Coal is sold FOB (free on board the veseel and not mine gate) as far as I'm aware. I buy equipment from supplier all the time through this method. They cannot claim the charges until it is fully loaded in the container (payment is made against Bill of Lading). As the report says - the coal did not finish loading in the panamax till the 2nd of January -(thus, they could not invoice the customer and book those as receipted in their quarterly)
try explaining this to mum and dad investors.
This is just an accounting issue as far as I could ascertain.
The bigger news is the 10% discount to newcastle coal. Normally the 5500 coal sells at 15% discount - they managed to achieve 10% - this is not a bad achievement actually. Their coal is in demand.
Coal is sold FOB (free on board the veseel and not mine gate) as...
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