I invested a little in Dry Bulk right after the recession. The reason it's out for the count is a lot of players entered the market on expensive debt at the hei

I invested a little in Dry Bulk right after the recession. The reason it's out for the count is a lot of players entered the market on expensive debt at the height of the Recession, taking the long bet that shipping would recover, which it did. There was a brief glimmer of hope a few years ago when most of these companies refinanced their debt. The P/E ratios for most of these companies are incredibly low, but even still they are a bad investment. The structure of a lot of these companies is odd as well. They are often structured as shell companies wrapped around a private entity that actually employs everyone and does all the work. I'm guessing some companies have some pretty nice, debt financed, salaries for upper management. Given the glut of shipping supply, and our current, modest recovery, I find BDI's tulmult to be less surprising than the sun rise this morning.