Obviously not sure why the pause in transhipping but it’s definitely a planned, premeditated pause. Guidance for May was dropped to 1.9 mil tonnes. By the morning of 26th May we had shipped our 9th carrier for the month. We only needed 10 carriers to reach 1.9 mil for the month (190k per carrier). I thought it odd that management were only expecting 1 further carrier in 5.5 days of operations, when I believe Marini had already taken a load or two before Berge left on 26th and we had been tracking at 4 transhipper loads a day. We were comfortably tracking for 11 carriers (2.1 mil) for the month, with another half a carrier filled. So the downgrade to 10 carriers for the qtr suggests that the transhippers may remain paused for up to another 24 hours. I imagine the haulage has also slowed or stopped as the storage capacity at port is only around 200k tonnes. Somewhat annoying that an Onslow iron update was sent out yesterday without notice of the imminent pause in operations.
MIN Price at posting:
$22.45 Sentiment: Hold Disclosure: Held
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