Dry bulk freight rates have been in the doldrums for eight years. Dry bulk shipping has grown up on the premise that world trade will increase that the trick to maintaining healthy earnings lies in keeping the supply equilibrium in check. Shipowners restraint in new orders, restraint in leveraging, restraint in keeping vintage tonnage trading — but shipowners actually over-order, shipowners love leverage, and vintage tonnage has been known to be a cash cow. Shipowners are subjected to repetitive and even conflicting vetting, inspections, surveying by a multitude of regulatory bodies, charterers, insurers, financiers and others. Shipowners allowed to be manipulated by lesser groups with special interests. In dry bulk shipping sector, if shipowners continue recycling this year at the pace of 2016 over the next 12 to 18 months and don’t shoot themselves in the foot with new orders, then even with the lacklustre demand equation and scheduled deliveries, we should be poised for a return to a robust freight market in late 2017 and 2018.