UNITED KINGDOM January 27 2016 5:44 PM     

LONDON (Scrap Register): The main sea freight index at  Baltic Exchange for ships carrying dry bulk commodities dropped further to new  record low level of 337 points on Wednesday mainly due to lower crude oil prices  and the bleak demand outlook for raw commodities from China.

Concerns  over a global economic slowdown were fuelled after a leading economic indicator  measuring future economic activity tumbled to an all-time low on 27 January  2016.

The Baltic Dry Index, which provides an assessment of the price of  moving the major raw materials – such as coal, iron ore and grain – by sea by  taking in 23 shipping routes measured on a time charter basis, fell by another 8  points to a historic low of 337 on Wednesday.

The index is based on a  daily survey of agents all over the world. Baltic Dry hit a temporary peak on  May 20, 2008, when the index hit 11,793. The lowest level ever reached was on  Tuesday, January 27 2016, when the index dropped to 337 points.