Ann: Preliminary Final Report, page-3

They expect to remain under pressure for at least the next 12 months and comment the deterioration only hit them in the last 6 months. I think there is a risk dividends will be cut again next year to below 3c FY, and there will be more write-downs as they themselves comment that competitors are laying-up vessels.
More write downs next year = likely covenant breach and likely discounted, accelerated capital raising to the institutions doing the shorting, and hence I expect the shorts to keep their historic high positions for at least another 6 months while utilization rates are at historic lows.