The "cash and equivalent" amounts given include "irrevocable letters of credit" for shipments.
Under CIF, the buyer takes over ownership of the merchandise only at the port of destination. The seller is responsible for the cost and freight and ownership handover takes place at the destination port.
Until the buyer in China accepts delivery of the amount in a satisfactory condition, the letter of credit amount remains in the agreed "acceptable" bank of the purchaser awaiting production by the vendor of the necessary documents for it to be transferred to the vendor's bank.
You can get a comprehensive run down on "letters of credit" at www.investopedia.com/terms/l/letterofcredit.asp
So with the last two ships that have sailed from Port Headland in June, we don't get the "cash in the bank" until the cargo has at least been unloaded in China.
Cantankerous James
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