From what I have been able to find out, shipping is slowing as fast as it did in the grim months of late 1931.
Careful. The problem with drybulk shipping is not the demand side, but the fact that the brokers and shippers are unable to get letters of credit from banks. Nobody wants to ship without letters of credit unless you operate in the oil market, therefore the whole market has seized up entirely.
Of course, the effect on the global economy of not shipping iron ore, grain etc around the world does indeed have an impact on the economy, but not in the same way as in 1931.