The Worlds Lowest Cost Producer, page-6

Why is your sentiment "none"? No appetite for more kool-aid?
In the current market the shipping costs for all producers are <$3/t. FMG won't be reducing their costs to 50c, mate, and here's why:
When FMG ordered their carriers, at a cost of ~$500m, their total shipping opex per year was ~$1b. However, it was anticipated these carriers would only account for 5% of annual shipping requirements. So $500m spent in capex to save $50m in opex per year - what's the payback period for that? So terrible it's not even worth calculating. And that's notwithstanding their enormous interest rates, and the fact this decision was made when shipping costs were twice the current price. You can now more than double that payback period.
For an organisation of this size this has to be one of the most juvenile attempts at vertical integration ever made. And that's giving them the benefit of the doubt. More likely it's negligent use of shareholder money by execs in a vain attempt to cover themselves in personal glory as pioneers.
As shareholders, you should be wheeling out the guillotine.