Yeah, but how's it compare to the 80s-90s, before "irrational exuberance"? Is it because of a collapse in demand (although I'm sure some is), or because shippers went overboard in better times?


Okay, here's a BDI chart going all the way to 1985:

[link to wallstreetpit.com]

We have clearly been in the middle of an "irrational exuberance" period as you put it from about 2003 where shipping spiked through the roof.

Now, it looks we're crashing back to reality.