The Baltic Exchange's main sea freight index ticked up to its highest level in a month on Tuesday, helped by stronger Panamax vessel rates.
The main Baltic index or 0.3 per cent, to 2,862 points, its highest since 9 October.
The Capesize index was steady at 4,457 points after reaching its highest level in more than a month in the previous session.
Average daily earnings for Capesize vessels decreased by $19 to $36,917.
Iron ore futures traded in a narrow range on Tuesday, as a sharp drop in global shipments and arrivals at Chinese ports offset pressure from high inventories and weak steel-mill demand.
The Panamax index added 38 points, or 1.9 per cent, to reach 2,075 points, matching the level last hit on 26 October.
Average daily earnings for Panamax vessels rose by $342 to $18,672.
Among smaller vessels, the supramax index lost four points, or 0.2 per cent, to reach 1,806 points, its lowest since October 7.
(Reporting by Vishak Mathew in Bengaluru; Editing by Joyjeet Das)