Risk Factors Update Summary
- Given the current state of the Chinese property sector, the Chinese government continues to stimulate the economy to achieve growth targets. This sector remains a key driver of commodity demand for various cargoes.
- The Baltic Dry Index (BDI) declined from 2021 and 2022 highs in 2023 but remained firm historically.
- Crew, spares, and stores costs increased, expected to continue into 2024.
- The BDI decreased from 39% to 48% of revenues, subjecting the company to LIBOR to SOFR rate risks.
- The company's credit facility availability increased from $212 million to $294 million.
- The company retrofitted Capesize vessels with scrubbers for compliance with sulfur emission limits.
- The OECD announced that 145 countries and jurisdictions agreed to a two-pillar framework addressing tax challenges from digitalization.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1326200&owner=exclude
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