Shorts explode to fresh highs, page-36

Fair enough, I admit to not expecting an impairment.

However, it is well worth keeping in mind that an impairment is a non-cash charge and simply reflects the current value of assets. The $20m goodwill is simply a more rapid amortisement of the carrying value and will not be revalued.

But, there is nothing to say vessels will not be worth more than their current re-assessed value sometime in the future. It is no different that looking at your house after a market downturn and now seeing it is no longer worth $1m but $800k (beware Sydney). In 2018 my $800k house may be worth $1m again.

In short, impairment can be reversed (or the realised value can be). Assets could also be impaired further of course.

I'm okay and pleased to hear it hasn't impacted debt covenants. That means they are generating enough cash to cover interest and more.