The Baltic Exchange's main sea freight index extended gains on Thursday, helped by stronger Capesize and Panamax vessel rates.
The main Baltic index was up 46 points, or 1.71 per cent, to 2,740 points — extending gains to its highest level since October 13.
The Capesize index rose 94 points, or 2.29 per cent, to 4,191 points, hitting its highest level in nearly a month.
Average daily earnings for Capesize vessels increased by $851 to $34,510.
Iron ore prices rose for a second straight session on Thursday, reaching a one-month high as a sharp rally in Chinese equities and improving steel margins boosted investor sentiment.
The Panamax index added 62 points, or 3.27 per cent, to 1,956 points, the index's highest level in over a week.
Average daily earnings for Panamax vessels rose by $554 to $17,603.
Among smaller vessels, the supramax index lost 11 points, or 0.60 per cent, to 1,824 points, extending its losses to its lowest since October 12.
(Reporting by Vishak Mathew in Bengaluru; Editing by Tasim Zahid)