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With SBLK, you can do the math and figure out their charter revenues for 2009 & use their breakevens to estimate earnings. With TBSI, you have no clue whether any of their customers have commitments and therefore revenues are very hard to project. The model only works in the 2007 and early 2008 economic environment. That said, the debt load is low and so is the stock float. Can't see why the banks would give TBSI a hard time on covenant waivers unless its about the price.