You must be joking! I can't tell. Almost everything you proposed as sensible does not in fact happen. Silver Bay is a loading and unloading port, not a boat parking lot. But your "time is money" comment was particularly funny. Imagine a Captain and crew being paid to sit on a frozen iced-up loaded boat in January, February and March, waiting for a sunny day to sail the wild waters of wintry Lake Superior, so they can be the first boat through the locks in Spring. Didn't anyone call for the ice breaker?
How do you know that any shippable iron ore would be stored at Silver Bay rather than being shipped in the remaining about 40 days available for shipping this year? Also how do you know that ore boats are stored at Silver Bay during the locks maintenance? It seems more likely that ore would be shipped while the locks were open and weather permitting, and that ore boats stay in the southern Great Lakes after their final outbound trip.
If the next distribution hits 90cents, for $1.93 this year, then current price of $20.85 indicates a generous return of 9.2%/yr, (or 8.8%/yr if the distribution is only 80cents this quarter). I think expectations will improve for iron ore and MSB will soon be priced at $24 within months, maybe more if rates remain steady. I thought it was a buy/hold at 18 last July and still a buy/hold now for significant tax-advantaged income. Certainly Cliffs has recovered quite a lot too. GLTA
All is well at the locks, although I saw no taconite. I watched sand going east, and three empties enter Superior yesterday.
Ka-Ching? Earnings in three weeks of $0.90 could push MSB up to 25. More likely $0.80 would keep it around 20-22. GLTA