A lot of the shippers popped today including SEA. Given the volume patterns, the breakouts look real. There is a massive divergence between the shippers and the Baltic Dry Index. The best explanation is a combination of increased supply (new ships) and an increase in shipping traffic to compensate. If this is correct, it would imply increasing commodity prices (at least for base metals) in the next few months.

I've heard China is undergoing a hard landing - I really doubt it. I think the Chinese are just talking down their economy to keep commodity prices and shipping rates down, all the while importing as much as possible.