You are missing the 47M they paid down in April following the asset sale and the bank line renegotiation. That's why it current debt? Stick to your strengths, Audio. Total debt is now 156M and total cash is 50M. After C officially gets the rights to the OSG claims, they will have 60M in cash. And they no longer have to prepay. Do you get it?
I don't know.... 80k shares? Seems to me to be much ado about nothing. Maybe some relief that they sold a ship, took a beating on their settlement with OSG by accepting 30 cents on the dollar which allowed them to continue the dividend. Will they sell the whole fleet as the next few years go by to maintain the dividend?
Next quarter, they will have much less revenue and no cash infusion from Citi unless the entire claim is allowed by the court. But that is highly unlikely. Each claim won't be allowed at 100%. If they could pay 100%, they would not be bankrupt. Citi is probably betting on 40 cents, maybe. DHT might get nothing further at all. And the FRO payments end. So the sale of a ship next q will likely not supply the dividend funds, as the bank would demand the pay down of the loan equal to the proceeds of the sale, most likely.
These things trade all over the map for no reason at all. This thing with a market cap of $40 million is very high priced. Soon, they will have very little cash, no time charters to speak of and will hardly have any EBITDA. So why would there be ANY market cap? They will owe what the vessels are worth, have little earnings, no growth and dwindling cash. Any one with any profits from trading this probably ought to be taking their profits soonish. The summer will be very weak rate wise, especially as fewer tankers come to the US as shale ramps up further.