Member Info for chilting

More a case of facing up to the reality of the situation Scotman.

At the end of the day the share holders are pretty low in the food chain - they often get screwed when the board runs out of other options.

AS is currently heading towards AK at a rather slow 2.8 Knotts - she is 14.2 nautical miles away - so she would arrive late morning at this rate - hook up looks to be from the north east but AIS isn't great.

The weather is set fine.

Ah the mad man with the moustache - given a chance he would nuke the lot of them!

I was wondering why Brent started to fall again -

https://www.bbc.co.uk/news/world-us-canada-49475744

Alan
I share your optimism that SM will get the funding but we are heavily constrained by the current market - if the investors are not buying new bond issues then there is little anyone can do - CF has to make the judgement now if he can go back to the bond market or explore other funding routes.

The obvious route would be more equity - especially with the pound being so low - investors from the US and Asia would find SM particularly attractive - hopefully it won't come to that but the mine has to be funded - that is CF.s priority - not the current shareholders.

Perhaps the Iranians will sell the crude to Israel for a big discount - think about it...

Morningstar's report on last weeks bond markets makes gloomy reading - although its not as bad as when SM pulled the bonds - look at the last graph on the report.
The good news is that today has been better with the Dow up nearly 1% - lets hope it continues!

https://www.morningstar.com/articles/943970/just-as-volatility-starts-to-subside-it-ratchets-right-back-up

Sorry forgot the link -

https://en.radiofarda.com/a/why-iran-supertanker-took-a-much-longer-route-to-reach-syria-/30038586.html

If she is going through the canal there is still a problem - her draught is 22.1m - the maximum draught for the canal is 20m.

Iran is no friend of Egypt and the canal is part Saudi owned so they have a problem - the crude would normally be offloaded in Suez and transferred down the canal on a small tanker before being transferred back again or sold in Egypt but clearly that cannot happen this time so I guess we might get a STS in international waters???

It looks the drama is over - AD is in the shipping lane heading for Suez - well away from Syria - probably heading for China or another Asian destination despite the sanctions.

Enquest down just over 1% in Sweden but recovering.
Brent up - looking much better than could have been expected on Friday.
Stocks badly down in Asia overnight but European markets are up.

AS is 20.7 nautical miles to the north east of AK - her ETA is still recorded as tomorrow morning - hook up will be from the north west unless the wind changes - AS was originally destined for another field, hence her early arrival in the vicinity.

AS is just 43 nautical miles from AK but her ETA is still recorded as Tuesday morning - AS was originally destined for another field, hence her early arrival in the vicinity.

We just have to hope that SM can get the bonds away despite Trump.

I will only be happy when I see a second attempt on the same terms as before.

JiffyBag
The trouble is that Trump isn't a conventional politician - his agenda is different - he needs enemy's - everything he does is about re election in 14 months time. He creates these enemy's - the Washington establishment, the media, fed chairman Powell, Muslims, the Chinese - the list is long - so that he can basically beat the hell out of them and appeal to his core electorate. Yes he will eventually settle with the Chinese but only after he has won - in his eyes - this has many months to run yet.

I simply don't think that SM will try to get the bonds away unless they are 100% sure of success.

ffc
My concern is that SM might not find a window to sell them in over the next month or so - or that they may have to issue convertible bonds, for example, to get them away.

Totally agree avocet - this is the worst thing that could have happened re the bond issue.
CF now has to make the decision of having another go at getting the bonds away in a period of instability when frankly anything could happen. The trouble is that another failure could not be contemplated.
The only option now may be to offer convertible bonds or go back to issuing more equity - with the pound being so low issuing equity may be the easiest and safest option - but off course we are stuffed if that happens.
Its CF's call.

I quite agree, but he can do a lot of damage in that 14 months - the Chinese are the only ones who have stood up to him and called his bluff - the trouble is that he has reacted with insane anger - not good - although I think that it isn't what it seems - it is a calculated ploy to cast China as the enemy and improve his image with the voters.

Trump will do anything to be re elected - the economy is secondary to that - the most important thing to him are his core supporters - he is their anti-establishment mouthpiece.

Trump has his enemy now - the Chinese - the more things ratchet up, the better it is for his electoral chances - he can put fire in the bellies of his supporters - the rest of us are f*cked!!!