The Baltic Exchange's main sea freight index rebounded on Wednesday from a more than two-week low hit in the previous session, helped by stronger Capesize and Panamax vessel rates.
The main Baltic index was up 104 points, or 4.02 per cent, to 2,694 points.
The Capesize index rose 276 points, or 7.22 per cent, to 4,097.
Average daily earnings for Capesize vessels increased by $2,511 to $33,659.
Iron ore prices rebounded on Wednesday, supported by short-covering and expectations that steelmakers in top consumer China will begin restocking ahead of the Lunar New Year holiday.
The Panamax index snapped its 15-session losing streak and added 28 points, or 1.50 per cent, to 1,894 points, the index's highest level in nearly a week.
Average daily earnings for Panamax vessels rose by $258 to $17,049.
Among smaller vessels, the supramax index lost 11 points, or 0.60 per cent, to 1,835 points, hitting its lowest since October 13.
(Reporting by Vishak Mathew in Bengaluru; Editing by Vijay Kishore)