Steven Kobos: Thanks, Craig. I’ll let Dana speak to the extra $1 or $2, but we do see this as a win-win-win when for the German government in terms it moderates their expense the summer or the southern winter, depending upon where you live, win for us and further uplift for the Excelsior and obviously, a win for Argentina, as further energy security and balance to their system during their Southern Hemisphere winter. So it is an uplift that we’re receiving as part of what we’re doing this summer rather than an extension to the charter, but there is definite uplift. What I’d tell everybody out there though is this is nothing new. We have an effort to optimize fleet over the years, we have routinely, I guess, you could call it, or vessels from customers and put it where there was maximum uplift for Excelerate.
So you should see €“ you should see that optimizing of the fleet as being part of €“ it’s just our core approach to business. Anyway, we’re very pleased about it because that involved Excelerate cooperating with two sovereigns and we are the company that can do that.
Dana Armstrong: Yes. Craig, just to speak to the economics, you’re correct in your assumption that it does provide an uplift. It’s a modest uplift. So it will be a suspension for a couple of months and will return to earning revenue in late Q3 and if we look at what we would have earned in Germany versus what we’ll earn for 2023 with the suspension agreement and with the Argentina project, it’s going to be roughly $5 million to $6 million uplift to our EBITDA by having the seasonal service are. So it’s a good new start. And then, of course, we’ll start the revenue again in late Q3, with Germany.
Unidentified Analyst: Great. Thank you for that. And can you elaborate, maybe I missed it, but could you provide a little more color on the overperformance in Brazil in the quarter?
Steven Kobos: Dana, do you want to take that one?
Dana Armstrong: Yes, I can take that one, Craig. So we renegotiated that contract with Petrobras as we found that in November of 2022. And under our new contract, we have €“ is similar to the other contract where we’re obviously vacant a fixed rate per MMBtu, a fixed capacity fee, regardless of how revenues we’re going to generate stable credible margins under the new structure and the new contracts, depending on the volumes they take that rate per MMBtu may fluctuate. So sometimes you may see higher margins when we see lower revenues. We did that new contact structure. So basically, have some €“ achieved some favorability under the new contract structure that allows us to get more favorable margins even with lower volumes. And so that’s what we saw in the fourth quarter.
Unidentified Analyst: Thanks for the explanation.
Dana Armstrong: Sure.
Operator: Our next question is from David Havens from SMBC Nikko. David, your line is now open. Please go ahead.
David Havens: Hi, good morning everyone. I want to start on CapEx. And the first question on that being, what have you invested to date in the Payra project as well as Vlora and then I know you touched a little bit on CapEx and earlier comments for 2023, but can you kind of give us a little bit more detail or a sense of what 2023 CapEx, organic CapEx could look like with the assumption that Payra does begin to move forward, you get some of those contracts across the goal line.
Steven Kobos: Thanks, David. Dana will be coming to you on this when we get into the specifics. But David, in general, I think, I guess, on an earlier question, I mentioned spin today, but that’s a historical spend, not necessarily this year, last year, any other year are out of pocket on Payra takes about $5 million, as I said. And frankly, we will be limiting the spend on that. So we do have funding that’s enough to really allow us to price and to have a sensible commercial negotiations, we need to, on an informed basis. So that’s just kind of skin in the game. I think, Dana, what we alluded to in the prepared remarks were our views on maintenance CapEx for the year. Is that right? And I don’t know that we are guiding yet on Payra or Vlora anything else until definitive agreements are we?
Dana Armstrong: Yes, that’s correct, David. So the maintenance CapEx, the $15 million to $35 million that we guided that’s dried off and it’s spare parts, vessel equipment, things like that. It doesn’t include any growth CapEx. We’re not yet guiding on growth CapEx. That’s something, we want to have a little bit more certainty about before we guide on that. So as Steven said, for Payra, what we spent year-to-date, it’s a little bit under $5 million. That’s not classified as CapEx. That’s just project development spend. And then I’ll be in a similar situation with the Vlora project development. We did spend some CapEx, gross CapEx last year on the power barges. But on the big overall Vlora project, just like €“ the growth CapEx, it’s something we’ll continue to guide on once we have more visibility and more information.
But we’re not going to start capitalizing on either Payra or Vlora or any of our growth projects until we’ve got more certainty around the projects. So you’ll see that build in a development spend for right now.
David Havens: All right. I’m sure. Thanks. And my follow-up is, as you guys address your need to source LNG, how should we think about the additional long-term SPAs that you might sign? And do you have a geographic presence for the origin of that LNG?
Steven Kobos: I’m sorry, what was the last part of that question, David? Do we have a geographic what?
David Havens: Preference to the origin, whether it be the United States, Qatar, wherever?
