Announced on 05/09
- Rev of $117.4M
- Net income of $18.9M
- Div of 43c/sh
- Sold 3 older Cape vessels, acquired 2 newer Cape vessels
- Very low gearing => about $2.6M/vessel
https://static.seekingalpha.com/uploads/sa_presentations/427/101427/original.pdf
Operationally, the company is doing quite well. But given the company liquidity, I am surprised by lower side bet activity (charter-in fleet). Done correctly, it also offers potential avenues of assessing 2nd hand vessels for fleet replacement