Yes, that is a good point. The US$109/tn is from April 2021 to March 2022, although i am not clear if that represents actual price to certain customers or is simply a benchmark. I think this also contributes to the effective lag in prices received by NHC, strengthening the argument that the next few quarters are already baked in, albeit at prices not as high as what i quoted earlier. On the flipside, the Japanese benchmark price will be being re-negotiated soon, and i would assume it will be significantly higher than US$109/tn for the next year (extending out to March 2023), so that reinforces the "higher prices for longer" argument.
NHC Price at posting:
$2.00 Sentiment: Buy Disclosure: Held
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