Golden Ocean CEO Herman Billung believes the difficult dry-bulk market is set in for the next year and a half but owners hoping to pick up bargain newbuildings will be disappointed.
Those looking to jump on distressed openings may also have to rethink their plans as banks are not keen on becoming owners, he says. 
He said: “On asset prices I’m not sure we see a big downside on where we are today, particularly on very modern units.
“I think the yards today, even in China, have a breakeven of more than $50m on a capesize.”