The DRYS Panamax's Avoca and Padre built 2004, had charters for over $45,000 per day.
Total value of those charters, $35 million.
EXM has only 2 Panamax on charter after this month, for $11,000 per day until April, 2013.
The average age of the EXM Panamax is 15 years.
And 15 year old Panamx are lucky to sell for $12 million each.
The loans against these ships is more than the resale value.
EXM will owe money to the Banks if they sell.
That is a laughable statement. Those had GREAT LONG time charters attached. It wasn't the value of the vessels, which for a 75k panamax today is merely $19 million for a five year old and $15 million for a ten year old, it was the revenue stream which came with them.
You are off by EASILY $500 MILLION! Wow. Talk about a swing and a MISS.