Baltic update

I haven't shown this chart for awhile, so an update is called for. I don't see any new information in this chart; shipping costs remain elevated from a long-term historical perspective. This is perhaps noteworthy inasmuch as many report that a lot of new shipping capacity has come online in the past 6-9 months. I can't be sure of the exact balance between supply and demand for shipping, but the chart says that whatever the numbers are, the supply is in relatively short supply to the demand on the margin. Global commerce remains strong, and this provides important support to the U.S. economy.