5/3 Baltic Dry Index 878, 5/15 is 861. 17/ 878 is well under 10%, their fleet makeup notwithstanding. If you want to stay negative at this level it's up to you. But at least use real numbers. It will come down to the relationships they have with their bankers, the near and mid term outlook in 1 and 3 months, and whether the steps that Europe took will boost the Eurozone and whether the dollar stays as strong in that same time horizon or looks to begin to slacken. Several variables that have all converged against them for quite some time, but things are not written in stone. Stay flexible in your views.
And as far as the relationship with the bankers, it goes like this: "if you owe the bank a million dollars, that is your problem. If you owe the bank a billion dollars, that is their problem." They are in such deep doo too with their shipping portfolios, that they are basically lying to THEIR investors about how bad it is by NOT writing them down in HUGE AMOUNTS.