Tash, you're still my favourite analyst. I'll cook eggs benedict for you anytime.
Analysts on the call: Global Hunter, Citi, Clarksons (...was that it?)
The call was basically all about the insurance restructuring. AF mentioned that the insurer (not NM) initiated this deal because they wanted to reduce this business line. Note that the restructured insurance is with the same counterparty, the policy hasn't been rolled over to a new carrier.
Of the restructuring proceeds, 25MM is going to be used to pay down debt. The remaining is for general purposes/working capital. AF mentioned in the call that cash is king, and it seems likely that having a cash pile to manage is a better position than reducing a ton of debt and effectively letting debt manage you. Maybe the market will agree that 25MM signals management is attentive enough to debt levels.
AF took a minute to point out to the Citi analyst that the upside was definitely in NM's favor if market prices take a turn up. It sounded like she was trying to communicate that at this point in the cycle (BDI, etc. is bouncing on the bottom) that was a notable component to the insurance restructuring.