The last time ljdonemake posted his daily update on how much cash GuNK was raking in per day was 10/8/2013. On that day, the Cape market was at $38,865 / day. I wonder why he doesn't provide his daily updates anymore? Perhaps he saw that day rates had started to decline (Capes peaked on 9/25/2013) and he sold. Good for him! I'd hate to see someone get stuck holding the bag.
Do you not understand that expenses and interest must be paid before there is any cash flow? A year ago, rates were far below cash flow breakeven. That's not a meaningful basis for comparison. When rates spiked in September, cash flow was indeed excellent. But if BDI decreases another ~3%, CF after interest payment is back down to zero. Meanwhile, don't forget that the company violated their debt convents, triggering all long-term debt to be due immediately. They have a short reprieve before meeting the executioner, and when rates spiked I thought they could use the market strength to negotiate a new debt structure. That's why the stock spiked. Day rates seem to be settling to a level where GuNK is losing cash due toi their high debt load, while their competitors are making profits. The only way out of the situation is bankruptcy.