Could not agree more.The other thing that I fail to understand...

Could not agree more.

The other thing that I fail to understand is the lack of return for the Investor.

If we assume that SHIP has 20M MT. CFR China costs will be $60 + State Royalties of $6 + $4 Royalties to original stakeholders = $70.

If the AUDUSD goes to 90 cents and we assume a long term Sales Price of 5% below platts = $110 AUD

Margin = $40/MT

Therefore the funder makes $20 and the FAS makes $20.

The funder brings in $325M for a payback of $400M. That is a profit of 75M or 23% over the life of ship. That would not even if pay the bank interest.

I know that there is upside to SHIP and possibly SHIP North.

Maybe KR is a great negotiator.

It does not make sense that the funder would fund 80% for such little return.

I am not being negative but why would the funder take all these risks especially with no unconditional port access.