Ken Nicholson: Well, it was largely non-existent when we acquired the company. I mean, it was just not part of Transtar’s business to do any work for third parties. This was an internal subsidiary of U.S. Steel that was deeply discouraged from handling or serving any customers not named U.S. Steel. So it was single digits of revenue from third parties. Today we’re at, I want to say it’s somewhere between $22 million and $25 million of annual revenue from third parties. Our long-term goal is to triple or quadruple that number. By the end of this year – we add about $10 million of incremental third-party revenue every year. So by the end of this year, we should be running at about $30 million to $35 million of third-party revenue.
Guiliano Bologna : That’s very helpful. The one thing I was just curious, which is a quick follow-up, to make sure I didn’t miss it in the prepared remarks. You had mentioned that Norfolk Southern 40-mile extension. I’m curious if you mentioned anything about – around a potential timeline around that. That was the only thing I was curious about there.
Ken Nicholson: We take over that track. The East Ohio Valley Railroad is a current asset in Transtar’s relatively short. We connect with the NS up in Mingo Junction and we’ve been negotiating with NS to get – this is not uncommon for class 1’s to hand over or lease some of their lower density rail lines to short lines and regional railroads. We take over that line actually on June 1, just in a few weeks, which in and of itself is a good thing. It’s a minimal operating expense. It’s almost no rent that we’ll be paying with this takeover of the line and we’ll handle maintenance of the line. We’re already handling maintenance on the portion of track that obviously we own, so that’s relatively straightforward. What’s most important is there is a large development opportunity located on the new leased track.
We’ve been negotiating with the counterparty, hence the interest in taking over that additional trackage from NS, so that we can actually handle the loading of freight and the assembly of trains for then transporting up to Mingo Junction where we’ll hand off the trains to Norfolk Southern. So excited about it. It’s been in the works now for several months, but it is imminent and we’ll be taking over that track in the coming weeks.
Guiliano Bologna : That’s very helpful. And then one final one. You’ve obviously discussed a number of very large central contracts at both Jefferson and Repauno. I’m curious if the types of contracts that you are actually seeing are large enough to be 8K events or press release events.
Ken Nicholson: Yeah, yeah. Generally, we wait until the quarter to announce those types of things. I think there are a handful of these projects that are meaningful enough to probably give rise to reporting them intra-quarter by way of a press release and 8K. I think it’s just a combination of the size of the transactions and the duration, the certainty with minimum volume commitments, which all of our contracts have today and all the contracts we’re negotiating will have. So I do think it’s likely that, as it relates to some of the projects I described earlier, I think it’s more likely we’ll make a – we’ll issue a press release upon execution of those agreements, because they are material enough to do so.
Guiliano Bologna : That’s very helpful. I appreciate it and I will jump back in the queue.
Ken Nicholson: Thank you.
Operator: Thank you. This concludes our Q&A session. I’d now like to turn it back to Alan Andreini for closing remarks.
Alan Andreini : Thank you, Dee Dee, and thank you all for joining us today. We look forward to updating you after Q2.
Operator: This concludes today’s conference call. Thank you for participating and you may now disconnect.
