Ann: Preliminary Final Report, page-6

I think they are doing it because they want to reserve cash for either : debt payments due gearing ratios creeping up, or capex due outstanding capes on newbuilds. Was a red flag when they failed to confirm dividend recently. Another asset write down this FY (likely given their own outlook?) could trigger covenant breach..... yet no mention of accelerating debt repayments? Maybe just reserving the cash for the $130m outstanding capex? If the new builds are going straight into long contracts and will 'earn' this could be prudent if it avoids a cap raising, but what if they are simply left in dry dock for a year or two in line with industry trends? Biggest risk to retail SH remains a cap raising as this is where all the instos make all their dough.