The Baltic Exchange's main sea freight index tracking rates for ships ferrying dry bulk commodities scaled an over one-year peak on Monday, propelled by higher rates across vessel segments, with panamax rates touching an over 10-year high.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, rose 38 points, or 1.7%, to 2,319, its highest since September 2019.
The capesize index advanced 38 points, or 1.6%, to 2,382.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as coal and steel-making ingredient iron ore, rose $314 to $19,751.
Markets eyed the possibility of further production cuts in the top steel-producing city of Tangshan in China, which accounts for more than half of the world's steel output.
Earlier this month, China vowed to go after violators of air quality rules in its steel industry.
The panamax index advanced 83 points, or 2.8%, to 3,058, its highest since August 2010.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,00 tonnes, rose $747 to $27,520.
The supramax index rose 11 points to 2,133, its highest since at least April 2017, according to Refinitiv Eikon data.
(Reporting by Anjishnu Mondal; Editing by Krishna Chandra Eluri)