If management had come out at the quarterly with an update on...

If management had come out at the quarterly with an update on how exactly shareholders are going to be able to reap the direct benefits of the record prices, the share price would have reacted accordingly.

Instead, we received more plans on how management are going to use capital/more debt to expand the portfolio with more cap ex. Management believes (rightly or wrongly) they have strong demand from SE Asia out to 2040-2050 at the minimum. The market doesn't believe it, so it is pricing in the fact of management intends to use free cash flow to build more stranded assets valued at 20c/$1.

This is not necessarily my opinion, but what I believe the sentiment is.

OTOH, we are not even in winter yet. China's attempt at controlling the coal market is going to fail, like it has in all other industrial metals. The energy squeeze is really only just starting - long winter of discontent yet to show. Winter 2022/23 is going to be even worse.