Good morning, everyone, and thank you for holding. Welcome to Santos Brasil's second quarter 2024 conference call. With us today, we have Antônio Carlos Sepúlveda, the Chief Executive Officer, Daniel Pedreira Doria, Chief Financial and Investor Relations Officer, and Ricardo dos Santos Boteri, Chief Commercial Officer. At this moment, all participants are in listen-only mode. Ensuing this, there will be a question-and-answer session, at which time further instructions will be provided. I would like to remind you that the earnings release and presentation are available at the company's investor relations website. In addition to the rooms in Portuguese and English, simultaneous translation into Brazilian Sign Language is also available. Before proceeding, I emphasize that the forward-looking statements made on the forecast and operational and financial goals are based on the beliefs and assumptions of the company management and on information currently available. These forward-looking statements involve risks and uncertainties as they relate to future events that may or may not occur. Investors and analysts should understand that overall conditions, industry conditions, and other factors could also cause results to differ materially from those expressed in such forward-looking statements. I would now like to turn the floor over to Mr. Daniel Pedreira Doria, who will begin the presentation. Mr. Doria, you may proceed. Good morning, and thank you for your attendance. I am Daniel Pedreira Doria, the IRO and CFO from Santos Brasil. With me, Mr. Sepúlveda, the CEO, and Ricardo Boteri, our Chief Commercial Officer. The second quarter of the year presented a strong pace of growth in the volumes operated by the company, something we had already observed in the first month of the year, and that we trust will be maintained until the end of the year, which is a seasonally best quarter of the year. In July, we had a record of handling in Brazil, where we reached 120,000 containers in Tecon Santos. This is thanks to the investments for the increase of capacity we carried out a year ago to service that volume with a high level of quality in the services we rendered to our customers. When we compare the result year-on-year, the operating performance of the company in the second quarter of 2024 surpassed the second quarter of 2023 in all of the business areas, with exception of the vehicle terminal that is still suffering because there is less demand for light vehicles in South America. In the Tecon Santos terminal, where we have a slight growth quarter-on-quarter of 1%. At Tecon Santos, we observe a growth of 24% in the number of containers handled in the second quarter of 2024 when compared with the same period last year. In this context, it is important to highlight the quality of the mix at Tecon Santos, with a highlight for the growth of 34% in imports year-on-year, chemical products, consumer goods, plastic, glass, and general consumer goods. 24% growth in exports, especially agricultural and food commodities, paper, pulp, coffee, frozen beef, and sugar, and a growth of 46% in cabotage, with a strong increase of services coming from other destination ports, whether this is in Brazil, Argentina, or Uruguay. I would like to underscore that most of the growth observed come from an increase in the consignation of regular services operated by Tecon Santos. They account for 86% of our volume. Our services contracted in 2024 represented 7% of the total, and the scale, 6%, which means that we are experiencing a strong and sustainable organic growth that truly is not extraordinary. Now, the Imbituba port had a growth of 59% in the volume of containers handled compared to the second quarter of 2023. Now, what is driving the growth that we observed was the beginning of the operation of a new long-haul service in the Caribbean and southern USA area, as well as the use of Atlas, both operated by CMA CGM. The warehousing operations at the terminal had a growth of 40% in the second quarter if we compare this to the second quarter of 2023. In Santos Brasil Logística, the bonded warehouses grew because of greater imports at the Port of Santos, with an increase of 17% in the number of containers at the bonded warehouse in the second quarter 2024. Finally, the liquid bulk terminals handled 183,000 cubic meters of fuels in the second quarter of 2024, a growth of 2.6% year-on-year, with a highlight of the conversion of operations, something that gives us a better forecastability and duration. The positive highlight is the warehousing of our terminals that focuses on the addressable market, helping us to work with imported goods through the Itaqui port. Going on to the economic and financial highlights, all of the main line items had a sound growth year-on-year. Net revenue totaled BRL 703 million in the second quarter 2024, representing an increase of 29%, especially due to higher volumes at all of the company's business units, except at Tecon Vila do Conde and at TEV. Because of the increase of the average ticket, positively impacted by full containers and the real time of storage for imports, recurrent EBITDA was BRL 348 million in the second quarter of 2024, a vigorous growth of 57% year-on-year, with a margin very close to 50%, an increase of six percentage points vis-à-vis the second quarter 2023. In my assessment, the EBITDA margin would be close to 51%, were it not for the increase in the personal costs due to the hiring of 362 employees for the operation of Tecon Santos that are still undergoing training, and they cannot be used in the operation. This is equivalent to 12% of the company's headcount. Now, this situation should be normalized until the fourth quarter, when we will be able to obtain greater savings in these operating conditions. Now, net income had a growth of 82%, reaching BRL 172 million, with a net margin of 24%, an increase of six percentage points year-on-year. Regarding capital allocation, in the second quarter of 2024, we invested BRL 101 million in the expansion and streamlining of our assets. Now, this figure will increase in the 2 coming quarters of the year. For the first half of 2024, CapEx represented BRL 217 million, and our provisions reached BRL 304 million in the first half of the year, representing BRL 0.35 per share at this moment. Yesterday, we announced the payout of BRL 209 million between dividends and interest on capital. We are determined to pay out 100% of our profits, and we have proposed to the shareholders and the company to reduce the capital by BRL 1.6 billion, and this will be submitted for appreciation of the General Assembly on August fourteenth. This will adjust the capital structure of the company. We ended the second quarter with a net debt of BRL 228.5 million, and with an extremely comfortable leverage. The final message, I would like to reinforce the positive outlook for the second half of 2024 that already began at a strong pace. In our vision, the container terminals should continue to present positive volumes with a recovery of Tecon Vila do Conde, but especially driven by Tecon Santos. And as we think that demand for coming years will be sustainable, Santos Brasil will continue to invest in the expansion of the capacity that we offer in the markets where we are active. With this, we can proceed to the Q&A, and I am at your entire disposal for any question, along with Mr. Sepúlveda and Ricardo Boteri. Thank you. Thank you all, and we will now go on to the question-and-answer session. For those who wish to pose a question, please use the Raise Hand icon, which is located at the bottom of your screen, so that we can enable your microphone. For those who wish to send their questions in writing, they can do this through the Q&A icon at the bottom of the screen. Written questions will also be responded to live. Please hold while we poll for questions. Our first question comes from Julia Ozenda from J.P. Morgan. Your microphone has been activated. Good morning. We have two points at our end. First of all, a follow-up. It was clear from the presentation that the dynamic of the volumes will continue positive going forward. Which is your expectation regarding the mix, if it makes sense to think about something similar to the first half of the year? The second point refers to the mid and long term. There was recent news that the decision of the Supreme Court will be postponed for some more years, which means that the capacity of Santos and other terminals may be impacted. So which is your outlook for supply? Thank you. Well, good morning, Julia. This is Ricardo Boteri. Thank you for the question. Now, regarding trends about the mix for the second half of the year, and of course, we're speaking very precisely about our regular services, what has been contracted. The mix will remain as it is, with a great deal of traction in the volumes, as we saw in the previous half of the year, with a contribution from exports that we have been receiving. So the trend for the second half of this year is to maintain the present-day mix that you see in our results. Julia, good morning. This is Antônio Carlos. The news that has just been published, I understand that this is news, made by the STS10, referring to an enhancement in access, of course, is of the utmost importance. You cannot operate with the demand in the cities if you don't enhance access. Now, regarding the terms, they're the terms that were set forth in the STS10 project, and it will take approximately seven years because of the magnitude of the project, until we operate with the first ships and have significant volume at the port. It is necessary to go through that whole process of signatures, environmental licensing, licensing of operation, bonded warehouses, and of course, this process will extend significantly to seven years, at least in Brazil. I believe that the capacities that will be delivered for... Because of additional capacity in Brazil, we'll be able to maintain a good level of service. The terminals will remain full, with a good occupation and significant growth until that launch of the STS10 project. Based on what we see as background in Brazil and worldwide, the time for this is seven years and perhaps somewhat more than was disclosed before we have access. Well, thank you. Thank you very much. Next question comes from Pedro Bruno from XP. We have activated your microphone. Good morning, everybody. Thank you for taking the question. We have two questions. First, regarding the volume, we have seen news about a possible anticipation in the volumes that you mentioned. You mentioned record volumes in the month of July, and the peak season did begin last month. Traditionally, we think that the peak season will begin in August or September. You have already spoken a bit about the mix, but in terms of volume, what is the pace that you expect to see until the end of the year, if the strong volumes that we saw in the month of July will represent what we think will be the peak season? So if you could give us a better explanation of the speed of what will happen with the volume until the end of the year. The second question regarding cost and margin, my question has a different angle. Now, you did increase the headcount significantly, and they're undergoing training. Now, I would like to know if the headcount helps you to face that challenge that you were facing of hiring employees that you had mentioned. Now, does this mean that you have been successful in that strategy, and, does-... Of course, this will have an impact on your margin for the half of the year. Pedro, this is Ricardo once again. Thank you for your question. Let's speak about this cadence, peak season, and volume. You are right, in fact, the peak season was anticipated, and we saw greater concentration, not in the months of August and September. Now, to divide your answer in the three main terminals, Tecon Santos has had a ramp up since the first quarter to the second quarter. As Daniel mentioned, we had a record more than 120,000 containers, and this is our forecast for the third quarter of 2024. This, by speaking to ship owners and the movements of organic growth, this will be maintained and throughout the full third quarter and fourth quarter up to November. When we look at Tecon Imbituba, we have reached 9,000 containers with two new services, and there are new services under negotiation that will come into play in the third and fourth quarter of this year. So the volume that you view for Imbituba will be higher. And when we speak about Vila do Conde, there is an effect that begins now begins in the second quarter, fortnight of September, which is the drought of Manaus. This also impacted our volumes and results last year. We have worked with a layout and engineering in Vila do Conde, removing all of the empty spaces to provide greater capacity for those moments of demand that are quite comprehensive. So for Vila do Conde, speaking about the cadence of volume, we're negotiating an increase of approximately 2,000 containers for four months, beginning at the first of September until the end of the year. This is what we do when we look at each terminal and in a consolidated and scheduled way with recurrent volumes, not only from our clients, but as part of our preparation to accommodate these volumes. Regarding that hiring, this is Antônio Carlos, Pedro. About the hiring of personnel, we hired 90% of what we required. We're simply missing a category of stevedores, which is the labor that works on top of the ships, but all of the yard people have already been contracted. We have teams that can work with 11 land equipment, so we continue to attempt to hire that category of stevedores. The number is quite limited compared to what we needed. I should say that we have been successful. It was a point of concern, and if we hadn't had success in the hiring, of course, we would not be able to work with those volumes. We've gone beyond handling 120,000 containers, 4-5 million TEUs. This is the annual volume for the last month. We believe that the peak month that will happen in August and September will reach 2.6 million TEUs. Although this group is not fully employed, they're still undergoing training, most of them at least, we already feel an impact and an improvement in speed at the terminal. Well, thank you. Thank you very much. Our next question is from Andressa Varotto from UBS. Your microphone has been activated. You may proceed. Good morning, everybody, and thank you for taking my question. I have a question. When we look at the number of containers, there was a drop during the half of the year. I would like to understand if there was something that caused this, and how we should think about this for the coming half of the year, thinking about mix. And considering that all of this had already been contracted for the year based on your negotiations last year. That is my first question. My second question is if we can expect any significant change in CapEx for the second half of the year? Thank you. Andressa, this is Daniel. Good morning. The drop that you observed in the revenue quarter on quarter cannot be justified by mix. What happened was the following: when we look at the port operation, there were less revenues coming from what we call the export park. That were very strong in the first quarter, strong in the second quarter, but not enough to surpass the first quarter. So we lost approximately BRL 12 million in that line item. It's what Ricardo mentioned. The expectation for the second half of the year is that the revenue from reefers will be very strong again. This is one of the points. When we look at warehousing, there was a drop of revenues as well. It's very difficult to control that. The first quarter was very strong. We had high volumes in the first quarter with warehousing, we lost 12 or 13 million BRL, so we have 25 million BRL less in terms of revenue. Now, the cargo mix is not a justification. There was an increase in transshipment, that is true, but we work with transshipment of full containers, but there was a drop in the movement or handling of empty containers. The mix continues to be very strong. The peak season that begins now should generate interesting volumes of imports. And in the mix, there is no problem, in truth. It's these two points that that impacted our revenue, and of course, in Imbituba today, given the volume, has a higher representativity, lower than that of Tecon Santos, of course. Regarding the CapEx, yes, I would say that you can expect intensified use of our CapEx in the second half of the year vis-à-vis the first half of 2024. We have maintained the expectation of working with BRL 700 million-BRL 800 million of CapEx for 2024, and to obtain that range, we need to intensify investments in the second half of the year. In the first half of the year, we had BRL 217 million in CapEx. So naturally, there will be a concentration of CapEx in the second half of the year to bridge that gap that I just mentioned to you. Well, thank you. Thank you very much. Our next question comes from Marcelo Ornelas from Kínitro Capital. Your microphone has been activated. You may proceed. Once again, Marcelo Ornelas, your microphone has been activated. You may proceed. The next question comes from Jens Spiess from Morgan Stanley. Your microphone has been activated. You may proceed with your question. Our next question comes from Victor Mizusaki from Bradesco BBI. Once again, your microphone has been activated. Well, congratulations for your results. I have two questions. The first, referring to your new business in your port terminal, I would like to know if you have your eye on some of the new assets. And regarding the vehicle terminal, we have seen movement of importing vehicles to Brazil. If you have detected a new opportunity for TEV because of this, for your vehicle terminal. Thank you. Good morning, Victor. This is Daniel. Referring to the auctions in ports, no, this is not part of our strategy to participate in these auctions. We have worked with capital allocation investments in expanding our own assets and in payout of capital to shareholders through proceeds, through dividends. Our strategy for the longer term would be to have the opportunity to grow the supply of containers at the Port of Santos. This makes more sense as a business strategy, and because of the return that we intend to obtain. [Foreign language]... Victor, aqui é o Ricardo. Sobre a sua- Victor, this is Ricardo. About your question about the vehicle terminal, your reading is highly aligned with what is happening in Brazil as a whole. To speak about the vehicle terminal, while Brazilian exports have had a drop of 30%-35% vis-à-vis the second quarter of 2023, two markets that were relevant last year, Mexico, Colombia, Chile, and Peru, imports, on the other hand, had a growth of 53%. So our mix, and we were used to working massively with the imports of Brazilian assembly lines, now see this volume of imports coming in from China, and this has happened quite recurrently. The electric vehicles before the new tax levy that came into operation in June was very important here, and what we foresee for the coming months is a recovery of the Argentinian market that was reduced since the end of last year up to present, but has recovered 16% of the market share they lost, and the continuation of the import of electric vehicles from China and the opportunities we have locally. Well, thank you. Thank you very much. Our next question comes from Lucas Marquiori from BTG Pactual. Your microphone has been activated. Thank you. Points that I would like to ask about the stress dynamic in the freight for global operations. There is a lot of Red Sea. There are a lot of problems still in Asia. Now, how do we work with that, with this advancement of the peak season? Does this represent a problem, or will the ship owners try to bring down their goods earlier on because of the port congestion, because of what is happening in Asia? I would like to hear your mindset in terms of this, and an update, if you could, on what you have heard about the regulatory discussion for the ports. This might represent additional capacity as the Port Authority is constantly renewing licenses to operate the port. I would like to hear your opinion in terms of this. Thank you. Lucas, good morning. This is Antônio Carlos. The Red Sea... Yes, of course, it has added stress to logistics. That environment through the Cape of Good Hope has demanded the use of more ships. There is also an increase in demand in that region. The demand in the USA continues strong. What we have observed are these two factors. Now, this has not affected Brazil. There is no communication with Brazil. In Brazil, we do have some relevant points. First of all, last year was extremely weak. The first half of last year was weak, as well as the second half of the year. There is more. We have a problem with the coast. We have other terminals on the coast with structural problems, BTP in Santos, Navegantes, and Itajaí. This impacted Santos considerably. We are returning to normalcy, and I believe that August will be a stronger month than July. I see this difference, that instead of thinking of 20-12 thousand containers every month, I think we have anticipated all of this. There are cargoes that are doing very well. Brazil is becoming a large supplier of cotton for the world, and this type of cargo has become stronger in the last five years, and it was very strong in the first half of the year. Now, the Port of Santos has an enormous diversity of products that are importer and exporter. Some do very well, and they end up driving up the volumes. We do hope that the following month will be even stronger than the past months, as happened in all the other years in Santos after August. Now, August is the peak month, and this is our expectation, that this month will be very strong, stronger than July. About the Ecoporto, because of the information conveyed publicly by the Port Authority, we believe that this terminal will be transferred for cruise ships to integrate it into that older area in Santos, where you have real estate development, based on the older warehouses, and that the general cargo warehouse, heavy cargo terminal will be maintained. It's the only place we have in Santos operating this special cargo. And it's also being said that there will be that as they plan, there will be an increase of BTP, but this is what we have heard. I about the Ecoporto specifically, I'm truly not aware of what is happening with that process. I know that there is something happening in Brazil. Several things have been postponed. It's possible that this is the case, but I cannot refer to this precisely. Well, thank you. Thank you very much, Antonio. Thank you for your answer. Have a good day. Our next question come from Lucas Barbosa from Santander. You may proceed. Your microphone has been activated. Good morning, Antonio, Daniel, and Antonio Carlos. Thank you for taking the question. My question refers to 2025, which is the visibility that you have, which is the growth of volume that you can deliver the coming year? Secondly, you had a very good growth of volume this year, which are the types of products that are still below their normal level and that would represent the main upsides for the coming year? Thank you. Lucas, this is Ricardo, and thank you for your question. Regarding 2025, even though you mentioned a stronger growth in 2024, I'm going to go back to what was said by Antonio Carlos. The reference base of 2023 is lower, so the volumes have increased year-on-year. Regarding 2025, we have begun the pricing at the company, the market intelligence area, contact with ship owners, visits, and expectations. We're beginning to work on them in terms of volume and price. All of the contacts that we have had so far show a growth above and beyond the trends of volume of 2024, a growth of 3%-4%. At Santos, Brazil, we recompiled all of this. We conciliated imports and exports based on segmentation, inventory. So we have to, based on this, work with our forecast. I believe that in the third quarter of 2024, our visibility in terms of this will increase. We will have a minimal vision of growth, organic growth, and the market strategies are helping us in this. Regarding the type of segment that is not growing or growing, we have a very favorable condition in terms of global training. We have eight areas growing. When I see something that is somewhat below 2023, it is marginal. For example, the export of metals and poultry, all of the top export segments have been growing. So if we see what we have realized in the first half of the year, there is no segment that shows a greater leverage for 2025. Everything is underway, and the same happens with imports, the imports of the 10 main segments, and we have mentioned some, eight of them are very strong. We see a certain slowdown in imports and machines, notwithstanding this, and depending on the government policies, real estate, and civil construction, there could be an increase. In the automotive area, the replacement products for assembly lines, we don't know if this will be increased in 2025. We will see the consumption in the second half of the year and the inventory of assembly plants, and perhaps we can give you more information regarding 2025 at the next call. Thank you, Ricardo. I will ask the question again on the next quarter to hear an update on this. I would like to add to what Ricardo said. There's a very important point, which is the delivery of capacity, and at the end of last year, we decided to anticipate investments, and at that point, this was with a view towards the years 2025, 2026. Nothing more could be done for 2024. It was a highly ascertained decision, enabling us to enter Santos and Imbituba, that are ports with a low demand, to go in with a better capacity. We're attaining and the works in Santos a great deal of speed. We will be able to begin 2025 with 150,000-200,000 additional TEUs to sell throughout the year, which is also highly important. Yes, of course. Thank you very much, Antonio Carlos. Have a good day. Our next question from Jens Spiess from Morgan Stanley. Your microphone has been activated. Thank you. And sorry, I'll do the question in English. I hope you can hear me now. So I just wanted to do a follow-up on the CapEx question and the acceleration of the investment plan. If you could give any color into what CapEx we should be expecting or a range of CapEx in 2025 and 2026 to reach those 3 million in terms of capacity and the 2.6 in 2025? And my second question is more of a modeling question. I saw that expenses were a bit all over the place. I think for the vehicle terminal, they increased, like, 20%, while volumes were down, right? And the liquid bulk terminal, they decreased 10%. But just to understand, what, what's driving those, those expense... those changes in expenses? Gent, this is Daniel. You asked the question in English, but I will answer it in Portuguese. Once again, I hope that you can hear me well. Regarding our CapEx, 2024 will represent the peak of our investment cycle for the company. Beginning with the coming years, there is a trend for a reduction in the investment volumes of the company. I can say that now we're working on 2025 and 2026, with disbursements between 350 and 450 million BRL. Until the end of the year, of course, this figure will be refined. We're going to see if there's an investment carryover, investments not fully made during 2024, that we can carry over into 2025. But the figure stands between BRL 350 million and BRL 450 million CapEx for 2025 as well as 2026. Now... Regarding the microphone, Regarding the costs... we had a higher average ticket because of greater revenues with warehousing and strike. Sorry, I'm getting lost in translation here. Do you want me to repeat my second question? Hello? I, I do apologize for that. Let's proceed with costs. Depreciation, personnel, and expenses. Now, what has driven cost? What has pressured the cost item is second Santos with 372 additional employees on our payroll, without enabling us to reduce the volume of expenses with additional hours that we have had until this personnel is fully absorbed into our operation. The other costs are marginal. They refer to material for the company. They're not material for the company. I'm sorry. Yeah, very clear. Thank you. Obrigado. We would like to remind you that should you wish to pose a question, please use the Raise Hand icon, which is at the bottom of your screen... For those who wish to send their questions in writing, they can do so using the Q&A icon at the bottom of this on hold while we poll for more questions. Our next question comes from Luiz Capistrano from Itaú BBA. Your microphone has been activated. Good morning, everybody. In the Q&A, we spoke about two elements that will help profitability: higher volume and the... Well, you have contracted everybody that you need, impacting the profitability of the first half of the year. What type of operating result can we expect for the second half of the year when we look at the EBITDA margin? The peak was 3% at the end of the year. It went to 60 the first quarter, 50 now, adjusting for non-recurrent expenses. What can we expect for the second half of the year, something aligned with last year? Can we perhaps prepare for more? Which information can you convey to us? Thank you. Luiz, this is Daniel. Let's go in parts. Mix and volume, we've spoken about, a very positive expectation that should continue on robustly and balanced. We can expect more imports, and volume is what was said by Antônio Carlos and Buteri. What happened with that issue of our headcount, with almost 2% of increase, they take approximately 4 months until we can truly allow these people to work with our equipment. So far, we haven't fully observed this gain in the third quarter. The normalization of this should be perceived only in the fourth quarter. We're in August already, so we still have 300 people of a contingent of 372 new employees undergoing training. 300 of 372. Those people are undergoing training, and because of that, we have pressure in terms of personnel costs. Why? We have brought in 372 people into our payroll, but we still have extremely high expenses with additional hours to work with our operations to fully deliver what we do. All of this will only be normalized in the fourth quarter, when I am convinced that at that point, we will have activated this operating leverage. There is a point to take into account. We're working with 11 turns that can operate 2.6 million TEUs or more with that same contingent of people. Until the end of the year, our volume should be 2.3 million-2.35 million TEUs, which means that we will still not have that operating leverage despite the people that have been contracted. This margin will continue to expand, but it will not generate the wealth that we expect in 2024, because in the... We're preparing the terminal at present so that it can handle at least 2.6 million TEUs, 120,000 containers monthly in a continuous fashion. So this is what refers to margin. You made reference to the fourth quarter of 2023, but in 2023, we need to recall two events that contributed to this margin increase in the fourth quarter of 2023. We had a great deal of volume being captured by Tecon Vila do Conde. I doubt that this will repeat itself because of the drought of the Amazon River in 2024. We had an extraordinary flow of containers that came out of the Itajaí Navigantes system to Imbituba, most of which are import containers that are pulled, generating warehousing revenue. Well, due to the situation that happened in Navigantes and the flooding, we can't forecast a new flood that will halt operations at Navigantes and Itajaí. Imbituba is almost at full operating capacity. The reality now is different... I would not recommend replicating the margin of the fourth quarter of 2023, when we had two extraordinary events, and think that this will be recurrent in the company. Once again, this is not or was not a recurrent event. Well, thank you very much, Daniel. If you allow me an additional question, any news in terms of the renewal of contract with MSC for the coming year? This is Ricardo once again. The contract with MSC is in effect until December of 2024. We have a full semester ahead of us to be able to perform what they still need this year. And as I answered a previous question, the premises we have considered, for volume and, term for 2025, of course, we will hold a conversation with them. In terms of the present-day services and the additional capacity they may require in 2025, we have anticipated an increase of capacity to 3 million. So we don't only speak about the short term, one year. We will hold conversations not only with MSC, but with 13 ship owners to think about 2025 in terms of volume and price. Thank you. That's very clear. Have a good day. Once again, should you wish to pose a question, please use the Raise Hand icon at the bottom of the screen. Questions in writing, use the Q&A icon, also at the bottom of the screen. Please hold while we poll for questions. As we have no further questions, I will return the floor to Daniel Doria for the closing remarks. Well, I would simply like to thank all of you for your attendance, and I hope to see all of you at the conference call for the third quarter in November. Thank you very much, and have a good day. The Santos Brasil conference call ends here. We would like to thank all of you for your attendance. Have a good day.