As I noted just a couple of days ago, global trade growth is falling off the cliff (see: http://trueeconomics.blogspot.ie/2015/02/1215-world-trade-growthnow-scariest.html). And euro area's trade growth is leading to the downside:
So no surprise there that the Baltic Dry Index is tumbling. As noted by @moved_average, the index is now down 577 - the level below the crisis peak lows and consistent with those observed back in 1985-1986 lows.
Ugly gets uglier... but you won't spot this in PMIs...
As an aside, in the chart above, perhaps a telling bit is the lack of any positive uplift in euro area trade growth from the introduction of the euro.