You are right about the cash flow. My calculation are very simplified and my intent was really only focusing on the big picture. The 22 Million preferred obligation is still outstanding if you believe that the preferred share holders will be paid the full $25 PAR value. As you know, the preferred is currently priced at $1.60. I do agree with you that the dividends are still accruing but have not being paid since January 1st and won't be paid for a while. Keep in mind that the CEO owns 25% of the outstanding shares and judging by the low volume of transactions on the preferred I assume that many other insiders also own TEUCF. I own some myself but I don't expect a dividend for a couple of years. Also preferred shares are not showing on the balance sheet as a debt.
Believe me I was very bearish on the company for a while but I am starting to see some major improvement and I am shifting to the more bullish side especially when I compare them to competitors like DCIX who are trading at a 25 times higher valuation. For them, the worst is still to come for TEUFF, the worst is behind them. I wouldn't be surprised to see them acquiring a couple of Post Panamax ships when the market improves. There are some great deals on new ship orders since many other companies are refusing to take delivery and the builders are stuck with these ships. These ships are much larger and more fuel efficient and can now fit through the Panama canal.
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