As dry bulk shipping woes continue to mount the Baltic Dry Index (BDI) hit an all time low on Thursday.

The BDI dropped 15 points on Thursday to close at 504 points, five points below its previous all time low of 509 points in February this year.

The BDI has been hit by a slowdown in Chinese demand for iron ore and coal, combined with reduced vessel scrapping in the second half of the year which had resulted in a dead cat bounce between May and early August with the index hitting 1,222 points.

The new all time low will be depressing news for owners and operators already struggling to keep their heads above water, after a peak in late 2014 promised rebound in 2015, that failed spectacularly to deliver.