The Baltic Exchange's main sea freight index rose on Wednesday, buoyed by stronger Capesize vessel rates.
The main Baltic index rose by 49 points, or 1.88 per cent, to 2,652 points.
The Capesize index climbed 184 points, or 4.97 per cent, to 3,886 points, its highest in two weeks.
Average daily earnings for Capesize vessels increased by $1,670 to $31,742.
Iron ore futures rose on Wednesday, as a resumption in mill production balanced out expectations of greater supply pressure from a pickup in port arrivals.
The Panamax index fell 56 points, or 2.77 per cent, to 1,965 points — its lowest level since late April.
Average daily earnings for Panamax vessels fell by $507 to $17,686.
Among smaller vessels, the supramax index inched down five points, or 0.27 per cent, at 1,878 points, hitting its lowest in one week.
(Reporting by Vishak Mathew in Bengaluru; Editing by Shilpi Majumdar)