Dry FFAs are selling off this morning. Capes, Pmax and Supras all lower on both the nearby and all the way out to 2015. Pmax volume has been very strong. We will learn more when the Baltic indices come out, but it seems this might be a macro sell off related to poor PMI data overnight than near term physical sentiment. The selling of the 2015 contracts is telling us something in terms of sentiment. The May contracts are down between 200-400 for each of these asset classes.