The Baltic Exchange's main sea freight index rose to its highest in more than two weeks on Thursday as Capesize rates jumped.
The main Baltic index rose by 60 points, or 2.26 per cent, to 2,712 points, its highest since October 13.
However, the index is headed for a second monthly decline of 14.8 per cent.
The Capesize index climbed 204 points, or 5.25 per cent, to 4,090 points, the index's highest since October 12. However, it is headed for a second monthly decline of about 22 per cent.
Average daily earnings for Capesize vessels increased by $1,850 to $33,592.
Iron ore futures climbed to their highest in nearly two weeks on Thursday, supported by rising hot metal output at Chinese steel mills and higher freight rates, although gains were tempered by production curbs in Hebei province.
The Panamax index fell 44 points, or 2.24 per cent, to 1,921 points — its lowest level since April 14. The index is headed for a monthly decline of about 17.6 per cent.
Average daily earnings for Panamax vessels fell by $397 to $17,289.
Among smaller vessels, the supramax index inched down eight points, or 0.43 per cent, to 1,870 points, hitting its lowest since October 20, but on track for a third consecutive monthly gain of 4.5 per cent.
(Reporting by Vishak Mathew in Bengaluru; Editing by Joyjeet Das)