while Owners always have the option of sitting their ships in soft markets, its a tough decision. do you forego $5,000/day and sit the ship and wait for better times? what if the market stays in the dumpster for weeks? months? then you end up sitting the ship for a period - earning nothing - and end up fixing at horrible rates anyway.
as rates compress towards zero - some owners will begin to turn down voyages - but - the market is extremely fragmented - thereby limiting the ability of one (or three or five) Owners to boost rates for the market at large.
i think many people are into these names simply on the theory that they are "cheap" relative to where they were a year or two ago. but anyone who is long (or short) should have some estimate of where the physical market is headed. if you think capes will earn $30k/day - then you should be buying dry equities. if you think capes will earn $12k/day or so - then i am not sure now is the time to buy. imho.