Don't think this is good for the company. They issued stock and debt to acquire the vessel. If they don't pay down the debt or buyback the equivalent shares with the proceeds, then the stockholders have nothing to gain from the sale.
And then after the buyback brings us to 6 or 7 dollars, then they could issue more shares = free money ;) But seriously, why don't more companies use that strategy? They don't have any better options with shipping so bearish right now. I'm glad they aren't buying ships yet. Very wise to wait for a better sale before buying a new cape or two.