Hello. In order to make the calculation one would have to add the cash on hand as well as other current assets, add also the value of the Euromar venture (this is the part that is a bit tricky since those are recent vessels that can not be considered as potential scrap candidates) and then one would take out the total debt of the company.
Depending on the value of the ton of scrap and the value of Euromar, the liquidation value of the company oscillates between 1.3 and as much as 1.70.
In any case, this is not a dying company and such a liquidation will not take place. This is just a calculation that may help a new investor assessing the value of the company.
I think that scrap calc is a wasted effort, you buy this for price appreciation and a continuing dividend. Can't imagine buying for scrap value as that is an even more difficult idea to wrap your arms around.