BDI Down Again

The poor old Baltic Cry Index closed another 81 points lower last night, crashing to 1709, a nice round 2500 points lower than it's recent May 26th high of 4209.

That equates to a near 60% drop in little more than six weeks.

It seems to me that it's days as a leading global economic indicator might be over. Things aren't really THAT bad surely? More like an indicator of an oversupply of ships than anything else.