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  "documentTitle": "Evercore | Investment Banking Pitch Book | 69 slides",
  "authorId": "evercore",
  "authorName": "Evercore",
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  "presentationDate": "2022-09-01 00:00:00",
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  "pageNumber": 14,
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  "notes": "Includes specific contractual details regarding fuel surcharges and shortfall payments.",
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      "text": "Historical All-LF",
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      "text": "Historical Handysize Dry Bulk Costs (Asia)",
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      "text": "SIRE's production is transported from Wyoming via Union Pacific Railroad (\"UP\") pursuant to a master contract amendment executed October 27, 2021 (the \"UP Agreement\"). The UP Agreement began on January 1, 2022 and expires on December 31, 2025. Beginning on January 1, 2023, rates are adjusted annually based on the prior four quarterly indices of the All Inclusive Index Less Fuel with Forecast Error Adjustment (\"All-LF\"), as published by the Association of American Railroads. In the event the average price of Retail On-Highway Diesel Fuel calculated monthly based on prices reported on the U.S. Department of Energy Website equals or exceeds $2.30 per gallon, UP will add a mileage-based fuel surcharge to the freight charges. Shortfall payment is required to be made to UP if SIRE does not ship 85% of its production on UP. In 2021, SIRE shipped over 90% of production on UP. Production for export is transported on UP to Kansas City Southern Railroad (\"KCS\") for transportation to Mexico and to terminals in the U.S. Northwest for transport via Handysize vessels to Asia and Latin America. A Handysize vessel holds 40,000 to 50,000 tons of dry bulk.",
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      "kind": "source-note",
      "text": "Source: SIRE management, Association of American Railroads, FactSet, Bloomberg",
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      "text": "SIRE Situation Analysis",
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      "text": "Transportation Overview",
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