Looks like they did get 3 ships away in December, so 560kT looks...

Looks like they did get 3 ships away in December, so 560kT looks like the magic number.

They have also been busy in January with 2 ships away already ... notionally 160kT in first 9 days. Presumably means significant inventory build at end of December...

I've tagged the quartly for 20 January 2017 ... soon see.

I'm also moving to a more bullish maybe 1c final dividend. That would represent a dividend payout of around 25% ... tiny in my view. Commod prices holding. Also, the Chinese govt has recently clamped down on forex leaving the mothership by monitoring cash outflows. In response, I expect those living abroad or those having control of income flows abroad might rely more on cash already outside the mothership in which case dividend payments might attract some more interest.

Probably an optimistic view but hey...

Have a good one.