The Baltic Dry Index is "…an assessment of the price of moving the major raw materials by sea. Taking in 26 shipping routes measured on a timecharter and voyage basis, the index covers Supramax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain"

It also means that it does in part reflect the price of fuel (operating costs), which was at an all-time high in July. However I'm experiencing first hand the cargo market is weakening, especially for container feeders. I work for a crewing agency, furnishing shipowners with full crew services, which included flying seamen around the globe.