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Baltic Dry Plunges At Fastest Pace Since Lehman, Hits New 29 Year Low

The Baltic Dry Index dropped another 3% today to 590 - its first time below 600 since 1986 and not far from the all-time record low of 554 in July 1986. Of course, the absolute level is shrugged off by the over-supply-ists and the 'well fuel prices are down'-ists but the velocity of collapse (now over 60% in the last 3 months) suggests this far more than some 'blip' discrepancy between supply and demand - this is a structural convergence of massive mal-investment meets economic reality.

The Baltic Dry Index drops even more... new 29 year lows...

 

The fastest 3-month plunge since Lehman...

 

Over-supply...

 

Or under-demand...

 

Charts: Bloomberg