GNK has had positive cash flow every single day this quarter. At today's rates positive cash is about $343k/day.
You can't just look at the overall BDI number and know if they are making/losing money. There's a lot more to it than that. The BDI is made up of various sub-indexes covering the various ship classes. So some classes could be making money while others are losing. GNK needs average revenues of $16.5k/day per ship for all 53 ships to be profitable (not just cash flow positive). Today those rates average to around $17.2k/day. The BDI is at it's' highest point in years and GNK is just barely turning a profit. Daily revenue is approx $911k/day today. In order to be comfortable they really need to be up around $1M/day in revenues.
Last presentation showed daily free cash flow break even at $10,706
the break even for net income purposes is $16,523
Depreciation is $6,049 a day is a non cash charge
At $17.2 rate per day less $10.7k cash flow expense they are positive cash flow of $6.5k per ship
With 53 ships they have positive cash flow of $344k per day
Annual cash flow $125 million after paying all the interest
Debt renegotiation is the x factor but with this kind of cash flow if rates stay where they are not the banks would be crazy to throw them into bk Just my opinion.