In trading Thursday, the benchmark Baltic Dry Index continued its fall with another record low at 298, its first value ever below three hundred points. Capesize and supramax day rates were down, while panamax vessels traded slightly higher. The worsening market is forcing an increased volume of vessel and enterprise sales, and, for well-positioned buyes, creating an opportunity to purchase at distressed-asset prices.

In the latest sign of the trend, Norwegian owner Western Bulk has delayed payments to its creditors while seeking a reorganization, and has changed its name to Bulk Invest. Additionally, the firm announced that it has spun off subsidiary Western Bulk Chartering in a sale to investment firm Kistefos, the owner of 60 percent of Western Bulk, for a $16 million cash price, plus the transfer to Kistefos of an additional $30 million in outstanding bond obligations.

The firm announced an extraordinary general meeting for all shareholders to be held Feb. 25 to finalize the deal and the name change.

Western Bulk CEO Jens Ismar admitted in the firm's 2015 annual report that management had misread the market, and that untimely expansion was now causing the firm significant losses, with negative cash flow in the range of five million dollars per month.

Separately, in a countercyclical move, Diana Shipping announced that it has entered an agreement to purchase three newer panamaxes from relatives of the firm's CEO, Simeon Palios, for a combined total of $40 million. The vessels, the Sunshine, Manzoni and Infinity 9, were all built by Jiangnan Shipyard, and all will be fully financed by the sellers' current creditors, with no cash outlay. Delivery is expected by the end of March 2016.