Noone wants the $400M in debt. Try to talk the banks into that, when ship asset values are depressed. They should never have expanded into the crummy dry ship market. Even the Haitians can make rafts out of bamboo tied together and enter the dry shipping business.
Coursonc, you should check out dry/bulk shipper boards. Anyone who speaks ill of their sector is lambasted. PRGN board is about the worst, with some multi-ID fool who touts it constantly on various non-bulker boards.