More bad is good? Baltic Dry Index $BDI

While getting my weekly dose of CNBC back in 2008, I heard of the Baltic Dry Index.  You know when we were having human sacrifices, dogs and cats living together...you know, mass hysteria!  It essentially keeps track of global shipping and could indicate if global commerce is slowing down when it settles.   Diminishing exports out of China and elsewhere would cause something like this to occur...

The first low in late 2008 came in at 663.0 and then after QE1, QE2, ECB actions, and the TWISTERs we pulled out of the slump and got back to business.  Then something odd happened at the beginning of 2012.  When the clouds seemed to be parting, we got hit with at 647.0 number shown down below (with the blue arrows).  Commentators on the street said that because of a sudden decrease in Iron imports from China, and an increase in new container ships, we where not looking at a brewing storm.  Well we are in September now and we are seeing the 647 again.  A level close to the bottom of the financial crisis in 2008.

So this could show a more severe easing in the global shipping model, or merely an overabundance of newly built ships purchased with low lending rates.  Which statement is correct?

If things are as bad as they look, then you can rely on the FED, ECB, BOJ, and BOC to do the needful.

Chart of the $BDI (Baltic Dry Index)

According to wikipedia The Baltic Dry Index is: "an assessment of the price of moving the major raw materials by sea. Taking in 23 shipping routes measured on a timecharter basis, the index covers Handysize, Supramax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain."