The Baltic Dry Index (BDI) fell the for the second straight day in 2016 to hit a new low on Tuesday.

The BDI fell five points on Tuesday to close at 468 points. It marks a new all time low for the index three points less than the previous low of 471 points set in mid-December last year.

Capesize rates continued to weaken with the Baltic Capesize Index (BCI) fell 10 points to 462 points with the average spot TC Index dropping $135 to $4,676 per day.