The cost of shipping bulk commodities such as iron ore, coal or grains yesterday tumbled to its lowest level in almost six years as recession fears intensified and the difficulty of obtaining trade finance left many ships without any cargo.

The Baltic Dry Index, a benchmark for global freight costs, plunged 10.7 per cent on the day, to 1,615 points, its lowest level since February 2003. The index has fallen 49.8 per cent since the end of September amid weakening demand.