First they don't mention buyback at all during earnings conference. Did they even dispute a buyback during earnings? Then they issue a $200 million buyback about a week after earnings.
Now they suspend buyback less than 1 month later and decide to buy vessels.
Makes me wonder if this planed and illegal or just random management.
I feel the purchase of the vessels is a great investment at this time. They are most likely saving about 20 million a ship because countries into shipbuilding are building ships at a loss to keep yards open and people employed. Let me see do I appease shareholders with a buyback or do I do what is best for the long term for my business. I do not mind waiting 5 years to sell in the twenties.