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Why the Baltic Dry Index is dropping like stone

I mentioned this last year that the Baltic Dry Index was no longer a reliable index for trade of raw material.  This morning Zero Hedge indicated that 200 additional bulk carriers will enter into service in 2011, or an increase of 18% of the fleet, another number, put end to end these vessels would stretch for 70 KM.

The upside of this of course are bulk carrier users who will have access to the cheapest shipping rates in decades...

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