We all know the following...that's why we still add to our positions..
1 All offshore supply ships are increasing their day rates and ULTR has several that come up to contract this year. The last ship was at a rate of 33,000 per day..and is not one of their larger ones. 2. All offshore ships they have are worth more than what was paid and more than what was taken into account when the loan was taken out for them. 3. Therefore, offshore 1/3 of ULTR is positioned very well 4. Even the offshore ships ULTR has yet to take ownership of are worth well over 15 to 20 mil more than they contracted for to be built.
With the above alone......and the fact these ships are gaining in value of dayrates and asset...this alone would eliminate most of the debt of this company. They could sell these ships and future contracts leaving the barge business and ocean business without debt.
ULTR's assets....in the barge business has yet to be recognized. They are only months away from finally rightly pricing cost per ton shipped. They got tangled up with unexpected crap from countries they serve..taxes, wages, surcharges,strikes...or whatever.
Aaain, its a matter of time....not a matter of if this company is so way undervalued. Keep buying...no selling from me...for years to come.