Feb 8 (Reuters) – The Baltic Exchange’s principal sea freight index, which tracks charges for ships carrying industrial commodities, registered a brand new all-time low on Monday on muted vessel demand.

The general index, which gauges the price of transport dry bulk together with iron ore, cement, grain, coal and fertiliser, fell 4 factors to 293 factors. The index slid under the 300 mark for the primary time on Feb. 4.

The index is but to rise in a single session this 12 months, tumbling practically 40 p.c and touching contemporary lows in 24 of the 26 periods.

A slowdown within the Chinese financial system, which expanded at its slowest tempo in 1 / 4 of a century in 2015, and an enormous over-capacity in vessels has hit the index exhausting. Chinese markets are closed from Feb. 8 to Feb. 12 for the Lunar New Year vacation.

“The fundamentals that we are experiencing now are unlikely to change much in the first half of this year so owners and charterers should not expect too much recovery post Chinese New Year,” transport companies agency Braemar ACM mentioned in a be aware Monday.

The capesize index fell 5 factors to 207 factors.

Average day by day earnings for capesize vessels, which usually transport 150,000-tonne cargoes corresponding to iron ore and coal, fell $43 to $2,781.

The panamax index rose three factors at 298 factors.

Average day by day earnings for panamaxes, which often carry coal or grain cargoes of about 60,000 to 70,000 tonnes, rose $29 to $2,390. (Reporting By Nallur Sethuraman in Bengaluru, modifying by David Evans)

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