It seems like a century ago but it is only seven to eight years since shipowners thought a 10-year-old capesize bulker worth around $110m could be chartered at $130,000 per day for a year — or even more on the spot market. At the same time, lenders out there would provide around 80% of that amount at just a 100 basis points (bps) to 150bps spread over the London interbank offered rate (Libor).