The Baltic Exchange's dry bulk sea freight index extended its gains from the previous session and rose to a more than one-month high on Monday, supported by higher Capesize vessel rates.
The main index gained 27 points, or 1.3 per cent, to 2,153 points, its highest since July 28.
The Capesize index added 84 points, or 2.7 per cent, to 3,154 points, its highest level since August 18. Average daily earnings for Capesize vessels increased $699 to $26,156.
Prices of iron ore futures ended lower on Monday, pressured by persistent weakness in top consumer China's property sector, even as steel benchmarks and steelmaking ingredients posted gains.
Meanwhile, the Panamax index snapped a seven-day winning streak, losing three points, or 0.2 per cent, to 2,003 points. Average daily earnings for Panamax vessels lost $29 to $18,027.
Among smaller vessels, the supramax index rose by one point, or 0.1 per cent, to 1,493 points.
(Reporting by Pablo Sinha in Bengaluru; Editing by Vijay Kishore)