The Baltic Exchange's dry bulk sea freight index hit a one-week high on Monday, driven by higher rates across all vessel segments.
The main index increased by 40 points, or two per cent, to 2,019 points, its highest level since September 1.
The Capesize index also rose to a one-week high, adding 77 points, or 2.7 per cent, to 2,912 points, its highest since September 1. Average daily earnings for Capesize vessels added $637 to $24,150.
Iron ore futures rose for a fifth straight session on Monday, supported by a sharp fall in shipments from a major supplier and resilient steel exports in top consumer China.
The Panamax index gained 44 points, or 2.4 per cent, to 1,846 points, reaching its highest since August 29. Average daily earnings for Panamax vessels increased by $392 to $16,613.
Among smaller vessels, the supramax index rose eight points, or 0.6 per cent, to 1,464 points.
(Reporting by Pablo Sinha; Editing by Sahal Muhammed)