User blog comment:Bolg, son of Azog/Morgoth and the Ring/@comment-13972965-20130820135149

The War of Wrath was not really the height of Morgoth's power because he had already invested a large amount of his power into his allies and armies. I estimate that the supreme height of his power would be a little while before the Fall of Fingolfin and the Ruin of Beleriand. The duel with Fingolfin, although Fingolfin was a mere elvenking, sapped much of his strength. For Morgoth alone of the Valar knew Fear, and he still had already put alot of his power into his armies. During the prelude to the duel, it seemed as if he relied solely on the powers of intimidation. And besides, who would give the one ring to Morgoth? The orcs and the wicked people of Ulfang would   most likely have kept it, and I don't think Sauron or the Nazgul would have given it to him, because the Nazgul would not have parted with the Nine Rings. I don't even think they can take it off their fingers, because they would probably die (The Nine Rings were the only thing that were keeping them alive). Sauron, on the other hand, is harder to contemplate. He was and is a servant of Morgoth, and giving Morgoth the ring would allow him to have immense power. While Sauron's own strength would wane, because of the ring being given, Morgoth's strength would wax rapidly. Here, I believe, Sauron's loyalty to his dark master comes into play. Would he want that for himself? Would he want that for his master? I can only conclude that he would even refuse to give the ring to Morgoth. And Yes, Morgoth and all his foul allies fear the sea, as is said in the Silmarillion.