This company is burning through cash like it grows on trees....

This company is burning through cash like it grows on trees. They said in their most recent capital raising presentation that they were going to buy 3 vessels at a cost of $50-60m, but this one 70m vessel alone costs over $31m and they're now saying they need additional finance. Does anyone know how much the 55m vessel from Trinity cost them? My guess is that the two vessels they've bought thus far haven't left them much change out of the $50-60m set aside for *3* vessels.

If they continue to raise cash, particularly expensive cash (i.e. debt at ~10% or equity at large discounts) for growth instead of funding capital expenditure through free cash flow, they'll eventually lose credibility, particularly in this market.