they have reduced debt by ~$80M = $1.70/share. So today's $2.09 is equivalent to $2.09-$1.70=$0.39 then, but with more certainty since CMA's debt has been restructured.Have I missed anything?
Vessels are rustier and charters have 2 fewer years left. However, I like your analysis and way of thinking.
GSL has been amortizing the debt faster than the ships are deteriorating.
that about sums it up...