Thanks a tone @Jose for your insightful post.
If the Govt. goes ahead & scraps all vessels older that 25 years, then Shreyas will end up using all its earnings in the foreseeable future & more in replacing its fleet. Quite the opposite of free cash flows! The business seems to be a guzzler of capital & the valuations are perhaps a reflection of that. This also perhaps explains why the business was sold to DP World for a song!!
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