Ann: Wellard FY2020 Annual Report, page-17

Thanks for your analysis and pointing out some things to me.

I do think that your analysis is fairly conservative. Like another poster shared above - there is demand for live animals, which is increasing as the middle class grows in the middle east and Indonesia etc.

I think they should manage $5m - $8m profit before tax. And no tax payable due to past losses

As for the replacement of ships, that is something beyond my investment time frame. Based on my research, most companies manage to get 20-30 years out of their ships before scrapping them. I also think there is a possibility that Wellard will buy back the one ship from the second largest shareholder and that will add another $4m in savings a year.