The Baltic Exchange's dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, rose to its highest level in more than a week on Thursday with capesize vessel rates leading gains after iron ore prices rose on concerns over tighter supply in China.
The main Baltic index INDEX:BDI, which tracks rates for capesize, panamax and supramax vessels, added 88 points, or 3.4%, to reach 2,650, its highest since June 24.
The capesize index (.BACI) was up 229 points, or 6.2%, at 3,921.
Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes including iron ore and coal, increased $2,079 to $32,060.
Iron ore futures climbed after China restricted deliveries of some Fortescue ASX:FMG products to certain domestic steel mills, tightening supply in the world's largest market for the steelmaking ingredient.
The panamax index (.BPNI) rose 18 points, or 0.8%, to 2,195.
Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000 to 70,000 tons of coal or grain, gained $167 to $19,758.
Among smaller vessels, the supramax index (.BSIS) was up 2 points, or 0.1%, at 1,675.