Ben Nolan: So a possibility maybe, maybe nothing that or its early stages, I suppose, is how I’m hearing that. Is that correct in terms of using existing assets for that?
Mads Peter Zacho: Correct.
Niall Nolan: Ben, just one point of clarification, you mentioned that this sale, you’re referring to the Navigator Magellan as channel ship. This is our oldest ship, which is 24 years of age. It is not one of the ethylene capable ships, so it’s just a regular semi-refrigerated ship. And at 24 years, given that we’ve got a 25 year policy to sell it with one year of its economic life left at 12.7 million was considered to be a good deal.
Operator: All right, with that, next caller. Omar, I think you’re on mute.
Omar Nokta: Sorry about that. Can you hear me now?
Operator: We can hear you.
Omar Nokta: Omar Nokta from Jefferies. Just a couple of quick ones for you. Randy, you mentioned the share purchase program as a way to take advantage of a discount of stock price relative to NAV. How are you thinking about that buy back at the moment? Maybe one, have you put that to work since announcement? I know there’s blackouts but hasn’t been put to work? And then two, how do you think about deploying that capita while you await the finalization, the agreements with Enterprise Product on a CapEx plan for build out of terminal?
Randy Giveans: Yes, good question. So first, we are still in the blackout period. Obviously, we had the project announcement as well as this earnings call. So, following these two things, we should be lifted in the near-term. So, we had not repurchased any shares yet. In terms of balancing the two, as Niall said, the CapEx payments for the terminal expansion will be spread out over the next 18 to 20 months. So, we certainly have room for both. So, I would expect a simultaneous use of cash.
Omar Nokta: Thanks Randy. And then just as a quick follow-up, I know you mentioned and you’re pretty clear that you can’t give specific details on the expansion. Is there anything you give in sort of just big picture magnitude where if think about what’s coming? Is it a doubling of the facility? Any colors you can give just give us a frame of reference?
Randy Giveans: It would be good for us to wait having that discussion once we do the joint announcement together with Enterprise. This is really when we’ll fold out that more detail for you.
Omar Nokta: Okay, I’ll try. I’ll think about that. And Randy you’ve warned it. Okay. Now thanks. That’s it for me. I’ll turn it over.
Randy Giveans: Thanks, Omar. Right, next caller.
Sean Morgan: Hey team. Can you hear me? This is Sean Morgan,
Mads Peter Zacho: Howdy, Sean. Yes. We can hear you well.
Sean Morgan: Alright. Okay, so given the constraints on your ability to talk about the current terminal expansion, maybe we can kind of shift gears and sort of look at the broader possibility for other JVs or other partnerships across the U.S. Gulf and other existing maybe brownfield sites that you think or partners that you could do expansions of ethylene exports beyond the Morgan’s Point location?
Mads Peter Zacho: Hi, Sean. I think, ethylene, we have the most efficient, the largest ethylene export terminal in the world together with an Enterprise Product Partners in the U.S. Gulf. So, we are expanding it. Any additional ethylene infrastructure beyond that, I certainly doubt. So, we are — on the ethylene side, we’re focused together with Enterprise. Now there are other products, C4, C3s, that we are looking into not to mention ammonia, blue ammonia, green ammonia and CO2. So, there’s many infrastructure opportunities beyond ethylene which we’re taking very seriously.
