(Vested interest) My interest was aroused when Kyith of investment moats and Nick of valuebuddies talk about this company, and specifically, the turnaround in its fortunes. So decided to do some homework and below is my findings. First ship problems started when several of their charterers defaulted and they have heavy interest costs that dragged down bottom line So what has changed? First, killing 2 birds with one stone by selling non-profitable bulk carriers and reducing debts. Also, moving away from the business model of financing by doing leaseback in the form of bareboat charters to original owners. Now, vessels are source more actively to charterers. Fool highlight 3 risks. So I examined the 3 risks. First, charterers' balance sheet. None actually have a robust balance sheet if you are talking about debt related ratios.(got to do with the industry) but TORM, James Fisher reported higher profits ......