The dry bulk market started the year with a fall in the Baltic Dry Index (BDI) to close to its all time low.

The BDI lost five points on Monday to close at 473 points as dry bulk markets were hit by concerns over the Chinese economy with the Shanghai stock market plunging 7% yesterday.

The latest fall in the BDI sees it just two points above its all time low of 471 points registered in mid-December.

Average spot TC rates for a capesize were down $154 at $4,811 per day. The last week has seen major listed dry bulk owners Star Bulk Carriers and Scorpio Bulkers offloading capesizes including newbuildings due for delivery in the first half of 2016.