The Baltic Exchange's main sea freight index climbed to a two-week high on Wednesday, supported by firmer Capesize and Panamax segments.
The main index rose 45 points, or 2.3 per cent, to 2,003 points, its highest level since October 23.
The Capesize index gained 137 points, or 4.7 per cent, to 3,084. Average daily earnings for Capesize vessels increased $1,129 to $25,573.
Dalian iron ore futures declined for a fourth consecutive session on Wednesday, weighed down by concerns about demand in top consumer China due to a persistently weak manufacturing sector.
The Panamax index rose five points, or 0.3 per cent, to 1,793, snapping a seven-session losing streak. Average daily earnings for Panamax vessels was up by $50 to $16,140.
Among smaller vessels, the supramax index lost four points, or 0.3 per cent, to 1,307.
(Reporting by Sherin Elizabeth Varghese in Bengaluru; Editing by Vijay Kishore and Krishna Chandra Eluri)