Geraldton Freight To Qingdao where base rate is calculated was high 30usd last year, at present about 25 usd. this is well hedged for one shipment a month, iron ore forward curve generally in backwardation, continues to hedge into rising market is wise. C4 is capable to deliver 2-3 ship a month I presume, still have a lots of upward participation while never going broke .
Ann: C4 Iron Ore Mine Back in Full Production, page-11
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