The Baltic Exchange's dry bulk sea freight index snapped a five-day losing streak on Wednesday, supported by gains in Capesize vessel rates.
The main index rose 11 points, or 0.6 per cent, to 1,961 points.
The Capesize index gained 59 points, or 2.1 per cent, to 2,843 points. Average daily earnings for Capesize vessels increased by $491 to $23,580.
Iron ore futures prices gained on Wednesday for a third straight session to hit their highest in two weeks, bolstered by optimism on a trade deal between the US and China.
Donald Trump and South Korean President Lee Jae Myung finalised details of their fraught trade deal at a summit in South Korea on Wednesday, and the US president also sounded an optimistic note about a looming summit with China’s Xi Jinping.
Meanwhile, the Panamax index fell for a third straight session, losing 19 points, or one per cent, to 1,885 points, hitting its lowest level since October 21. Average daily earnings for Panamax vessels fell by $176 to $16,962.
Among smaller vessels, the supramax index lost eight points to 1,342 points.
(Reporting by Pablo Sinha in Bengaluru; Editing by Sahal Muhammed)
