Global Hunter Securities predicts further pain ahead for ship values.
Analyst Natasha Boyden explains prices were commonly expected to face further declines. 
“There continues to be a general lack of shipping finance, particularly as the EU crisis builds on itself, as many traditional shipping lenders are European banks,” Boyden said.
“Rates also don’t offer attractive returns at current levels, especially on a risk-adjusted basis for capesizes.
“Further exacerbating this problem is the worry that public and large private Chinese shipyards will continue to build ships with state support.”