Agree with Mike - This ship can go under - concept of bargain hunting doesn't apply here anymore.
The keyword here is  "unsustainability". I wouldn't consider it  unless they can solve the bullet loans and covenant issues with minimal impact to cash holdings and existing debt.
I think most analysts and forummers have also forgotten about the 30million shortfall, attributable to the vessels due for delivery THIS year. I understand from Mr X that only 170 million secured for a 200 million loan. No one has even raised this as an issue except for Mr X.....caveat emptor!

MikeL2009      ( Date: 25-Aug-2009 15:56) Posted: That would be like jumping out of the frying pan and right back into the furnace! Me? I'm staying out even if it drops to 1 ct!

No lah, i have no share in this counter. But if the share price drop below 0.30. My mouth will open VERY big.

Wow.....time to collect....liao.

Believe me, this guy has been playing stocks for a long time and has made loads of money! 

 Time to rethink should you decide to get an alias/ new name! Oh, online monikers don't count!

Ah huat .. good name..

Revisit them if they fall below 40cts..

I was quite stubborn initially until you posted this. I thought to myself, hey, there's wisdom in what you were saying. Sigh, I guess I was still in denial mode then, this being my first shipping stock,  having been recommended by a cousin whose name is, incidentally, Ah Huat!  So, I was kinda set mentally to HUAT big time from this counter.

elysian      ( Date: 24-Aug-2009 16:19) Posted: Hi , Its fine to hold up - but having digested all the information on the Company, i believe it defies logic to hang on to it. Too many risks - and ur capital may be better served elsewhere, where there is less risk but reasonable long term returns. There is a possibility that Rickmers might surprise us all - but personally, I don't like the anxiety and I sleep better knowing that the risks are more manageable in other counters.     MikeL2009      ( Date: 24-Aug-2009 15:48) Posted: I'm staying put!  I intend to hold till the refinancing issue is settled - sink or float, dead or alive!

Personally, i think you did the right thing, and a more logical act ofcourse.
I have dumped all of mine as well - and transferred to other counters. I would be staying away from Shipping trusts for a long time - reason? - for a Shipping trust to continually grow its NAV, it needs to regularly acquire newbuildings or ships , which means, more loans and more debts. A growing Shipping trust will always be indebted basically. The fact that Ships depreciate every year, compounds this. Unlike Real estate trust, where real estate prices are more likely to appreciate.
Logically, the best Shipping trust counters to own would be one where the Trust is matured, has been in the industry for a long time eg. A Ship normally has a 10-15 year loan and a lifespan of 30 years.
So perhaps, buying into a Shipping Trust, where most of its ships have no more lingering debts and many more productive years, would be a better bet. 

Rickmers is sailing into stormy seas - all hands on deck!

I finally dumped at 42 cts (bought at 51.5cts). I got worried thinking how much it would go down further after XD, and with news that Maersk is also in the red and will be so for sometime, Rickmers is going to take a long time to recover. Also, since there are good deals to be had, better to sell and swallow some loss, and put the money into other counters. I redeployed the money and bought 10 lots of CitySpring at  XD, XR price of 62.5 cts. A better bet, I reckon, even looking at dividends for a long long long time to come.