This would still 50m cash in the bank and should IO drop to as...

This would still 50m cash in the bank and should IO drop to as low as $160 inc Lump premium, so lets guess around $145USD they should still make around $50aud net.

7.5 ships for the 4th quarter, 7.5 x 57500 = 430,000 tonnes

430,000 x 50 = 21.5m

I think the saving grace for GWR is the fact they are helping offset falling IO prices with the increase in production.

Even if they only made $25AUD per tonne thats till going to be over 10m a quarter. Versus their EV value by the end of Q3 which at current SP could be as low as 50m.

50m EV making 40m a year.

I know these are all just numbers but you gotta think GWR are in a good position.

The issues is people have low risk appetite when its comes to GWR so theres a very real chance the SP stays down even while the EV is falling.