The Baltic Exchange's main sea freight index rose for a sixth straight session on Wednesday, driven by gains across all vessel segments.
The main Baltic index rose 97 points, or 3.4 per cent, to 2,959 points, its highest since October 8.
The Capesize index gained 243 points, or 5.5 per cent, to 4,700 points.
The index hit its highest level since October 5.
Average daily earnings for Capesize vessels increased by $2,208 to $39,125.
Iron ore futures slipped on Wednesday as anticipated output curbs in key steelmaking hubs in China's Hebei province and a lack of improvement in steelmakers' margins dampened buying interest.
The Panamax index added 28 points, or 1.4 per cent, to reach 2,103 points.
The index climbed to its highest level since October 23.
Average daily earnings for Panamax vessels rose by $251 to $18,923.
Among smaller vessels, the supramax index edged up four points, or 0.2 per cent, to reach 1,810 points, snapping a 11-session losing streak.
(Reporting by Vishak Mathew in Bengaluru; Editing by Joyjeet Das)