Sam, the BDI group tracks shipping of raw materials (not finished goods). They are saying shipping of those materials have really dropped off worldwide so we are looking at an economic slow down. The charts they show at the link are for different time periods. The number of ships for those products are fairly stable, but they do add a disclaimer. This is the first time I've seen their report, so I don't know their track record.
"Unless the BDI has suddenly become skewed by something which is not apparent, like an undocumented large supply of new bulk shipping tonnage, the collapse of the index since April is predicting a drop in global economic activity and trouble ahead for investors."
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