High Leverage RemainsEven after improvement, elevated leverage constrains flexibility: high debt levels increase interest and refinancing risk, reduce ability to fund unexpected capex or route disruptions, and magnify downside in demand downturns common in passenger ferry and marine transport sectors.
Revenue And Cash-flow VolatilityChoppy top-line and uneven cash conversion undermine planning and long-term investment: unpredictable revenues make fleet scheduling, maintenance and capital decisions harder, weaken forecasting accuracy, and raise the probability that shortfalls force debt draws or asset sales.
Thin Margins; Sensitivity To CostsLow single-digit net margins leave little buffer against fuel, labor, or regulatory cost shocks typical for marine operators. Margin sensitivity limits the company's ability to absorb cost inflation, hampering sustained profitability and reducing resources available for strategic investment.