Thanks BB, you always seem to have good updates on hand.
My understanding is that the second spot has already been completed, a buyer has already agreed to the second spot sale which as with the first is being forward sold. Not sure when the announcement on this is going to come though?
Negotiations are already underway with several parties so what is being nutted out right now are indicative terms i.e. benchmark index and discount/premiums, volume per month, leeway on volume in the dry months when barging is less certain, initial funding, any equity stake, etc. Once the best offer is agreed upon, this will be made binding - so from term sheet to binding should not be too long given they are already at the indicative offer stage as we speak.
