Hi Gurj , Old canes do naturally die with old age as they are replaced by new growth. The shrivel texture you are observing is either 'dehydration' (check root health if newer canes/ more recent are showing symptoms)) or the natural factor of plant using up the moisture/ nutrition reserves as in all orchids in their storage - stems/ canes/ pseudobulbs and leaves., out with the old and in with the new.
As you are a stones throw away from me new growths should be starting now or will be soon with the commencing of longer days and more sun.
The foliage looks super strong and healthy. The presence of yellowing of leaves would require a bit of investigating. Dont let your dends feet/ roots sit too long in moisture, allow to dry out betw waterings.
Orchid root rot is the worlds number one ailment/ killer due to lack of knowledge with 'epiphyte' orchids, growing on trees/ elevated areas with roots open to catch rain flow as it falls. The air flow is constant.
Leaves look dark try increasing light levels to bright. Lack of sun worshipping leads to none flower production. Not strong direct exposure though- sunburn!