I would have to disagree. I have been looking at this company due to the recent run up of EXM (i.e. move from EXM to some other dry bulker) and it looks like FREE will be paying about $2.5 million per quarter in interest costs. I estimate that will be roughly 25% of revenue.
HOWEVER, with the low float and the recent mania in this sector, it might still be worth exploring. I probably would take out a flyer on this company if there recent purchases would contribute to Q2 earnings but they will not. Probably will not have much an impact on Q3 either. Thus, I think the short term catalysts are not there and dry bulk rates can't continue to keep moving up.
Of course, this is just my opinion.
By the way, I currently think EXM is overvalued. I am holding my final position with an August 40 call hedge.
Good luck to all but I think the steam will be running out pretty soon.