Sherif Elmaghrabi: Good morning. So during the quarter you fixed the 2008 build MR, then you sold another MR last month. And I think Ben’s question touched on this, but looking at the fleet, there’s still a handful of similar vessels or more than a handful. So I’m curious, what kind of time charter opportunities you’re seeing for these 13- to 15-year-old MRs? And given where asset prices are, how do you balance that with the chance to recycle that capital elsewhere?
Lois Zabrocky: Well, I’ll flip it to Derek, our Chief Commercial Officer in a second. And I’ll just say that, again, I mean, we’re really feeling the strength in this MR fleet that we are lucky enough to have at International Seaways and we’ve been executing time charters, we very carefully prune when we think it’s opportunistic and we have a very strong base to operate from. And then Derek, do you want to chime in with any additional comments there?
Derek Solon: Sure. Thanks, Lois. Sherif, thanks for the question. I think you’ve kind of teed it up for us on the answer. We’re going to continue our prudent asset allocation, especially in the MR sector. Because the rates have been so good on the MR side, we see increasing opportunities for charters. What we are looking for is multiyear charters for some of the shifts around the 2008, 2009 vintage. And like you said for us, we’ve prudently sort of pruned the fleet in terms of selling them slowly. But to your question and to Ben’s question, we want to keep the exposure in that MR side because the rates have been so good for us and for our shareholders.
Sherif Elmaghrabi: All right, thank you. And then turning to the LNG newbuilds, the LR1s, will those be able to run on LNG as soon as they hit the water or is there some additional CapEx required to get them running on LNG? And then more broadly, just in terms of bunkering, how extensive do you expect LNG fueling capability to be by 2026, considering LR1, for example, can call a more diverse set of ports than, say, the LCC?
Lois Zabrocky: So I guess I would start with, we have at Seaways already on the water three fully, dual fuel LNG vessels, VLCCs that are using LNG on a common basis. And it is definitely for sure that they have a lower need for multiple bunkering ports, and that is going very well for us. The three LR1s are certified for, classified for dual fuel suitability to turn them to being fully capable for LNG. And we contemplate that in our future. Bill, our Chief Technical Officer, Bill, why don’t you jump in a little bit and just share a little bit more on that.
Bill Nugent: Sure, Lois, thanks. Yes, those four LR1s will not be able to run an LNG from day one, but will require a CapEx down the road, as we see the fuel markets, the regulatory standards, the customer expectations all evolve over the next five plus years or so.
Sherif Elmaghrabi: Okay, that’s helpful. I appreciate you guys taking my question.
Lois Zabrocky: Thank you, Bill.
Operator: Thank you. Our next question comes from the line of Christopher Robertson of Deutsche Bank. Your line is now open. Please go ahead.
Christopher Robertson: Thank you, operator. Good morning, Lois and Jeff. Thanks for taking my questions today. Just turning to the current demand landscape, we of course see the continued ton-mile demand expansion related to the dislocation of the Russian trade. But wondering if you could touch on anything else may be less known in the market that’s impacting effective supply, including any congestion issues, bottlenecking. I guess in other words, are there any short-lived or temporary factors impacting rates currently that could unwind in the next few months?
Lois Zabrocky: Well, it’s interesting. Short-term factors, I don’t know how short-term, we are definitely seeing an impact with the reduced draft at the Panama Canal, and that’s a true bottleneck out there in the market. I do think that will persist for a few months here, and it does impact the tanker trade because you are getting a lot of congestion there, and that does drive a little bit of a longer ton-mile situation. I would say that’s something of a temporary factor. Definitely in Q4, from everything that we see, inventories are drying, and this is a really strong demand signal, which we appreciate on the tanker side.
