Ann: Revised Shipping Strategy Yields Substantial Cost Reduction, page-181

Top Fair is unload and sailing again. The draught is again 6.5m, as it was upon sailing to Oz so another cargo wasn't collected.

With Top Fair leaving China on the 20th November to start the journey to Port Hedland, and again was leaving a Chinese port on 21 December the total time including these two dates is 32 days. This indicates a 55k dwt ship could potentially complete 11 return trips a year shifing up to 600mt of ore a year (or 550kt @ with a 50kt loading). Two ships of this size on a permanent roster would be needed to shift E25's ore once at 3.9MT of ore is processed to about 1.0MT of product each year.


Under the accounting standard for revenue recognition (IFRS15), revenue is recognised when all performance obligations in relation to the sale have been met. With the ore having left Australia and the quarterly E25 noting "Production operating at off-taker product specifications" it would appear E25 have met all likely performance obligations for the first three shipments. This should mean that both the cash payments and the smelter credits would be recognised as revenue when the half-year accounts to 31 Dec 2021 are produced.