We are sure it's just a storm in a teacup; just a brief interlude before the IMF's ever-changing forecast for global trade [3] growth picks right back up again and demand to ship dry goods surges back to the inventory stuffed levels of Q4. But, for now, the Baltic Dry Index (admired when it's rising, ignored when it drops) has collapsed by over 50% from its December highs and is back to August lows.
[4]
Charts: Bloomberg