Star Bulk’s Petros Pappas says 2015 has been the “most challenging market” in his 37 years in shipping”. Diana Shipping’s Simeon Palios also declares trading conditions “remain challenging”. Emanuele Lauro of Scorpio Bulkers also called it a “challenging” market.

The numbers tell a dire story. For the 13 US-listed dry bulk shipping owners, year-to-date revenue is down 21% from a year earlier to $2.5bn.