The company clearly has a perception and credibility problem. Their actions do not match their message of being well-managed (if you define that by being prescient in the marketplace).
This offering, IMO, is to shore up their balance sheet because management KNOWS they cannot cut the dividend again, yet they do not have the cash flow yet to maintain the .25 quarterly dividend.
Sure, they may invest in another ship, but that is spin at this point.
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