Where do you get 5 years number? By the end of Q2, GNK only had $99M cash with $1.4B in debt. If it burn $11M cash each quarter, GNK will be at the same price with EXM in less than 2 years if it is still around.
Based on BDI on Oct 4, the average spot price is less than $8000 per day. GNK lost cash $8M in Q1 when the daily rate is $10000. Now you can figure out why GNK will go bankruptcy if BDI keep the same as today for next 2 years.