What's up with the Baltic Dry Index?

A few months ago, wasn't nearly everyone so-o-o-o-o sure that the commodities bubble had burst (again!) when the Baltic Dry Index took a dive. Well, looky here!
This report from Bloomberg the other day notes the remarkable turnaround:

The Baltic Dry Index added 1.5 percent on May 2 to the highest since Dec. 19. The index, which tracks the price of transporting bulk commodities, has gained 7.8 percent this year.

And at Minyanville the increase was attributed to yachts (no, not really):

Interestingly, an article in today's Financial Times notes that demand for stuff may not be the sole explanation for the surge in the Baltic Dry Index.

According to the FT, slow growth in the supply of bulk carriers to the market and underinvestment in port facilities is also fueling the rise in the shipping index.

Also see:

• Investment Tools - Baltic Exchange Dry Index
• Dry Ships Inc. - Baltic Dry Index Daily Market Report
• The Big Picture - Baltic Dry Shipping Index
• Mish - Commodity Boom Over for Now

If only the housing bubble could bring itself back to life with the regularity and the ferocity of the commodities bubble, the world would surely be a better place.