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General We are a New York City-based pure-play drybulk ship owning company focused on the seaborne transportation of commodities globally. We transport key cargoes such as iron ore, coal, grain, bauxite, steel products and other drybulk cargoes along worldwide shipping routes.
Operating margin is thin at 2.18%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 19.1% YoY. Margins deteriorated 18.4pp alongside, both lines moving the wrong way.
Free cash flow declined 77% versus the prior year, cash generation momentum has weakened. ROIC dropped from 6.48% to 0.56%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$385M
▼ -19.1% YoY
Net Income (TTM)
$17M
▼ -105.7% YoY
Op. Margin
7.93%
▼ -18.4pp YoY
ROIC
2.22%
▼ -5.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$42M
▼ -76.8% YoY
Op. Cash Flow (TTM)
$45M
▼ -74.9% YoY
Net Debt
$270M
Cash & Equiv.
$55M
5Y CAGR: -0.8%
5Y CAGR: -2.3%
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