Ann: 2024 Half Year NPAT US$12.9 million, page-2

So the debt went down 52.3m$US or 77.0m$AU in 6 months.
Since there's 213.2m$US in debt left, it means that, should they keep this rate of deleveraging, they will be debt-free in 2 years.
Considering they paid 14.9m$US in finance costs this half year, that translates to an extra ~30m$US or 44m$AU in extra profits a year in a couple years time.

That alone is enough to justify a share price well north of here.
But as always, the market is very short-sighted and this probably will go unnoticed until the dividends start pouring.

Considering they are still turning decents profits in a low part of the cycle while repaying 44m$AU in finance costs, I'm very confident in the health of the business and that it will have its time to shine well before my timeframe of 2027/2028.

Let's hope the sailboat is sold soon and I'll get some more.