Baltic Exchange's main sea freight index , tracking rates for ships carrying dry bulk commodities, hit a more than 11-year peak bolstered by firmer rates across vessel segments.
The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 69 points, or 2.1%, at 3,324, its highest level since June 2010
The capesize index edged up 34 points, or 0.9%, to 4,021.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, increased $279 to $33,348.
Iron ore futures in Asia rose on Monday, supported by a steady decline in portside stockpiles of the steelmaking ingredient in China.
The panamax index was up 185 points, or 5.1%, at 3,827 points, the highest since June 2010.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $1,673 to $34,447.
Among smaller vessels, the supramax index rose 22 points to 2,899.
(Reporting by Eileen Soreng and Seher Dareen; Editing by Rashmi Aich)