Ann: December 2017 Quarterly Activities Report, page-34

problem is I think the discount has blown out quite a bit. They had
hedging and still turned a loss of approx $6m.
I was holding for the diversity. Might get back in again. Not happy with
how they managed their hedging though. Looks like they also now hedged
some fines at too low at price ($65).
Bad form from Cliff I must say. It should have been a profit.

Also they mentioned CD?? why?? If they cant make money with
IO closer to port how the hell are they going to make money from
CD which is miles away from anywhere?? can someone explain?