Dry bulk shippers are getting creamed today in large part due to news that China had been stockpiling iron ore and that both iron ore demand and resulting freight demand during the first part of the year were therefore inflated. The implication was that demand will fall off going forward. It seems to me that this was not a market that TBSI with its tweendeckers was serving in the first place. So TBSI may be getting knocked down with the rest of its perceived peers for no good reason.
Has it occurred to you that the Chinese iron ore customers might just have an interest claiming that their purchases will soon fall dramatically? They are paying an arm and a leg right now, and are currently in negotiations with Australian suppliers. Obviously, claims of falling demand are intended to bolster their case in these talks. For Chinese negotiators, this is the oldest trick in the book!