The Baltic Dry Index dropped another 3% today to 590 - its first time below 600 since 1986 and not far from the all-time record low of 554 in July 1986. Of course, the absolute level is shrugged off by the over-supply-ists and the 'well fuel prices are down'-ists but the velocity of collapse (now over 60% in the last 3 months) suggests this far more than some 'blip' discrepancy between supply and demand - this is a structural convergence of massive mal-investment meets economic reality.
The Baltic Dry Index drops even more... new 29 year lows...
[5]
The fastest 3-month plunge since Lehman...
[6]
Over-supply...
[7]
Or under-demand...
[8]
Charts: Bloomberg
