2024 Production Progress, page-428

As highlighted, A gone yesterday. As most of you know if you've followed over the years, I don't like to go to hours in the shipping schedule, but with A I think its worth noting that it left at 10am in the morning, so the 9 days is really a bit better than that (more like 8.5 days). Its also the quickest loading of a Capesize that I've seen in 3 years with MMI. Good signs. Sunrise due to arrive at 11pm tonight.

In terms of the quarterly result, the new tug comes at the end of August which will facilitate more barge movements and greater loading rates. Based on the current results, I think 4 more ships could get filled in the Sept quarter on top of the ZNS and S currently on the list. This would give a 2m quarter, but only just. Would also need 2.5m in the Dec quarter to then hit the low end of guidance.

All achievable but needing things to go right from here in terms of weather and loading.

Q3 will be a profitable one (Shaws noted $45m EBITDA at 2.4m of production and $19 margin) and I'm expecting something along the lines of 2m at $15 margin so $30m. Good numbers for a quarter and with our market cap of circa $230m.