In terms of those most likely to fail, I'd rate EGLE and GNK at the top of that list. DRYS, DSX, NM, NMM and SB the most likely surviors. Yes, selling off the only valuable asset is a "survival" technique. Too bad it didn't need to be that way. Without the tankers and the OCNF acquisition, DRYS would be in fine shape and still own 85% or more of ORIG and have less debt and virtually zero cap expenditure problem.
Skipping the four ice class panas would have been good as well. That northern route idea is a non-starter. It's pretty much covered by Nordic Bulk anyway. We'll see if that ever grows into a real game changer. Now, it's an outlier.
The thing to do is to look for real signs of the bottom. I feel this surge in "shippers" this year is no different than that seen last year. A bunch of people jumping into beaten down sectors hoping to catch the one that was down for no good reasons. This is not that sector and they will probably end up being way too early.
Audio - You actually applauded the move into the ice class panas when it was announced and now you are knocking the move??? Must be nice to continue to adjust your thoughts and strategy as hindsight has had a chance to show itself.