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Hi Mun Seng,  
You have to understand the business type of Maybulk. It is a dry bulk shipping company currently distressed because  the industry is experiencing an oversupply of ships at the moment. For what i know the share price has been dropping due to market sentiment.  
Please note that for a cyclical company, the analysis is a bit different from what we taught in the investment quadrant. For a cyclical company is all about survival and whether they can endure this down-cycle.