Just wondering if anyone know when will their logging license ends? Any idea what is their cost to renew? Also why is monthly timber production so much lower than 2 to 3 years back? Is it due to regulation (production limit) or operation/demand constraint?

Yes but the price for renewing the lease will be dependant on bdi at that time, so they may not get the full benefit of the rising bdi (assuming bdi rises). Think they used to have near 20 vessels couple of years back, now it is left with 7 (2 leased). So earnings will not go back to the past level. Also mkt cap is about USD 140m, this means mkt cap per vessel is more than USD 20m/vessel even if we just simply assume the leased ship is owned by them. This is way higher than its peers. Happy to hear any pushback.:)