The Baltic Dry Index, which gauges the cost of shipping commodities including iron ore, cement, grain, coal and fertilizer, was down 2.20% at 577 points, the lowest since August 1986. Because dry bulk primarily consists of materials that function as raw material inputs to the production of intermediate or finished goods, the index is also seen as an efficient economic indicator of future economic growth and production.

It plunged by more than 90% in just a few months in 2008 as the global crisis unrolled. Then, it was an impressive bellwether for the global situation. Shipping costs were previously very expensive because demand was strong and massive new ships can’t be built overnight. As the demand disappeared, the Baltic Dry dived. It’s now dropped by more than 60% in less than three months.