I am answering my own question. From wikipedia: "The index provides "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 Handymax, Panamax, and Capesize dry bulk carriers carrying a range of commodities including coal, iron ore and grain."[1]"

Given the definition above and the well known fact that the Koreans are still cranking out ships, I'm not sure that shipping prices will increase for a long time after the actual economy has turned around. Think about it, there is an increasing supply of ships due to the fact that the Korean shipping industry is currently building ships w/o regard for actual demand. Actual shipping could be increasing a large rate w/o effecting shipping prices.

My conclusion: BDI is currently a lagging lagging lagging indicator.

Thoughts?