No makes no sense, why pay interest until then?
Any cash they have they invest in short term deposits and probably earn no more than 2.00%.
They state in the Sept 2016 presentation that nay cash on hand above $1.0b is available for debt repayment (even show a table highlighting this).
Could be they surprise all of us and make a debt reduction announcement this month of $1.2b.
They no longer require any cash to fund the VLOCS and have covered paying the 15.00% ($83.0m) of the overall facility of $556.0m fom the Chines Bank.
The $83.0m has been paid in installments since the original order, so the VLOCS will not be a drain on cash, tax ($270.0m) is the only big ticket item that they have reported as being due this month.
With the IO price firming since the last dent payment, a significant chunk of the debt should be announced as scheduled for payment before year-end.
There cash position each month pr each day is increasing significantly.
Average 62.0% fe YTD
July $56.57
Aug $60.47
Sept $56.67
Oct $58.02
You have November average price? please re-post and confirm above.
In all of the above applying a 15.00% discount and all up costs of $30.0mt the average realised price in all months is greater than the average for the 2016 year
Dec sop far is above $70.0mt I think? I do not have have a source, you may have a spreadsheet
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