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TBSI INTL PLC IRELAN Message Board

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  • white_sox_curse white_sox_curse Aug 11, 2009 9:55 AM Flag

    Here lies the problem

    "Net debt is 43% of adjusted assets". What is misleading about that?

    Adjusted assets is an accounting treatment of assets after a calculation for depreciation. Net debt to 'market-value' assets (which is never reported on financial statements) would probably exceed 100%. That is why TBS and all the other shippers needed waivers on loan covenants.

    You really are so clueless....keep buying shares. Royce will thank you for your support.

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    • That is exactly what I did for you, subtracted cash from debt and adjusted ship assets to the market value that you suggested. That came out to debt/assets of 43%. So, I just applied the numbers to your analysis.

      OK, you are saying that this is not reported by the company. I agree, but it is easily calculated. The hard part is estimating a current market value of the tweendeckers. $10M each for ships that are still working, is probably fair. They will bring $2M+ as scrap. I will look at some actual sales.

      Some of the other DB companies are over 100%, maybe one third of them. Waivers were granted early for TBSI, and they prepaid all payments due in 2009. As payments are made, and loan balances decline, waivers will not be needed. In contrast, DRYS is STILL negotiating with some of their lenders, eight months into the year.

      AS I said, it helps alot that TBSI has not wasted any cash on dividends.

      Why can't we discuss our difference of opinion without calling each other names or being rude?

 
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