I used to like the company back in 2007 and early 2008 when it seemed thast TBS was finding a niche in the shipping market that was immune to the daily BDI spot price. I got very concerned that Royce began buying too many 1980 vintage vessels at relatively high prices that needed significant drydocking to meet TBS customer requirements. Also, in May 2008, TBS did a secondary at a time when the company was making huge profits & Royce cashed out 2 million shares. My guess was that he saw a downturn coming and knew they were at a peak. What bothered me the most was that in the second half of 2008 TBS kept buying vessels, did not consider cancelling the six-vessel newbuilds, and never hedged against a downturn in rates and volumes. Every other shipper has term charters for at least 50% of their fleet. TBS has almost none. If I was their lender, I would kicking myself for not leaning on TBS management on letting the market determine their cashflow. Royce is rich and is wearing blinders. My recommendation to Royce would be to sell or scrap at least 5-10 of the oldest vessels. Take the cash and pay down debt. It will reduce interest expenses, drydocking costs, and depreciation. All accretive to the bottom line. Instead, Royce WILL do a secondary & dilute the shareholders.