100 hours is likely just to be the allocated laycan for that...

100 hours is likely just to be the allocated laycan for that vessel. This is set at the charters side. So yes, it could mean a larger supply volume from CXM or it could mean a co-load with a different parcel/product.

I am sure that CXM have to discount the sale price for non-standard (i.e. small parcel) sizes to the customers as the cost of the ship is the same regardless. Hence when CXM get their volumes up to full cargo sizes, which if I am not mistaken is within this calendar year, then we should see margins increase (subject to phosphate prices in general of course!).

Disclaimer: Whilst I have some shipping knowledge, it is not in dry cargos so no point in asking me any detailed questions. So yes, you can take this reply also with a pinch of salt. Ha!

Regardless, CXM's success is hinged on getting the volume increase up and to the port as soon as possible as that will enable them to get full price for the product as well as get their average cost per ton down. Once that occurs I think shareholders can relax and at current SP levels, I am happy to sit it out to wait and see.