It isn't just newcomer. The shipping industry was in a race to the bottom, until Hanjin Shipping bankrupt before they agree or the market balance out ( depending on your POV ).

>What’s the way out?

Until something that somehow compete with it from an adjacent industry. Otherwise they keep working until they are no longer needed. DRAM and NAND are industries that are like that. Or any industry that requires huge capital investment and it is somehow a commodity.