The Baltic Exchange's main sea freight index rose on Friday and logged its third straight weekly gain, helped by stronger Capesize and Panamax vessel rates.
The main Baltic index was up 65 points, or 2.37 per cent, at 2,805 points — extending gains to its highest level since October 12.
The index posted a 3.4 per cent weekly rise.
The Capesize index rose 153 points, or 3.65 per cent, to 4,344 points, hitting its highest level in nearly a month.
The Capesize index also recorded a third consecutive weekly gain, up 5.3 per cent.
Average daily earnings for Capesize vessels increased by $1,382 to $35,892.
Iron ore futures were steady on Friday and notched a second weekly gain, supported by expectations of further coke price cuts that could ease cost pressures on steel mills.
The Panamax index added 47 points, or 2.40 per cent, to reach 2,003 points, its highest level since October 27.
The index gained six per cent this week.
Average daily earnings for Panamax vessels rose by $427 to $18,030.
Among smaller vessels, the supramax index lost nine points, or 0.49 per cent, to reach 1,815 points, extending losses to its lowest since October 9.
The index logged a 2.7 per cent weekly fall, its second consecutive weekly decline.
(Reporting by Vishak Mathew in Bengaluru; Editing by Jonathan Ananda)