The shipping rates represented by the Baltic Dry Index ($BDI) just can’t seem to get a break. With rates soaring to huge highs in 2007, new ships were ordered well into the future. As those ships are delivered and commodity demand is still slack, the Baltic Dry Index ($BDI) is dropping like a stone again. I drew a horizontal red line at the current price. Most of the lows below this level are spike lows.