The Baltic Exchange's main sea freight index rose to its highest in more than a week on Wednesday as Capesize rates jumped.
The main Baltic index rose by 87 points, or 3.36 per cent, to 2,680 points, its highest since October 13.
The Capesize index gained 271 points, or 7.69 per cent, to 3,793 points.
Average daily earnings for Capesize vessels increased by $2,453 to $30,895.
Iron ore futures were little changed on Wednesday, as a rebound in freight costs and expectations of short-term supply disruptions countered weak underlying demand.
The Panamax index fell 43 points, or 1.91 per cent, to 2,204 points.
Average daily earnings for Panamax vessels fell by $387 to $19,836.
Among smaller vessels, the supramax index rose by two points, or 0.11 per cent, to 1,870 points.
(Reporting by Noel John in Bengaluru; Editing by Tasim Zahid)