Jan 27 (Reuters) – The Baltic Exchange’s foremost sea freight index, which tracks charges for ships carrying industrial commodities, hit a report low on Wednesday on persistent oversupply of vessels and tepid demand.

The total index, which gauges the price of delivery dry bulk together with iron ore, cement, grain, coal and fertiliser, fell eight factors or 2.32 p.c to shut at 337 factors.

The index has tumbled practically 30 p.c in January and is but to register a single session of good points in 2016.

The dry bulk sector has taken a beating from the slowdown in Chinese enterprise and is combating large overcapacity.

The capesize index fell seven factors or 2.89 p.c to 235 factors.

Average every day earnings for capesize vessels, which generally transport 150,000-tonne cargoes similar to iron ore and coal, decreased by $55 to $3,063.

The panamax index dropped 9 factors or 2.88 p.c to a report low of 303 factors.

Average every day earnings for panamaxes, which normally carry coal or grain cargoes of about 60,000 to 70,000 tonnes, fell $69 to $2,428. (Reporting by Arpan Varghese in Bengaluru; Editing by Dale Hudson)

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