South Korea's bulk carriers retreated after the Baltic Dry Index, a measure of raw materials-shipping costs, slid below 2, 000 points for the first time since August.

The global benchmark for freight costs for dry bulk commodities jumped 6 per cent to 4,643 points, taking the Baltic's gains since the rally began eight weeks ago to 114.6 per cent.

Unless we can draw out lessons for our own times, history becomes nothing but a series of dry data points with no broader relevance.