Hey Donatello. It’s not about believing, the first and second quarter will be huge in revenue, my estimates (on current and past rates) is 500 miljoen for Q1 and 750 miljoen for Q2. If NAV can fix for 6 or 9 months spot rates at 100.000 dollar a day for the VLCC in april, the revenue for Q3 and Q4 will be 1,5 miljard dollar, so total revenue 2020= Shares x stockprice 10 dollar, or 10 dollar a share, they pay out 40% as a dividend, and 40% to support (buyback) shareprice. So 1 dollar dividend /share every Q.
The fleet ships are quite new in total and in the books for around 4 miljard. Debt short and long term you find in the report 2019 that was published last week,( around 1,1 miljard i believe) Net value NAV in my estimates around 2,9 miljard dollar. With the 20% of revenue for 2020 = 300 miljoen they can pay off debts, a good company always has some debt. NAV is also making less costs on fuel, because tankers are used for storage, rather than shipping. And NAV is buying fuel for there own vessels in the future, fuel is the biggest cost normaly, witch will be a big saving too. All these elements make it a very attractive investment at the recent stockprice, in my opinion.