goes up with the purchase of the 3 new ships. I don't see the stock issue as really dilutive in view of the book value increase. Book value per share should not change much at all. PE also should not change with additional earnings. Only reason for price decline is timing to get all this done and see increased earnings flow. Company will certainly be stronger after all of this is accomplished.
Conclusion: Patience will be rewarded and we will be paid well as we wait.