I think the fall is due to the Hanjin Shipyard bankers deciding to sell the entire business rather than selling off the Subic Bay Yard - which Austal/Cerberus were very interested in. This is big news IMO because servicing and repairs for US Navy ships is a big part of ASB's plan B should it fail to win new US Navy contracts.
Seems like ASB cant win a trick at the moment. No Subic Bay, no Philippines OPV, no US frigate, no sign of additional EPF (in fact Trump removed one from this years budget), no new ferry orders.
The new Capes are ok but lets face it $350 mill is hardly a replacement for either the lost $3.5 bill OPV or the $10 bill plus FF.
ASB pretty much have 12 months to secure a big contract in US and Aust or it will have to start winding up operations.
ASB Price at posting:
$3.14 Sentiment: Hold Disclosure: Held
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