yep, they do. The scrap steel in handysized drybulker is going for about $420 a ton in Pakistan and Bangladesh, the major scrapping nations for these sort of vessels. Be careful though, a ship's dwt is NOT the amount of steel. That is the LDT. For a handysized bulker, the LDT is about 30% of the dwt. So a 28k dwt handysized bulker would be worth about $3.5 million.
For continued trading, 12 and 13 year old handies are fetching $10 million. Sixteen year olds are about $5 million a copy. This if for 28k dwt geared bulkers like most of FREE's.
They owe $89 million on ships that are worth about $56 million, if they are lucky. Probably only worth scrap value for three or four of them. So basically it would cost money even to salvage the ships for scrap