Everyone knows that you can't go up against China. If there is a higher ore contract you know that rates will come down because they go hand in hand. Ore is demanding a higher price and China is waiting to see what they can soak out of rates. China has inflation issues and is probably the cause of world inflation.
" The Baltic Dry Index (BDI), an overall measure of commodity shipping costs on different routes and ship sizes, fell 4.8 per cent, or 441 points, to 8,702 on Jan 4, according to data from the London-based Baltic Exchange. "