The Baltic Exchange's dry bulk freight index edged higher on Tuesday after hitting a more than two-month low in the previous session, as Capesize and Panamax vessel rates rose.
The main Baltic index added 11 points, or 0.4 per cent, to reach 2,501. It hit its lowest since April 15 on Monday.
The Capesize index was up 10 points, or 0.3 per cent, at 3,548. Average daily earnings for Capesize vessels increased $90 to $28,678.
Iron ore futures climbed as stronger Chinese manufacturing data and a drop in global shipments of the key raw material overrode concerns over mounting margin pressure at steel mills.
The Panamax index rose 30 points, or 1.4 per cent, to 2,154. Average daily earnings for Panamax vessels gained $266 to $19,383.
Among smaller vessels, the supramax index was down one point, or 0.06 per cent, at 1,667.
(Reporting by Sumit Saha in Bengaluru; Editing by Jonathan Ananda)