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Thank you very much. I'll take a look at this tonight. Based on sales data there appears to be no real difference in price between at 38,000 and a 75,000 tanker.

Per your link I'm conervatively using 10 year rates as discount for bankruptyc in a liquidation means even though the ships are 7 years old. Product (2)and Panamax (6) are basically selling at the same rate of $17M. This is slightly less than what Danamos paid ONE for the 80% of their JV for their two ships in production and 2 delivery slots. I had valued those slots as being worth $0 and this gives an estimate of $19M and the ships in the deal were less than 5 years old which makes the valation even less.

That basically confirms for me that in a chapter 7 scenario creditors would not get paid in full and the stock is worth $0.

Can you explain what a evergreen pool is?

My thoughts on trying to figure out cash flows are this.
Spot - means no current agreeement so assume $0 but have to pay some level of fixed costs but not full operating costs
Omega Lady Miriam and Lady Sarah - Both have rates of $25k but they both expire. I will assume there will still be work for them but at a rate closer to $15k which appears to be the 1 year spot per your link.

However, I am stumped by the descriptions for the Omega Prince and Princess. The daily rate is benchmarked against 9 other vessels and what does the description of evergreen mean?

Thanks again for all your help. I do think this is a zero even moreso than before. Is this a fair take on the market - oversupply with continuing buildouts which appears as future demand will keep rates low for a while until either the economy picks up or something else?
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