No debt problem? I believe so. ADY owe less than 20m. 4 handymax shipments will clear that debt if they cant refiance due to the credit squeeze. 2 ship loads are already at the port awaiting shipment. But no rush, ady have time to repay if they want it, and can preserve their cash for now until the credit crisis improves.
As for performing well, nothing has performed well in this market. It is the worst I have seen it. But at least ady can produce income from their iron ore shipments. I hold ADY because they are beyond the start up phase, they are producing income and I expect significant announcements on a JV with WISCO and the RLL demerger to happen soon. IMO it is worth holding for that. If you are impatient or think that wont happen then I suggest you steer clear.
Kacy
ADY Price at posting:
4.5¢ Sentiment: Buy Disclosure: Held
