ESEA was in much better financial shape than some of those companies which is why their stock went up more. If the market did not improve as it did or if it does not remain as strong as it has been some of those companies are still at risk for bankruptcy. It is always a trade off between risk and reward. I did not want to time the recovery, which is why I purchased ESEA. This company has the cash to sustain itself in the event that the recovery did not come until 2014. Can't fault ESEA for managing their debt load.
Company reported book is $3..my calculation of book based on current ship values (minus debt) was $2 a couple months ago. This stock should be trading at least at book value $2+ and as ship values improve will likely return to the $3+ range