Please find our updated analysis here.

Having participated in the restructuring we are very happy with the result. But while the company regained shipshape, the sea has become rougher. Bunker prices

P&O Ferries, owned by DP-Wold in Dubai and the UK’s largest ferry operator, has asked all ships to remain in port today “ahead of a major announcement”. Press is speculating on

Please find our unchanged analysis here.

While we are waiting for the next update from the company, what we are hearing from its surroundings sounds very positive. Naviera Armas (NA) are

Please find our unchanged analysis of Naviera Armas here.

We continue to hold our 5% of NAV position in the bonds from January but had admittedly begun to wonder about the deal, given

Please find attached our new model on Naviera Armas here.

Given the successful consent to the restructuring, we are holding on to

Please refer to our unchanged analysis here.

As anticipated, the company has reached an agreement with its 72% ad-hoc group of bondholders for a bridge facility and equitisation terms that will allow

Please refer to our updated analysis here.

It’s taken some time, but the update on Naviera Armas is finally here. The situation is fluid and intense negotiations are underway to inject fresh cash before year-end.

Fundamentally,

Is Coronavirus just what the doctor ordered?

The company is due to report on Q1 while it has so far not reached out to bondholders. The extra liquidity buys management time to concentrate on the business and

Please find our detailed analysis of Naviera Armas here.

While we are coming to the conclusion that the company will ultimately achieve

Please find out new analysis on Naviera Armas here.

We have not yet taken a position. High CapEx in recent periods and slower than expected