Haha, no I agree they are losing cash based on their reports to...

Haha, no I agree they are losing cash based on their reports to market and I agree with Dang the next 6 months is critical. Losing cash and debt is up for refinancing, still management doesn't have a plan.
I like to support companies through capital raisings but the risk is a bit high for me here. The best is self-help but they are close to exhausting their options.
I agree the boats are not valued at what they can be sold today because there is simply no market for the newer ones. They haven't raised what they had hoped.
I can infer this simply from the number of vessels left in the fleet, the age and values of the sample which has already been sold.
One of the older ones was sold off and is carting rocks, ckchristian posted the link earlier. That's why the older vessels can sell they are not as specialised IMO, an old anchor handling tug can shunt around whatever you like.
The market is not irrational about this one in my opinion, yes it's very cheap on assets and future earnings but the shape of it's future ownership structure is as yet uncertain. Maybe a capital raising will depress or raise the share price, I have seen it go both ways.
Perhaps most likely a really big one would depress the shareprice and make it a safe investment, these are the situations I really like. Not much longer to wait on that acelerated debt repayment isn't it due in December?