Alexia Dodani: Thanks, Xavier. And this going to just have a clarification on the first answer. I mean, historically, contract rates are struck at the spot — at a discount to spot for obvious reasons because shippers get kind of a discount for the volumes that come again year forward. Based on the comments you made, kind of makes me think that you shared the opposite view. If that’s the case, why should contract rates, let’s say, discount to sport or at the premium sport conceptually? Thanks.
Xavier Destriau: Yes. I mean, I think today’s market environment is a little bit unique in a way. We just concluded that two years of extraordinary situation. We are today at — from the pendulum effect, if I want — if I may use this analogy, the market has gone very strongly in the opposite direction. I think both shippers and liners know that there is a middle range that is the natural equilibrium that we should older tender lean towards. Otherwise, the disruptions might affect the shippers as well. If we don’t get the risk that we believe makes sense for us to continue sailing, we will stop sailing. And then, if we stop selling, then it may have a more drastic effect on the ability of our customer to secure their supply chain.
So I think it’s not that simple in terms of where the market dynamics are leading us today. There are still quite a few weeks ahead of us before we finalize the discussions on the contract cargo, whether we will end above, below or close to spot remains to be seen. For us, like I said, we have our objective and our objective are customer by customers. We don’t treat all customers the same way. We have a one-to-one relationship and we know exactly, where we can go and where we want to go.
Operator: This concludes our Q&A session. And I hand back to Eli Glickman, President and CEO for closing comments.
Eli Glickman: Thank you. Despite challenging market conditions toward the end of the year, we continue to execute our global niche strategy and deliver outstanding execution and profitable growth in 2022. Truly, EBITDA and EBIT results were all time records. As a result of our outstanding cash generation and strong balance sheet, we declared a Q4 dividend of approximately $769 million or $6.4 per share. While the new trend liner industry outlook maybe uncertain with increased supply and weaker demand trends as Xavier discuss, we believe there are reasons for optimism as we look ahead. We took deliberate steps over the past two years to both diversifies our commercial presence and improve our construction, enabling the company to continue to serve in more normalized environment like the one we are experiencing today.
We remain highly confident that we have the right strategy in place with our competitive, efficient and cost effective newbuild capacity on the way. And our investment in digital innovation and disruptive technologies continue put to position ZIM to best serve customer and shareholders over the long term. Thank you all. Thank you.
Operator: Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you for joining, and have a pleasant day. Goodbye.
