I think pretty much the same, but I am hoping the hedge price...

I think pretty much the same, but I am hoping the hedge price plus the grade and lump premiums on top covers the whole cost base for 6 ships a quarter, but on the number I’ve done it won’t. It is close, but if shipping keeps going up it keeps cutting into profits.
Shipping is extremely high, and although I hope the costs subside with the downturn in the IO, it is still a big point for our ongoing viability as such. But if it affects our viability, many other IO producers will fall over first, which will change the supply narrative, which should in theory protect us with increasing IO prices of demand stays steady.
The next year we’re set and smooth sailing ahead, profitability guaranteed, but I hope prices recover and shipping prices decrease so dividends can be maximised and the cash in bank can solidly increase.
The market doesn’t love us, but hopefully they will with improved IO macro market conditions. Although I don’t see an acquisition on the near term horizon based off RB’s interview from the quarterly, hopefully we can all be pleasantly surprised. The scorpion JV isn’t the future, it’s a long shot bonus at best IMO