Golden Ocean Group Ltd GOGL 11.15% CEO Herman Billung painted a bleak outlook picture for shareholders at an industry conference this week. According to Billung, the bottom may soon fall out of the dry shipping space.

“The market has never been this bad before in modern history. We haven’t seen a market this bad since the Viking age,” Billung joked. “This is not sustainable and will lead to dramatic changes.”

He added that the first major change will be a wave of industry bankruptcies that will make counterparty risk a top concern. How bad will it get? Incredibly, Billung estimates that only about half of the 2016 orderbook will be delivered.

To nobody’s surprise, Billung claims…

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