The Baltic Exchange has provided no reason for the very rare action.
The Australian iron ore producer angered influential shipping identities last December after defaulting on 10 shipping contracts potentially worth more than a billion dollars, without prior notice.
The cancellations came days after revealing a A$360m (£241.2m) quarterly profit. Fortescue claimed force majeure, arguing that the market collapse in iron ore demand and freight rates prevented it from loading cargo and honouring contracts.
The action was a direct contravention of the Baltic Exchange's code of conduct, which insists members honour commercial contracts and first settle disputes via bilateral negotiation.
The last known suspension was London shipbroker Marcan Shipping, in 2005, a Baltic Exchange spokesman said.
The exchange declined further comment.
Arbitration has begun against Fortescue in London courts, as well as legal action in the US over the defaults.
Companies controlled by prominent shipowners George Economou, insolvent Armada Shipping's Lars-Peter Madsen and Martin Egvang, Samy Ofer, and John Angelicoussis had deals with Fortescue. Only one company, Bocimar, owned by shipowner, Marc Saverys, has settled.
Fortescue is one of the Baltic Exchange's 580 members. It joined in 2007, shortly before it began shipping iron ore from its newly-opened, $2.6bn mines in Western Australia in the first quarter of 2008.
The company's decision to take greater control of shipping logistics saw it export up to 40% of iron ore on Cost Including Freight terms until the December suspension.
These shipments were covered under time charters and contracts of affreightment of up to six years' duration, signed from late 2007 to mid-2008, at the height of the six-year shipping supercycle. Contract rates were up to four times current levels in today's spot market.
Fortescue has set aside $144m in case any legal action is successful and booked a $74m loss on shipping contracts in the last six months of 2008,
Thurlestone Shipping, the London-based broker and Baltic member which brokered the contracts on Fortescue's behalf, declined to comment.