taking market value of ships, GNK should be around 8 dollar
i think they just added this to their Q1, presentations. i have not read it before:
"The amount by which the carrying value at March 31, 2012 of vessels in our fleet exceeded the valuation of such vessels for covenant compliance purposes ranged, on an individual vessel basis, from $1.9 million to $72.5 million. The average amount by which the carrying value of our vessels exceeded the valuation of such vessels for covenant compliance purposes was $19.4 million."
if GNK is sold right now at market value of its ships, it should be sold at around 8 per share...