"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.