The Baltic Exchange's dry bulk freight index rose to a more-than-one-month high on Tuesday, supported by higher rates in across key vessel segments.
The main Baltic index added 20 points, or 0.7 per cent, to reach 2,980, its highest level since early June.
The Capesize index was up 49 points, or one per cent, at 4,751, its highest in over a month. Average daily earnings for Capesize vessels rose $445 to $39,583.
Iron ore futures rose, as an escalation in the Strait of Hormuz lifted freight costs and as confirmation of a strike at BHP's Port Hedland operations added to supply concerns, while strong restocking demand from Chinese steel mills also supported prices.
The Panamax index was up one point at 2,251. Average daily earnings for Panamax vessels rose $6 to $20,260.
Among smaller vessels, the supramax index was up three points, or 0.2 per cent, at 1,710, highest level since June 22.
(Reporting by Vedika Thorat in Bengaluru; Editing by Joyjeet Das)