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  "documentTitle": "Deutsche Bank | Investment Banking Pitch Book | 30 slides",
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      "text": "In Q2 '13, an opportunity arose to acquire new specialty built refrigerated container ships at an attractive price\nDawn conducted an analysis evaluating the benefits of this investment in new vessels vs. other alternatives for transportation\nDawn evaluated the return on capital of these alternatives, in comparison to the then outstanding share repurchase program\nIt was determined that acquiring three new built ships would represent the most attractive allocation of capital of the alternatives considered\nThe decision to purchase the ships was announced on May 28, 2013, concurrent with the indefinite suspension of the Company's share repurchase program\nOn the day of this announcement, Dawn's share price declined 6%",
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      "text": "Operating Dawn as a private company provides flexibility to make investment and operating decisions based on long-term strategic goals, whereas the public markets are often focused on the short-term",
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      "kind": "title",
      "text": "Case study: recent additions to owned vessel fleet",
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