Ann: Quarterly Activities Report, page-11

@miningnut I think that 'subtle change' in disclosure is significant. The debate between cash disclosure in quarterly vs accrual disclosures everywhere else is irrelevant if a company maintains a consistent approach. The fact they thought they needed to change in what would otherwise have been a pretty dour quarter is concerning. Hmmm... not a good look me thinks as it casts a shadow of what's coming next.

My initial thought was that the 'problematic loaded' ship was an issue in which case I thought there might be some movement in inventory holdings. But given your observations...

A good result if you look at the 9 months and I was curious as to why such a low full year tonnage forecast was published in January. It would seem management has been sensibly cautious on this front.

Have a great day