Thanks, useful info. Isn’t it the case though that the problems...

Thanks, useful info. Isn’t it the case though that the problems ATP are facing wrt Pearl size are similar to the broader industry, which is suffering a large trend decline in production in recent years. I assume the causes are mostly environmental in both cases. It’s those changes which are causing both the decline in market supply and the rapid increase in prices. If so, prices are unlikely to fall back in the short term. Average momme/Pearl was 0.37 in the September auction, just below the FY23 average. Without knowing anything about the need for a new steel vessel, I agree that it probably wasn’t urgent and could have been deferred. Unless there is a rapid change in pricing, ATP should be able to build up a substantial cash reserve this FY.