Scrapping in the sector during 2015 was reported to be the second highest on record.
After starting the year soft, the Baltic Dry Index Tuesday fell 5 points to a fresh all time low of 468.
Analysts and market watchers alike were quick to point the finger at the now all too familiar story of concerns over the Chinese economy, not helped by a 7 percent slide on the Shanghai stock market Monday that resulted in a trading halt.
Media reports also surfaced indicating that scrapping in the sector during 2015 was second highest on record.
Average spot TC rates for capesize's Tuesday fell $135 to $4,676 per day, supramaxes were down $43 to $4,656 per day.
The Panamax index, meanwhile, firmed $16 to $3,722 per day.
Last month Ship & Bunker reported that Symeon Pariaros, chief administrative officer at Greece-based Euroseas, warned that "only companies with very strong balance sheets" will likely survive the sector's current downturn.