Yes all comments above correct Mspark the only additions or...

Yes all comments above correct Mspark
the only additions or correction to your post is that NTA is closer 80c not 70c so even better
ship fleet is youngest in the world and replacement value even higher than NTA. No new ships will be built until day rates are much higher by the which stage mma will be swimming in cash
asset utilisation is increasing as is revenue for diversification fortuitously for MRM both traditional energy and renewables are creating increasing demand
gross debt will decrease once some assets sold and this plus cash flow will get them under the 3.5 x gross debt to EbITDA level where they can start dividends
past losses and franking credits create the additional benefit of higher untaxed free cash flow for years to be paid as franked dividends extracting further value for us shareholder

I see MRM like an energy company when oil was 40 dollars , one can see the medium term fundamentals are heavily skewed to the upside but it may take a report or two for market to get excited

as we have mentioned before these companies in boom times can trade at 2x NTA ( or 1.60 ) but at the very least trading at NTA will provide us with a 90% return plus any dividends from these prices

the icing on the cake is that it may be taken over which may crystallise a 50-60% gain quickly

a lot to like