The Baltic Exchange's main sea freight index rose to its highest since October last year as capesize rates continued to firm.
The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels, was up 88 points, or 5%, to 1,849, its highest since Oct. 9, 2020.
The capesize index rose 231 points, or about 7.8%, to 3,186, a three-month high.
The index has registered strong gains for the past three sessions, rising 1,064 points overall on record cold weather in China driving up power demand.
Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were up $1,914 to $26,421.
Benchmark iron ore futures on the Dalian bourse inched up 0.1% to 1,049 yuan a tonne at close.
The panamax index climbed 25 points, or 1.5%, to 1,645, its highest level in nearly four months.
Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, added $222 to $14,803.
The supramax index rose 16 points to 1,055, highest since Dec. 18, 2020.
(Reporting by Bharat Govind Gautam; editing by Uttaresh.V)