Some interesting reading from the BDI – Baltic Dry Index – that tells us the cost of hiring a bulk commodity shipping cargo. The BDI is a good indicator of concurrent trade and industrial activities globally – rising BDI means tighter supply of shipping capacity and thus increased shipping volumes – spot. Back in 2008 is was at a record high of 11,793.
Now, January 2009 saw BDI falling to 772 low, it then recovered with some tremendous volatility through the year before setting annual 2009 average of 2658. As of today it is at 2598 – below the 2009 average and at only 22% of the 2008 peak.
Not much of a sign of a global recovery here.