@Briex There is a small risk if Q4-2020 & Q1-2021 turn out to be very poor. The Q1-Q2 earnings covered STNG for a decent time, but Q3 will be a chunky loss per share and drain on cashflow, and they need a decent 6 months thereafter to cover 2021 liabilities. (which is why I often complain about the hole in the head morons on the $STNG board crying for a sharebuyback so they can get out of their daytrading positions...) If they do perform, which is 100% dependant on whether CPP market recovers or not, they should be able to continue to push debt maturities out & get cheaper/better terms in 2021, but we are not there yet. I remain bullish, but as I have posted many times, this is not a short term hold, and I would personally be amazed if we ever get back into the $20s again before 2021, even if a workable vaccine is put into production. Assuming no spike in the LR/MR orderbooks, I expect us to make a lot of money on these shares in 2022.
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@Swedan Sounds like there is actually thought behind your opinion and I agree to some extend. The picture I have attached is earnings in some calculations I have done(based on $STNG public TLC rates), the first row is based on 3 quarters of average variable costs based on days ships have been out, and keeping the same other expenses and financial income. That would net them 81 mil in earnings, roughly 23,49%. Number 2 is based on last quarters earnings % which was 18,34, which is probably on the low end. The last number is if they want a EPS of 2.47 which would require 40% earnings, which frankly, I think is unlikely. But even if that was the case, that would add 139 million$. Which means that they would be around the liquidity level of Q4 2019, again, and if the big earnings of 2020 are done, that means that any chance of buyback in a size that will make a difference is not going to happen. Summary, after Q1&Q2, they are going to sit on same amount of money they had EOY 2019.