The Baltic Exchange's main sea freight index gained nearly 2 percent on Thursday to hit an over three-week high, buoyed by an improvement in activity across vessel segments.
The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, was up 21 points, or 1.83 percent, at 1,167 points, its highest since Jan. 30.
The capesize index gained eight points, or 0.47 percent, at 1,725 points.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $111 at $13,512.
The panamax index was up 50 points, or 3.6 percent, at 1,438 points.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, increased $397 to $11,529.
"Despite a quieter week than normal, freight rates have started to increase in both hemispheres the last couple of days," ship brokerage firm Fearnleys said in a weekly report on Wednesday refering to the panamax segment in particular.
"... helped by more fresh cargoes in the market and a general psychological consensus that freight rates will increase when the Chinese are coming back fully."
Among smaller vessels, the supramax index rose 15 points to 871 points, while the handysize index rose 7 points to 529 points.
Reporting by Vijaykumar Vedala; Editing by Shounak Dasgupta