daily earnings for Capesize vessels added $867 to $25,017.
Iron ore futures climbed for a sixth straight session, driven by mounting concerns over supply prospects from the giant Simandou project in Guinea, coupled with expectations of improving demand in top consumer China.
The Panamax index gained 77 points, or 4.2 per cent, to 1,923 points, reaching its highest since July 17. Average daily earnings for Panamax vessels increased by $698 to $17,311.
Among smaller vessels, the supramax index rose nine points, or 0.6 per cent, to 1,473 points.
(Reporting by Pablo Sinha in Bengaluru; Editing by Vijay Kishore)