Feb 3 (Reuters) – The Baltic Exchange’s major sea freight index, which tracks charges for ships carrying industrial commodities, tumbled to a different contemporary low on Wednesday on worries about vessel oversupply and slowing international demand.

The total index, which gauges the price of transport dry bulk together with iron ore, cement, grain, coal and fertiliser, fell seven factors or 2.26 % to 303 factors.

The index has but to register a single session of positive factors this yr, recording new lows in 21 of the 23 periods.

A slowdown within the Chinese economic system, which grew at its slowest tempo in 1 / 4 of a century in 2015, and an enormous over-capacity in vessels has hit the index onerous.

The capesize index fell eight factors or 3.69 % to 209 factors.

Average each day earnings for capesize vessels, which usually transport 150,000-tonne cargoes akin to iron ore and coal, decreased by $47 to $2,775.

The panamax index rose two factors, or 0.71 %, to 284 factors.

Average each day earnings for panamaxes, which normally carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $15 to $2,275.

The handysize index and the supramax index fell 9 factors to 203 factors, and to 280 factors respectively. (Reporting by Harshith Aranya in Bengaluru; Editing by Greg Mahlich)

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