Ann: 2016 Results Investor Presentation-MRM.AX, page-13

Appreciate you opinion V_H.
Yes you are right impairing receivables is odd isn't it. I also noticed the directors believe in their opinion the company should be valued as a going concern.
As far as Vessel Sales go, there's a 90m figure for disposals in note 12 saying vessels at cost. I presume they mean cost less accumulated depreciation.
Maybe they can sell these older tugs as they are less specialised. It's a good outcome if they could get $40m for those vessels isn't it relative to some scenarios we have discussed.
We spent 100m building vessels in the second half offset by the major reduction in receivables over the last year. No real relief there.
Yes with marginal cashflows right now and that debt due unless they sell more vessels quickly there could well be a need for recapitalization. It will of course be too late to buy once a recapitalisation happens won't it?
I am drawn to this company like a moth to a flame, I know its not good for me though.