Please turn to slide number 3 of the presentation to discuss some important financial data. On this slide, we present certain key data to illustrate why we continue to believe that while Star Bulk continues to enjoy a very comfortable financial position, it remains substantially undervalued. As of November 17, 2010, our minimum total contracted revenue is $200 million, and our market capitalization stands at $184 million. We estimate the charter free value of our fleet to be about $390 million, and the charter adjusted value to be about $420 million.These estimates include the downpayments for the two new building Capes, [House Numbers] 63 and 64. Our senior debt currently stands at about $210 million, and our current cash position is approximately $41 million. According to the above, the company's net asset value, or NAV as we call it, amounts to $251 million or $4.03 per share based on our charter adjusted fleet valuation. Based on a share price of $2.96 at yesterday's close, our price to NAV ratio stands at 73%, indicating plenty of room for price appreciation from the current, heavily discounted levels.
Star Bulk Carriers CEO Discusses Q3 2010 Results - Earnings Call Transcript
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