I was under the impression that QF had 50% hedge @ US$28-$30 until '05. A logical each-way bet as a quick Iraq/Afgan solution may have dropped oil under US$28.
Therefore 50% of their supply is floating. No wonder QF is getting nervous.
Maybe
VB has fully hedged and is not under as much pressure to introduce a surcharge as yet.
Please advise if above is not correct.