The Baltic Dry Index (BDI) lost nearly another 3% on Monday to plunge below the 600 points barrier and is closing in on an all time low.

The BDI closed at 590 points on Monday have shed 2.96% from its Friday close of 608 points.

If the level of decline continues at its current rate it could hit an all time low by Friday 6 February Dimitris Belbas, managing director, head of ship finance noted at Mare Forum Singapore 2015 on Tuesday.

The all time low of the BDI was hit 29 years ago on 6 August when it dropped to 554 points. The Index would only need to shed another 36 points from yesterday's close to drop to this level.