In May 2008, a little-known index called the Baltic Dry Index (BDI), which measures freight rates for bulk goods such as iron ore, coal and soya beans, began to plummet. By the time the index had bottomed in December of that year it had shed 94% of its value, making it possible to rent a 1,000-foot ore-class ship for less than the cost of the fuel it would burn if left to idle for one day.
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