Management buys new ships at full retail from the ship yards.
They issue new shares when share price is a fraction of book value, basically giving new shareholders the ships at half price or less from what the old shareholders paid and the company paid to buy the ships 2-3-4 years ago.
Older shareholders that paid higher prices for shares are shafted.
Smart money would say buy back shares if the ships TNP paid full price for from shipyards are now valued by the stock market at a half price sale.
Management does not buy back shares and keeps buying new ships at retail (full price).
I would have taken $50 million and bought back shares at $10. With less shares the long term shareholders are rewarded. Instead they dilute all old shareholders.
Management does not have a clue. They are on some ego trip or just not making bright decisions. Debt keeps going up and shares price down and number of shares keeps growing. All the metrics are a disaster.
I do not see one good decision here in over 2-3 years.