You are absolutely correct that EGLE has the smaller ships and is keyed to the BSI, not the BDI. (Pardon my incorrect terminology) However, the BSI's general trend is up to the highest levels since Sep 2008. Check the chart yourself. The spot rate is $31,297 as of today.
The fact that EGLE has its ships leased out at lower rates is also true. Even the newbuilds are leased at only about $18K/day or so. I took all of this into account with my analysis. With the new ships, and the contracted rates in place, EGLE should have $65M in revenue this quarter. As these contracts expire, EGLE's revenue will get even higher. Quite a few of their contracts will end in 2010, and the ships will then be leased out at higher rates.
Which is why I still rate this as a strong buy. Wait and see. This stock is a gift for those smart enough to figure it out and buy before its too late.