Ocean Freight, Risk with no chance of reward

Paying attention to current dry-bulk stocks, you may have come across Ocean Freight(ocnf), in comparison to other stocks in the sector it is abhorrently cheap! Although it looks like a good deal at $.50 per share, dig deeper. Ocean Freight has issued so much equity in the past year that its shares have become diluted to the point that retained earnings are negligible when allocated across the masses of shares.
Ocean Freight is considered one of the most risky stocks in the sector for good reason, they have broken debt covenants, over-issued equity, and likely will continue slouching to their death.