A tanker company recently wrote down it's fleet, throwing in the towel as you suggested. Don't know how long assets can be valued at 50% of their purchase price by the actual market for those assets before "permanent" happens, but it's been a year. And they are still falling. And the scrap values are off 20% from earlier this year. And there will be 10% more ships by this time next year....
LOL! It wasn't an "earnings" report. There were no "earnings". It was a loss. You guys need to look at EXMs fleet list (size and age) and then look at the value of the ships (here: page 7 http://www.cotzias.gr/index1.html) and completely IGNORE the "book" value. All that will tell you is how horribly overpriced QMAR was. I think Molaris quit because he laughed everyday at how bad he fleeced Panayotides and that irritated everyone at the office!
IMO--- The Board has to be sick about the low stock price for a company - That on the books is worth 17.00 or more. They should start a semi-annual dividend - Anything.. 10 cents is fine..Just to make a statement that things are better.. Hope they listen
They can't son. Their loan covenants prevent them from doing so because the value of their ships has sunk so low. Which leads to the REAL value of your book value calculation being WAY the fuck off in LALA LAND. You won't be seeing dividend for a long time if ever again here. You should ask them to listen to that.