The Baltic Exchange's dry bulk freight index, which tracks rates for ships carrying dry bulk commodities, 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 INDEX:BDI, which tracks rates for capesize, panamax and supramax vessels, added 11 points, or 0.4%, to reach 2,501. It hit its lowest since April 15 on Monday.
The capesize index (.BACI) was up 10 points, or 0.3%, at 3,548.
Average daily earnings for capesize vessels (.BATCA), which typically transport 150,000-ton cargoes including iron ore and coal, 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 (.BPNI) rose 30 points, or 1.4%, to 2,154.
Average daily earnings for panamax vessels (.BPWT), which usually carry 60,000 to 70,000 tons of coal or grain, gained $266 to $19,383.
Among smaller vessels, the supramax index (.BSIS) was down 1 point, or 0.06%, at 1,667.