Lies in their ports strategy, IMO. Shipping has a long way to go to work its way out of the doldrums, by the look of it, but it is still a profitable business and GND doesn't take too many risks - with a high degree of contract cover (over 80% contracted out at profitable prices). GND's cash is being invested in ports and bunkers. This gives them a steady annuity revenue stream. The trick, which I can't really work out right now, is to value this portion of the business, and to see what the real growth potential is. To me, it seems that the business should be evaluated on a ROCE basis, with each year's cash reserves being used to further grow their asset base.