Just a word of caution to those followers of the BDI as an indicator of shipping activity and therefore shipping of IO. Take note of a comment in the following article which says that there is currently 100 million barrels of oil being stored at sea because of (a) the drop in oil consumption, (b) the "contango" situation with spot and future oil prices, and (c) the cheap shippin rates which results in a low cost oil storage facility for oil futures traders who are buying oil at spot prices for future delivery when oil prices increase.
This means that the BDI currently is artificially inflated by this situation, and as a result is not as reliable indicator of IO shipping as one might think.
http://www.theglobeandmail.com/servlet/story/RTGAM.20090423.woilprices0423/BNStory/energy/home
artificially inflated bdi
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