I met and have spoken to the CEO several times this year. He is very bullish on the growth of his business line. He is buying second vessels left and right because the rates and volumes with his customers are exceptionally accretive. Huge backlog of demand on the tweendecker service that serve small ports in South America and Asia. TBSI float is relatively low as compared to the number of vessels.
My only negative with management is the lack of a dividend and that Royce sold 2 million shares earlier in May (at $51/share). I think he should take a little pause on buying vessels at inflated prices and use the cashflow to buyback stock at these discounted prices. With 28mm shares outstanding, TBSI could afford to buy back about 1mm shares every quarter.