It's management's fault their companies are valued less than NAV

Dear Editor,

Your interesting article ('What’s the public value of management, when the share price is all about steel?') on 13 May 2020 commented on the fact that “apparently” investors give no value to management's skills because most shipping stocks are priced way below the net asset value (NAV) of their fleets.

As a long-time investor in shipping stocks, I have several remarks.