I think the cash flow is the most important aspect. Writedowns seem to be pretty arbitrary at times when the outlook is unknown. Sgh wrote down almost 1 billion and if you had bought in a couple of weeks after that you'd be sitting on a 250% gain in 5 months. Large write downs won't necessarily mean no quick recovery. I'm looking for a big drop in the week or two following write downs and suspension of divi, to ~20cents. Maybe I'm dreaming but can live with the risk reward at that level.
Write downs of ships, page-2
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