“We cannot understand why people in the market think this economic downturn is over. The hard data give no sign of that“, HFE’s Weinberg says.

The Baltic Dry Index, which tracks freight rates for the world’s largest dry bulk carriers and is regarded as a bellwether for international shipping activity levels and global economic conditions more generally, is at all-time lows. It has plunged more than 83 % since its peak last September.

tradingeconomics.com/commodity/baltic