Feb 1 (Reuters) – The Baltic Exchange’s foremost sea freight index, which tracks charges for ships carrying industrial commodities, touched a brand new all-time low on Monday as considerations of weak world demand and vessel oversupply weighed on the sector.

The general index, which gauges the price of delivery dry bulk together with iron ore, cement, grain, coal and fertiliser, dipped three factors or 0.96 p.c to 314 factors.

A slowdown within the Chinese financial system, which grew at its slowest tempo in 1 / 4 of a century in 2015, and an enormous over-capacity in vessels has meant the index has been hitting new all-time lows for many of 2016.

The capesize index rose 4 factors or 1.86 p.c to 215 factors.

Average each day earnings for capesize vessels, which usually transport 150,000-tonne cargoes resembling iron ore and coal, elevated by $21 to $2,806.

The panamax index dropped 5 factors or 1.77 p.c to a contemporary file low of 282 factors.

Average each day earnings for panamaxes, which often carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $39 to $2,260. (Reporting by Harshith Aranya and Vijaykumar Vedala in Bengaluru; Editing by Alexander Smith)

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