Plunging shipping costs
The Baltic Dry Index is one of the most popular indicators for analysing the shipping market. It tracks the freight cost for dry bulk shipping, i.e., commodities, and as cargo ship supply changes little over the short-term, the Baltic Dry is commonly used as a leading indicator for future demand.
This chart shows a significant decline in the index over the last few weeks. Given the reduced number of vessels anchored and at berth at Los Angeles harbour, this seems to indicate that supply chain problems are finally being resolved. Or maybe excess demand is easing as economic activity weakens.