I tried to edit my post and insert the relevant slide to explain...

I tried to edit my post and insert the relevant slide to explain my post above but it didn't work. Here is the relevant slide from page 6 of the pres:


The presentation isn't clear in that in other parts of the pres, when they refer to "by the end of the June quarter" they mean since first production, not for the June quarter itself.

As I said, it masks a shortfall in projected quarterly shipments, where in this 10 March announcement they projected two 60kwmt shipments per month, meaning around 360kwmt per quarter, however actual June quarter shipments were 280.7kwmt.



The quarterly gives clues here below. Five shipments at an average of 56.1kwmt per ship, so some boats weren't full (could be any number of reasons for this). Also note the last boxed text where haulage rates in June improved but were still a bit short of target.



Not sure if anyone quizzed the company on the above in the conference call today?

Either way I think this is why it was sold down a bit today.

Hope this helps.

Dan