The global dry bulk sector continues to struggle, with the Baltic Dry Index hitting yet another all-time low.
The Baltic Dry Index Wednesday fell to a fresh all time low of 471, for a 2.7 percent drop on the day for the metric.
The fall follows an at-the-time all time low of 484 being recorded yesterday.
Once again, the decline was led by a slide in Capesize shipping, with the index for that sector falling 74 points on the day, for a drop of 11.9 percent.
To underscore how low rates have fallen, miner Rio Tinto was reported to have booked an unnamed capesize vessel to transport ore from Dampier, Australia to Qingdao, China for $3.35/tonne, a new all-time low for the route.
On Tuesday, Ship & Bunker reported that analysts expect the dry bulk market to remain under pressure through 2017.