$CTRM This company used to have a lot of cash and no debt. Now that they have three ships, they have no cash and $12 million in debt. The time charter for the Magic P is expiring at a bad time. Now. The time charter for the Magic Sun is decent and runs through April, but will be reset 20-25% lower. The new ship has no time charter and getting one now is bad timing since rates are crashing. I could see them doing a share sale to eliminate/reduce debt if time charters are impossible to find or are so low they are unprofitable. Like TOPS and everyone else in this world of tiny shippers, it's easier to make money selling shares than operating ships.
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