I think we need a new hedge negotiator!!
Those hedge numbers look lousy.
From what I can see, prices were around the 110USD price for 62% FE (fines not lump) back mid December.
hmm.... I wonder when they negotiated this hedge - perhaps around that (Nov-Dec) time period. Still, you'd think they could have done a bit better.
IO has been moving steadily up for a while now, so hopefully they are in a better position if they want to negotiate again.
At least they are discussing the option to crank up the tons and putting on another ship per month. Spot (today's prices) or hedge another ship a month at current prices + x% would be a ok move (if can negotiate better prices than they did last time).
Perhaps the banks are now looking ahead at what will happen in china once the "Blue Sky" requirement for the Olympics is over.
