This is not ideal for Lewis Hamilton, who lost three hours of running on his first day because of a water leak. In contrast, his team-mate Nico Rosberg has had a much smoother time, clocking up 308 laps.

It's Lewis Hamilton! The world champion has stopped out on track in the Mercedes.

We have our second red flag of the day!

Andrew Benson
Chief F1 writer

"Force India insist that there is no chance they could miss the start of the season despite serious delays in the preparation of their new car. The team have missed this week's first pre-season test in Jerez and now say it is unlikely their 2015 car will be ready for the next in Barcelona from 19-22 February. "But a spokesman said that the team would take part in the second test, even if it was with their 2014 car. And he said there was "no truth" in claims they would miss the first race in Australia."

Following on from the latest on Marussia, I can bring you news on Force India - who have skipped this test.

F1 journalist Dan Knutson in Jerez: "Yet another day of the Red Bull being in the garage instead of the track. Christian Horner and Adrian Newey aren't here to see their car not running - they flew back to the UK last night."

Andrew Benson
Chief F1 writer

Image source, Getty Images

"Ferrari had a nightmare season in 2014 on pretty much every level, with a poor car leading to turmoil in the top management and the departure of Fernando Alonso. But things have been looking up in Jerez this week. Alonso's replacement Sebastian Vettel was fastest on both the first two days, and Kimi Raikkonen seconds quickest on Tuesday - behind the Ferrari-engined Sauber of Felipe Nasr.

"'Raikkonen made encouraging noises, saying: It's a new car and you usually know if the car is going to be good or not good [immediately]. This year is a completely different story to last year. It's a positive start and I had a good feeling straightaway when I went out.' Raikkonen continues in the car for this final day."

Want to know why the 2015 Formula 1 cars are roughly one-and-a-half seconds quicker around Jerez than they were last year? BBC F1 pit-lane reporter Tom Clarkson explains in this video.

Image source, Getty Images

Good work from Lewis Hamilton so far today, the Briton clocking up 30 laps already as we approach the two-hour mark.

Lewis Hamilton improves again, this time clocking a 1:26.701 but he is knocked off his perch by Kimi Raikkonen, who goes fourth tenths quicker in the Ferrari.

Lewis Hamilton lowers the benchmark once more, the world champion clocking a 1:26.998, six seconds quicker than Kimi Raikkonen's Ferrari who is second.

And Lewis Hamilton immediately goes fastest, clocking a 1:28.943. Next time around, he improves again with a 1:27.943. That puts him five second clear of the field and evidence that the track is ready for dry weather tyres.

It looks like the track has dried sufficiently for intermediates to be swapped for dry weather tyres as Lewis Hamilton has bolted on a set of the latter and headed out.

The Marussia team's chances of returning to Formula 1 this season have increased.

The team ceased trading last November but there is now a plan for them to come out of administration on 19 February and receive new investment.

Administrators FRP Advisory said the company was making "progress towards a longer-term viable solution".

Marussia's president Graeme Lowdon has sourced new investors, the identity of which is not yet known.

Kimi Raikkonen moves into top spot now, the Ferrari driver clocking a 1:33.022 with his first effort. That's 2.199 seconds faster than anyone else.

Lewis Hamilton gets on the board with a 1:38.818, three seconds slower than the pace-setting Toro Rosso of Max Verstappen.

Lotus:, external It's a little moist on track so we're biding our time, and resting our minds, till it's appropriately dry out there. Time for a cuppa.

Intermediates are still the order of the day as the track remains slippery following rain earlier this morning. Lewis Hamilton heads out for an exploration.

Toro Rosso's Max Verstappen goes quickest with a 1:37.170, 0.025 seconds quicker than Daniil Kvyat in the Red Bull.

Andrew Benson
Chief F1 writer

"This has not been a great test for Red Bull, to say the least. Daniel Ricciardo managed only 30-odd laps on both his days in the car and Daniil Kvyat, who takes over again today, stuffed the car on an out-lap on Monday, breaking the front wing pillars and forcing him to the rest of the day without a wing at all. And a problem with a part in the Renault engine was limiting mileage.

"Ricciardo said the lack of running, and the problems that had hit the team, were not a huge surprise given how late the car was coming together. 'We came into this test knowing it was a pretty big evolution from last year, and we knew it would be tight,' he said. 'Obviously we'd love to do 150 laps here, but we knew it would be compromised one way or another.' He added, though, that "'I think we're where we thought we would be.'"