As far as I can see, the ARGO ANCHOR SHIPPING JV is takes 49% of the profits out of freight business without requiring the other part of the JV to bring anything on to the table. The other half of the JV is with the son of a KMP.
The other JV with LOTUS CONTAINER SHIPPING SERVICES again takes away 49% of the PAT from the Vessel operations with no transparency regarding what, if anything, Lotus Shipping brings to the table.
The company has done well and I wish they continue to do well in the future but stripping away 50% of the profits for free is a big red flag for me.
There are more opportunities available in the market.