Good and fair commentary Shed.
Couple of things.
Can I suggest you look at the HARPEX index instead of Baltic Dry? It represents the movement of a much wider variety of goods by container, not bulk. It shows a rather different picture which through my own business activities I can agree with!
The UK economy is rather good at boom and bust cycles. The debt based growth we are seeing now will surely lead to another cycle. Regrettably this will mean the same for airlines operations - boom now with ANOTHER bust phase later. Sad, but probably inevitable.