trading standoff, page-7

It suggests parallel institutional plays along with an overarching expectation that the market will correct downwards (and BDL with it – at least temporarily).

I may be wrong but I think we can more or less anticipate what the annual report says. Remaining gaps have in my mind been filled in by the ASL investor presentation. Key points in my head already are rapidly expanded order book, reduced costs, better costing of quotes. Industry margins remain down for firms who seek reliable longer term order book commitments.

What isn't in my head at the moment is the nexus between BDL and growing with Chinese metal and coal interests.

The 08/09 horror year (to be reported in the Annual Report) is irrelevant given that the BDL SP is now largely a derivative of the ASL SP.

Where to from here?