Vale is a greedy Brazilian biotch who overestimates her desirability. They couldn't wait a few more months for another price hike, they had to have two in one year, in the middle of a global economic slow down no less. I can't blame the Chinese.
IMO, it will be a V shape recovery in BDI index, as the deals are broken to get the stuff to place as fast they can. I see no more ships coming to waters, and existing one profiting for some time to come.