You hit that nail on the head. With the sudden uptick in daily rates I think it will hit $10 by the end of the year.
It's pretty simple. "On a vessel-by-vessel basis, as of December 31, 2012, the carrying value of 28 of the Company’s vessels (including the carrying value of the time charter, if any, on the specified vessel) exceeds the estimated fair value of those same vessels (including the estimated fair value of the time charter, if any, on the specified vessel) by approximately $602.2 million in the aggregate (the unrealized loss). "
nm stockholder's equity is $1.167 billion
minus the $602 million they overpaid
divided by 103 million shares
the real book value of NM