Ship values have been declining so book value is not as high as it seems. EXM has been in default of debt convents but has managed to get waivers so far. The BDI is near an all time low and likely to get worse and the Chinese new year starts next week. On the positive side many people do not seem to notice that the order book has dropped below 1500 and this is the last year for over supply. 2014 should be good and 2015 a great year.
And you are falling into that "rebound" trap. It WILL NOT rebound. It will stay flat. For several years. There are currently as much as 25% of the drybulk fleet not being utilized. These are on the water ships, not newbuilds.