The BDI had just dropped last week another 39 points to 1,073, to fall to the lowest level more than a month.
Some are optimistic because at 1,073, the BDI this May is appreciably higher than the bumpy flirts with sub 600 points a year ago, a 57.3 per cent increase year on year.
Year to date, there has been an 11.65 per cent improvement. While good for some, others feel uneasy that despite vessel scrapping and a significant reduction in the bulk carrier orderbook, the BDI hasn't risen, reports the American Journal of Transportation.
It is hard not to remember that there was another May not so long ago - May 2008 - when the BDI hit 11,783 points before the descent into the abyss and a February 2009 BDI nadir of 291 points, said its report.
But as the 2008-2009 period so amply illustrated with both the high and the low, global economics - commodity demand - and ocean borne commerce are closely linked. At its very essence, it is simply the supply and demand equation that sends the BDI soaring, crashing or as is the case at the moment, bumping along, it said.