Laughable presentation, page-19

I cannot believe they said gearing will be lower next year. Even if they sell all the vessels and so far they haven't had any success on that front, it seems unlikely given cash burn and likely asset write downs.. I was waiting for the top hat to be produced from behind the podium and a myxomatosis ridden rabbit pulled out of it. Didn't hear anything about covenants.
Anyway shareholders must have liked the show as they were clapping for management at the end.