The Baltic Exchange's dry bulk freight index from a near two-month low hit in the previous session, as Capesize rates rose.
The main Baltic index added six points, or 0.2 per cent, to 2,659. It hit its lowest since April 21 on Wednesday.
The Capesize index was up 63 points, or 1.6 per cent, at 3,940. The index fell to its lowest level in two months in the previous session. Average daily earnings for Capesize vessels increased $569 to $32,228.
Dalian iron ore futures slumped for a third session, as cost supports for the steelmaking ingredient such as energy and shipping rates fell amid weak Chinese demand.
The Panamax index fell 74 points, or 3.3 per cent, to 2,149. Average daily earnings for Panamax vessels fell $670 to $19,339. Rates rose to a near four-year high May 15.
Among smaller vessels, the supramax index was up nine points, or 0.5 per cent, at 1,714.
The US and Iran agreed on a "memorandum of understanding" to end the war, which calls for the immediate opening of the Strait of Hormuz and lifting of the US blockade on Iran.
"Supramax has been impacted the most by the loss of fertiliser cargoes. Fertilisers typically account for only around five per cent of total dry bulk demand, but for 11 per cent of supramax demand," Filipe Gouveia, Shipping Analysis Manager at BIMCO, said in a note.
"While this has been a negative for supramax, rates have increased overall, on higher grain shipments and better Panamax and Capesize segment market conditions," he added.
(Reporting by Ishaan Arora in Bengaluru; Editing by Tasim Zahid)