Based on the slides from GNK website, GNK has cash of $99.6m at the end of Q2. It is totally different with the number on Q2 report. How that happen?
At same time, GNK has debt of $1.42b. It has 53 ships. If the average per ship is $25m and the depreciate discount for 7 years is 30%, the ship value for GNK is $25*0.7*53 = $927.5m. So the net value for GNK is $99.6+$927.5-$1420m = -393m. This company could already go bankruptcy.