I sold way too early at 8.90. I had to watch it go higher AND pay out a dividend. I have patiently been waiting for it to drop so I could get back in. I waited for earnings, hoping it would drop lower, but it didn't drop like I thought. It actually went up. I'm feeling lucky to get back in at a lower price than I sold. I'm holding long from here out. I'll just keep collecting dividends and as the shipping industry recovers watch the pps increase as well.
This stock is at its all time low range. Why not buy the stock hold for the dividend and then sell the out of the money calls. I bought it today and sold the June 9 calls for .31. That's almost 4% for 5 weeks. With the regular dividend and call premiums, I expect to yield close to 50% by this time next year, that is if the stock doesn't blow out and I get called away. Of course if that happens, the worst I do is 8% without any dividend distributions. If it stays below $9 before the next dividend, the worst I can do is over 10%.