I agree. Klepec has de-risked and stabilised the business well. The company looks like it’s making about $15m profit annualized at the moment (PE of 2x) and he might score big wins in the courts. The next steps are buying more ships to take greater advantage of the platform (starting with Swagman) and getting back into trading - I still reckon there’s lots of opportunity to arbitrage material differences in prices between countries.
Ann: Appendix 4C - quarterly, page-19
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