PresidentRobert Bugbee says the owner is open to selling newbuildings and using the cashto purchase its own stock given the gap between the company’s share price and managements’view of its value.
Bugbee saysonly an idiot would use proceeds from the sale of any later deliveringnewbuildings to buy fresh tonnage rather than investing in the shares.
“You don’t evenhave to take the risk of another person’s specification,” said Bugbee inconversation with analysts on a conference call.
