I feel your frustration old_man! These fricken Liberals are screwing up the economy on a Global scale. Better they just go back to raising private funding for charities and leave the free market to the experienced!
The free market shippers over-ordered ships during the last boom, and now there is too much supply.
By far, the largest demmand for drybulk shipping is sending iron ore to China. During the last dryshipping boom Chinese importers had to pay dearly for shipping. The free market Chinese responded by developing domestic iron ore supplies so they could eliminate shipping expenses.
While the freemarket shippers were busy increasing shipping supply, the freemarket iron ore buyers were busy decreasing demmand for shipping. It's all fremarket forces that got the industry into this mess, and this year we're going to see a wave of bankruptcies. But when the current owners declare bakruptcy, the ships don't disappear. Instead, they reappear debt-free under new owership and can underbid the carriers that are not yet bankrupt.
Your ignorance of the freemarket is astounding, if you truly believe this situation was caused by "Liberals" and not the free market. Keep holding this stock and the free market will teach you a very expensive lesson.