I think BDI index dropped too much. Even through raw material prices step down and stock in seaport remain large, marine shipping industry is fine. Somali pirates attacks will drive BDI index and shipping price.
I would not be surprised if the deep pockets were booking far far in advance now to lock in these rates.
Spot and front month lead the way down, and was always the cheapest - the forward curve has been steep. But yes, you're right - there's probably been some savvy buying further out.