Earnings were soft and revenues declined quarter over quarter due to weakness in rates. Cash is $207 million but they need to pay $14 mil in May for one vessel and if memory serves me correctly they have contracted to acquire seven Japanese built drybulk carriers, aggregating approximately 443,000 dwt, which are expected to be delivered to us between January 2025 and May 2025.
Price hit 2.55 this morning before recovering. Me thinks this would be low water point for the stock. But who knows with Greek shippers!
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