That debt is nothing, if this is too risky you shouldn't be in this market. This is one of the highest probability trades out there.
Yea they have 300 mil in debt, because they just doubled there fleet, one can assume as things get better and now they have a bigger fleet instead of making 30 mil in 2009 they might double that going forward with a bigger fleet.
They have 85 mil in cash with only 33 mil debt due short term within 12 months, the lest rest is long term debt and very manageable when you growth forward looks very strong. When the global recovery starts the dry shippers will be the next high flyer's. Growth needs iron, cement, fertilizers, etc.....
They also have a very manageable capitol structure, look at the OS and figure the pps share. Give it a conservative pe multiple of 15 and you can see why i think ship will be 5+ within a year and 10+ in 1-2. Its simple math based on a global recovery scenario and a commodity consumption based on emerging markets.
