Last I read, dividend was suspended. Financial audit problems due to inadequate cash reserves for loans(?). Wall street journal article came out on the 12th. 700 cargo vessels parked outside shanghi... price for shipping containers plummets from $1400 last year to somewhere around $150 currently.
My guess this stock will drop significantly. Even tho they have successfully renegotiated contracts for accepting new ships that all have long term contracts, there is still nothing to ship.
According to their last posting, about 12 ships will reach the end of their contracts either 2010 or 2011. No news on new contracts.
Hold if you have the stomach for it, but I would not buy right now.
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