NC, your auction analogy of buyer/vendor meeting at the reserve price might have been fine years ago at the beginning of negotiations where the outlook was negative and it was perceived as a “falling market”
The fuel debacle is about to be concluded and I would suggest we will be approaching a “rising market” soon, where the vendor is very much not happy to just make the reserve!
A premium is warranted to release the TB/CC and enter into a handcuffed agreement.
BTW do you have an update on the fuel hedging situation remaining?