Good afternoon. This is the Chorus Call conference operator. Welcome, and thank you for joining the d'Amico International Shipping First Quarter 2021 Results C onference Call. As a reminder, all participants are in listen only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Paolo d'Amico, CEO of d'Amico International Shipping. Please go ahead, sir. Thank you. Good afternoon to everybody. Thank you for being with us today. Let's go straight to the presentation. With your permission, I would jump the executive summary because we repeat ourselves later on during presentation itself. If you don't mind, I will leave the floor immediately, going to page six. I leave the floor to Carlos Balestra di Mottola, our CFO, and then I will join you at the second part of the presentation. Carlos, please go ahead. Yes, good afternoon to everyone. As usual, just a quick glance at our fleet composition at the end of the first quarter. We control 38 vessels. As always, our main segment is the MR segment, the workhorse of the product tanker industry, representing 68% of our controlled fleet. We have also, in terms of control, 74% almost of our fleet is either owned or bareboat, or controlled through bareboats, which are just different financing arrangements from our perspective. The remaining are those mostly long-term time charters and only one short-term TC. It is a young fleet. The average age is of 6.7 years relative to an industry average, which is for both MRs and LR1s of 11.8 years. It is a mostly eco fleet, around 75%, IMO class 76%, relative to 39% for the industry. It's a young fleet, as we mentioned several times, since we ordered 22 new buildings since 2012 that were delivered between 2014 and 2019. In terms of CapEx commitments, going on to the following page, we don't have any more new buildings on order, so we are much lighter in that respect. Also, in terms of maintenance CapEx, we are lighter. We had $12 million in 2020. This decreases by 50% around in 2021 to around $5.9 million, and by another 50% in 2022 to $3.1 million. That is helpful, especially in the current weak markets. Going on to the following page, we are also lighter in terms of debt repayments. The daily debt repayments fell markedly between 2019 and 2020, after we finished reimbursing the medium term facility with Intesa. It will drop further over the course of the next years, in particular between 2022 and 2023, because of a working capital facility that we have, which has quite a fast amortization profile that we will finish reimbursing in 2022. We don't have any balloons to refinance in 2021. That is also positive. We do have $65 million to refinance in 2022, and we will start working on these in the second half of this year. In terms of purchase options on page nine, we had nine lease vessels with purchase options. One of these was exercised on the High Priority. We have eight remaining, which seven are in the money or theoretically in the money. Also seven of these are already exercisable with the Cielo di Houston, which is a JOLCO, with a slightly different structure, which is only exercisable from March 24th. We don't have intention now at this very moment to exercise other options given the current weak markets, but we monitor the situation closely, and once we see the market moving in the right direction on a sustainable basis, we will definitely look into this possibility, to obtain some hopefully important savings on our interest expenses. Going on to the following page, our TC coverage. As per previous presentations, this is falling throughout to 2021. We did, however, manage to slightly increase this, fixing some vessels OTC during the quarter so that we are now at 45% coverage for the second quarter of this year. At a profitable rate for us of $15.4 on average. The coverage falls, however, to 35% in Q3 and then to 22% in Q4. We have ongoing negotiations to increase this coverage. We should be able to do so at quite attractive levels relative to today's spot market. The percentage of our eco fleet has been increasing since Q1 2018. It is now for 2021, as I mentioned previously, of around 74%, and it will increase further. This analysis here doesn't assume any vessel disposals, but if we do, as we plan, dispose of some of our older vessels over the course of the next few years, then of course this percentage will rise even faster. This is important today, especially in today's environment with higher oil prices. The eco premium has increased significantly, and it's today closer to around $2,000 per day on a one-year TC basis. Going on to the following page, we show our fleet profile, the evolution. The fleet decreases slightly as some of our TC-in vessels are redelivered to their owners. Nonetheless, our exposure to the spot market, overall exposure rises, given we have less coverage as we move forward. Therefore, the sensitivity for every $1,000 per day change in TC equivalent earnings also rises. It's of only $6.7 million for the remainder of 2021, but it rises to $12 million in 2022. Going on to the following page, on the cost side, we did give some good results over the course of the last two years. Between 2020 and 2021, in the first quarter, we had some exceptional items that weighed on these results. The figures are, however, lower than they were for the first quarter of 2018. We did mention that we benefited from having a younger fleet, several new vessels delivered over the course of the last few years, a homogeneous fleet, more technology, Condition-Based Maintenance, allowing to increase the average life of our spare parts. We also benefited from a strong dollar over the course of the last few years, and this is partly reverting now. That is also one of the factors that explains the increase that there was in the first quarter of this year relative to the first quarter of 2020. In addition to some, let's say, exceptional COVID related savings that we had in the first quarter of last year, since both crew rotations and inspections of vessels were more limited than usual because of the COVID situation. If you go on the G&A, we also achieved some important savings over the course of the last few years, which were confirmed in this case in the first quarter of this year, despite the weakening dollar. Going on to our financial position. Important to highlight that we ended the quarter with $56 million in cash and cash equivalents, which is still a very comfortable position relative to our minimum cash covenants on our loan facilities of $25 million. The ratio between the net financial position and the fleet market value increased from 65.9% to 68.5%. It increased as a result of the losses in the first quarter, and it increased as a result of the decrease in asset values, which however, we're already seeing some signs of recovering that risk. As we cover the market overview later, we will talk more about that. The ratio of 68.5% is still a healthy ratio given we have a very young fleet, and it's much better in any case than the 73% we had at the end of 2019. It's not something we are concerned about. Going on to the following page, the key P&L line items. The net result, lost $28 million, which, excluding non-recurring items, is a loss of $9.3 million. In the first quarter of last year, the profit was of $6.3 million, excluding non-recurring items and of $1.5 million, including such items. On the key operating measures on our top line, on the daily TC spot rate for the period was just shy of $10,000 per day, which of course is not brilliant and it's a reflection of the, of course, as we mentioned, the very weak markets, the very low volumes refined, the ongoing lockdowns in the first quarter, also in some key consuming developed economies. Of course, also in some very important and populous emerging markets, such as India and Brazil. Brazil in particular, is a very important importer of refined products. The effects of the weak spot market were mitigated by the TC coverage. We had almost 50% of our available days covered through TC contracts at an average rate of $15.8. Our blended rate of $12,850 is still well below our financial and P&L breakeven, but it's much better than it would have been, had we not had such a good level of coverage. I pass it over to Paolo for the market overview. Thank you, Carlos. On page 17, we saw basically that since 2016, which was, well, really a very bad year, the market recuperated quite a lot. This just before the second half of last year when COVID came in. No, COVID was already in, but we started unwinding the storage and the market, as a result, collapsed. Talking about oil demand, we are slowly recuperating, is we are expecting an expansion of 5.7 million barrel per day on 2021 to 96.7 million barrel per day total, which is a good demand increase since where we were last year. We were basically at 91 million barrel per day. As far as refining capacity, we expect that between April and August 2021, is expected an expansion of 6.8 million barrel per day to 82 million barrel per day total. This because, slowly with the vaccination going on, people are starting moving again, we'll see later on that, for instance, driving in the U.S. is very close to where it were before COVID. At page 19, as you can see, there was a big buildup last year of storage of crude, and both of crude and products was due to the collapse of a price on the first half of last year. If you remember, the barrel went even negative for a few days. Traders and oil companies have been taking before onshore storage capacity, and then they start chartering in tankers, reducing supply, and this created a bullish market up to the second half of last year when all the storage was there. Talking about only products, clean products, at December 2019, on storage, we had 25 million barrels. On early May 2020, that storage went up to 75 million barrel. It went up three times. We are back again to 25 million barrel, more or less. On page 20, we show that vehicles are rolling again. In U.S., they are driving again as they used to drive before. Even the trucking, I have to say, the trucking never stopped because due to e-commerce, the trucking activity has always been very big. We have also driving in Far East, like Japan, Hong Kong. What we have to say is that due to the fact that people are trying to avoid mass transportation, like underground or buses, the number of cars on the streets are more. Page 21. This is the longer-term demand growth. This is what we saw before the COVID, and we saw an increase of close to 3% since year 2000, when, of course, COVID came in. Now we expect a strong rebound within this year and next year. This page 22, very strong potential upside on asset value. Of course, asset value, they diminished again over the last months. We are seeing more and more activity going on the Sale and Purchase market. Again, investors are going back to tankers, and there is more liquidity in the market. Page 23, there is a dramatic change in the refinery landscape. This was already going on before COVID, but then COVID accelerated things. You will see more and more closure in Europe, and we are seeing few closure or, let's say, changes from refinery, oil refinery to biorefinery in the United States. Instead, we are seeing an increase, which was already in the cards before COVID, in refining between the Middle East and the Far East, and saying Far East, I would say mainly China. Talking about closures of refinery, New Zealand is losing the only refinery they had, and Australia, out of 10 refineries they previously had, they are closing down six, so we'll stay with four. This means that a lot of products will be moved by our refining hubs to Australia and New Zealand, more ton miles. Possibly, probably, the refining hubs will be Singapore and Korea. Due to the increase of the refining capacity expected also out of China. Oceania basically is losing a lot of its refining capability. On the supply side, page 25, we have a very low fleet growth. This is due to two things. One, the fact that, of course, the economy, the market situation. Two, new building price, anyhow, they are going up because shipyards, they feel that their building capacity with container ships, LNGs, LPGs, and so they are not hunting for new orders. The final reason, which is a general reason in shipping, is that we do not know yet the future technology on our future fuels. Of course, we are still in a very early stage, so some owners are taking the risk of dual-fuel engines with capability of burning LNG. LNG, as you know, is only a medium-term solution. It's not the definitive one. Somebody's already thinking about ammonia, but nothing is absolutely clear, and on top of that, all this is still very expensive. You have a bottleneck, a technological bottleneck, which will take some time before it will be solved. This is creating, on page 26, is creating a confluence of forces constraining the fleet supply. In the meantime, the fleet is getting older, and we should expect an increase of demolition. Demolition, which today is very well paid because it's well over $500 per lightweight, which is a good number. You don't see as much as somebody would like of demolition volume for the simple reason that the scrapyards are concentrated between India, Pakistan, and Bangladesh. India, as you know, is through a terrible period on lockdowns and COVID anyhow, so they have lost a lot of their personnel. Not only they are on a very serious deficit of oxygen because whatever oxygen is produced in the country is funneled directly to the hospitals. Of course, is sanitation oxygen. It's not the industrial one. Means that all the production of oxygen in India is 100% focus on the hospitals and not on industrial use. Demolition, as you can imagine, there is a lot of welding and unwelding, if you want, used, and so there is a lot of oxygen needed, and there is no way you can substitute that. It's very much limited. Another element which is going to constrain the fleet supply are the new regulation coming in. We have these new indexes. In the past, ships were described only because of the speed and consumption. Tomorrow you have a third element, which is emissions, how much this ship will be emitting of CO2. The fleet, as I said, is getting older. If you see on page 26, you see that by 2024, the fleet over 15 years will be over 50%. Now, 15 years is a commercial date for us because after 15 year of age, many oil terminals do not accept the ships anymore. As a consequence, many charterers, I would say all the top charterers, they don't charter any more ships that old. We expect this pickup on demolition. We expect, of course, then as a consequence of all this, let's say, a shrink of the fleet. As far as new building orders, as I said, apart the technological constraint, today is by far cheaper to buy a secondhand ship than going on the yard and building a new one. This is a good thing because if a new investor will want to come in, or even older investor, but investor want to come in and buy tankers, they will be moving on existing vessels and not oversupply more the market. The final slide number 30 is the long-term fundamentals. This is something that we have been talking already a lot in the past. It's something we believe is there. It's been stopped by COVID, but once we will all be back again, and what is very much missing is Europe, and what is very much missing is long-haul flying, which unfortunately is not happening yet. We hope that this summer is going to increase something, but we do not know how much. Once the COVID will be out of the way, the fundamentals in which we believed before, and we still believe in it today, we will be back. I think we will be bringing back the market, not only in equilibrium, but in a rewarding position. Carlos, if you want to say something on the NAV? Yeah, no. Thank you, Paolo. Just to the last slide of our presentation, page 32, we show the evolution of our NAV. Yeah, it has been falling. It has fallen over the last quarter. Of course, given the market situation and the decrease in asset values that we covered in the presentation. It fell from $240 million to $213 million. On a per share basis in US dollars, it fell to $0.17 per share. Our share price, well, that was at the end of March, was at $0.13, if converted into dollars, which was equivalent of an alpha discount of 25%, which is still a significant discount. Of course, we are talking about a very depressed NAV, which can spring up very fast once the market starts recovering, and we start generating cash, and the asset values start rising. I believe that covers the key points in the presentation. We pass it over to you for the question and answer session. Thank you. Excuse me. This is the Chorus Call conference operator. We will now begin the question and answer session. If anyone wishes to ask a question, may press star and one on their telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone with a question may press star and one at this time. The first question is from Matteo Bonizzoni of Kepler. Please go ahead. Yes, good afternoon. I have two questions, basically. The first one is on this issue of basically the decrease of the fleet market value, which we have seen over the last quarters, and which has, let's say, accelerated as of Q2, Q3 last year. We see this ratio of debt to the fleet market value, which has reached 68.5%. Okay, you don't have particular refinancing needs in the short term. Can you remind us what would be a ratio which could be, let's say, dangerous for you? I think it's in the 70%-75% range, looking at the historical empirical evidence over the last years. You have said that you are confident to see a stop of this decrease of the asset values. Do you think that we could see some stabilization or recovery already in the second quarter, or more in the second half of this year? I would like also to know if you could tackle, let's say, this issue also via divest, disposal, or sale-leaseback, or anything. The second question is on a different topic. I was looking at your P&L structure. There is a significant decrease of the charter in higher cost. There has been actually over the last quarter, but in this quarter has been very evident to just $0.3 million, which, I mean, there has been also a decrease of the chartered in fleet, but the decrease of the cost for the charter in has been dramatically higher. Can you provide a little bit of explanation about this trend? Thanks. Yeah, I believe I can cover these points. Regarding the decrease in the market value, it is true that this is a trend that we have been seeing over the last few quarters. If you go to page 22, you can also notice there a slight uptick in the last readings in the graph. That is associated with a recovery in asset values, which is based, first of all, on the expectations of an improving market. Second of all, I think that a very important factor is the fact that the new building costs have been rising very fast. As we covered in the presentation, the construction costs, the iron ore prices, steel prices, have been rising very fast. Also the depreciation of the dollar contributes to an increase in costs. Therefore, we are seeing that yards today, they are asking for much more to build a vessel. Not only that, they also have very few closed delivery slots. If you want to buy a vessel today to be able to trade it next year, let's say, because you expect an improving market next year, well, you are not going to be able to buy one from a yard. If you do find a slot, and there are very few left for delivery next year, it will be towards the end of next year. Otherwise, you are going to have to wait for 2023. That is also because there was a surge in new building orders for container vessels, and which some of them are built in the same yards in which product tankers are built. That reduced, really, the availability of berths for deliveries of product tankers in the near term. I think that second-hand asset values will be well supported, going forward, because of this reason. The ratio, as you mentioned, is not a ratio which is any cause of worry for us. We are, on all our loans, very far away from breaching any loan-to-value covenant. The loan-to-value covenants for our loans, it would become a source of worry at around 75% to 80% LTVs, depending on the facilities. We are still very far from those levels today. Not a source of concern for us. Yes, in terms of cash generation, yes, if the situation, if the weak markets were to persist longer than we anticipate and at very low levels, the sale of a vessel could help us bridge our cash needs. As I mentioned, we ended the quarter with $56 million, we are in a very comfortable position in that respect still. If needed, we have some older vessels which have a very little residual debt left. We will be able to sell these vessels, and generate quite a significant amount of cash, even at today's depressed levels. That is something that we will look into if needed. Of course, if possible, we would prefer to sell later in a better market. In terms of the chartering costs, well, the TCs which are short term are the only ones which are expensed on a P&L. You don't have to look at only the overall number of TC in vessels, but you have to look at the number of short-term TC in vessels and their evolution in this quarter relative to the first quarter of last year. There are two other elements which explain this difference. One is we had a very high number, proportion of off-hire days in this quarter also on some of these TC- in vessels. On these vessels, we had no expenses and we had no income. Finally, sorry, there was another element. In the first quarter of last year, we had some vessels which we had under commercial management, which we were basically TC'ing in and then employing on the spot market, and we were paying to the owners the net earnings on these vessels. These vessels were not part of our fleet. We would only retain 2% of the net earnings, in our P&L. The rest would be distributed to the owners. From an accounting perspective, they inflated our TC earnings and our TC- in expenses, with the difference between the two being this 2%, let's say, commission that we retained. That inflated the first quarter 2020 figures. Thank you. The next question is from Daniele Alibrandi of Stifel. Please go ahead. Yes, good afternoon. Can you hear me? Yes. Okay, good. Good afternoon. Thanks for taking my questions. I have three. The first one is about the outlook and whether you are more confident at this stage of the recovery than you were a couple of months ago, because the demand for oil is clear, is yet to be proven. At least from the supply side, we've seen the OPEC+ production increase, and this would suggest an anticipation probably of strong demand to come. This is my first question. It's really to understand, with all what you are seeing in the market, if your confidence is increasing, versus the last call we did. I also have seen that you have put a new chart on the land traffic in the U.S., so maybe your expectation on the driving season are high. Just, if you can elaborate on this. The second question is on the seasonality and what we should expect in Q2 and, if your expectation are all placed, in the all-important winter season, that we all know that should be helpful for tankers. If you maybe agree with what the CEO of Euronav just said before, and that is that oil demand could recover to pre-pandemic levels by the end of this year, despite the resurgence of the cases in India. The last question is on ESG. You worked a lot on this topic. If you maybe can share with us if you have set internally some targets that maybe are worth to be mentioned at this stage. Thanks. Okay. Sorry, can you repeat the first one, please? Yeah. Maybe It was about your confidence, if it is increasing? Yes. Versus our last call, at this stage, basically. You see, first of all, we are, as product carrier industry, we are, let's call between brackets, victim of a more disastrous crude oil market, because the crude oil ships are really navigating in negative freight rates and negative earnings. What is happening, that big ships, before was a phenomenon very limited, but now it's becoming bigger. The big ships, the 2 million barrel and the 1 million barrel, are moving to the clean industry because as new building, they are totally clean. They never loaded a dirty cargo. What they are doing, they are doing this since a year, but never as frequent as they're doing today. They are loading it with 2 million barrel of diesel in the Far East. Now, as you know, the building shipyards are all in the Far East, so the ships are already positioned there. They fill it up in Singapore and Korea and China, they send it over either to West Africa or to North Europe, where the ship sits there and then unload a piece at a time. This, of course, is killing because it is taking away cargoes to our industry. Said that, the crude market is recovering because also the quantities, OPEC+ are going to increase. It's not this crazy thing, but you have an increase of production coming to the market, this phenomenon will be limited more and more because the crude ships will move out of our way and will go in their way. This will increase demand for us and space for us. In the meantime, we expect an increase of demand because in springtime, agriculture starts, that is a lot of diesel. The driving will be starting in U.S. a lot after Memorial Day because it's the starting of holidays in U.S. As you rightly say, the driving season is expected, not by us, but by a lot of banks like Goldman and JPMorgan, to be quite strong this year because we, Americans, like everybody of us, we have been closed down home for quite a while. We are a little bit desperate of moving around a little bit. You will see more driving. You will see more driving also, and that is the reason I said before, because many do not want to take train or do not want to take planes. Domestic flying in U.S. is not as far as before COVID, but is very close to it. People prefer to drive, so the consumption of gasoline is supposed to be very strong. You can easily say that, yes, the consumption of gasoline is strong, but also the production of gasoline is strong in the U.S. because America is a producer and a refiner. All the East Coast is on shortage of refining capacity, and normally they buy the gasoline from Europe. We should expect a flow from Europe to U.S. East Coast, as we should expect a flow also of jet fuel, and not only of gasoline from the Far East to California, because also California, West Coast in general, but the big one is California. They had a lack of refineries also because they closed quite a number of them. These two things should bring, because there are two longer trips, certainly the Pacific one is longer than the Atlantic one, but the ton mile should increase, and of course, we are talking about theories, but it's quite a touchable theory. The ton mile should be increasing, and so the demand for us will be bigger, and the market should be better. This is a very general view. In the meantime, as you know, Europe is a net importer of diesel, and Europe lost some refining capacity over the last two years. They were already importers before. Of course, the demand of diesel should be here again, more or less at anti-COVID levels, because diesel is mostly trucking and cars in Europe. What is lacking in Europe are airplanes. Even there, we do expect an increase of flying, not as it used to be before. All this vaccination keep going, and we going to have this green passport. European tourists should be hitting the road, too, and probably hitting the road more than they used to do, because here again, we don't want to take a plane, or we don't want to take any sort of mass transportation. If you mix all this, you can expect the increase of demand and a better performance of the market. You wanted to know about the future fuels, right? Basically, yes, I asked on the seasonality, but you already answered me. No, the last was on the ESG, if you maybe have set some internal targets, that it's worth to be shared with us. I saw you did quite a good work on it. Yes. Last thing on seasonality anyhow. COVID mixed up everything. What used to be historical seasonality, and this quarter, the first quarter, is the proof of it, because normally the first quarter is the best one of the year. Instead, this year is a disaster. It is the proof that historical seasonality are not working anymore. I mean, with COVID in between. Once COVID will be out, they will be back again. On the rest, yes. We are still working on it. Everything is very expensive. We don't know yet where we are going to be because our fuels, for instance, which are our main concern, but they will become also our cargoes in the future, are all very expensive, and we are very much on the beginning of this new world. The only thing that I can tell you is we have a number of indexes coming in between 2023 onwards, where they are going to value our ships for other things than the historical one, and that will be mostly on CO2 emission. On this issue, we can say that with a fleet like ours, which is very young, and we have been building it over the last, basically, six years, we are very well-positioned, and we do not expect any problem. On the contrary, I think this will be another reason why old ships and obsolete ships will be moved out of the market. Okay. Thank you. The next question is from Massimo Bonisoli of Equita. Please go ahead. Good afternoon. Thank you for the presentation. I have two questions. Number one, on the buyback. Today, you announced, let's say, this new buyback program on a midterm basis, which is sort of a renewal of the previous one. If you just can give us some color on the purpose of the buyback and the speed at which it will be executed, just as an indication. Question number two on the ESG. Back on the previous question, you have this extensive presentation in the appendix on the ESG, and thank you for that. My question is just what are your most relevant KPIs in ESG, and in which KPI do you expect to improve the most in the future? I see that you have a favorable comparison versus the average of the industry, but just to understand the moving parts. Thank you. Yes. Thank you for the question. Regarding the buyback, we had a program which terminated. We approved a new one. The objective is really to have the flexibility to be able to pursue such purchases at the right moment. Currently, our shares are undervalued given the very weak markets we are experiencing. We prefer to hold on to our cash. As rates go in the right direction on a sustainable basis, we might exploit the possibility of repurchasing shares, especially if we feel they are highly undervalued as they are still today, and they have been over the course of the last few years. The program that we approved has a five years term, which is consistent with Luxembourg law. I know in Italy, you would not be able to approve such a long program. Yep. It does give us a possibility to buy quite a lot of shares back. It is unlikely we are going to be exploiting all this room, but we'd like to have the flexibility to be able to do so. That's in terms of the buyback. In terms of the ESG, for us, the environment is really a key element of what we do. I mean, long before, I would say, this became a trend that everybody's talking about, we started investing in buildings, and so we have a young fleet and an environmentally friendly fleet on the water today. A lot of the improvement that could be achieved was achieved because of that. Further improvements will be achieved as we dispose of some of older vessels. It is part of our strategy, and we're not just saying this now. We have been saying this for many years to manage young vessels. We tend to dispose of vessels as they approach their 15 years of age. As Paolo mentioned, they are vessels which become commercially less flexible and less appealing, and they cannot call at certain terminals, and they start to operate on marginal trades and with less earnings power. We operate in a very regulated industry, like many industries are. I mean, we are transporting refined petroleum products, which, of course, can be extremely polluting if something goes wrong. And therefore, we undergo a lot of inspections. There's a lot of attention to how we operate our vessels on the part of our charterers. We're also very proud to be able to operate, and it is part of our strategy, with the most demanding charterers out there, like Exxon and Total, which are very big listed companies, which have very strong brands and names that they need to defend. It is part of their duty to make sure that the vessels they charter are operated by companies that are extremely vigilant on safety issues, on environmental issues, and that is why they like to work with us. Our KPIs, the most important ones, are those which are related, I would say, to the safety of our vessels. I would say then in second place, they are the ones which are related to the pollution that our vessels also emit. To measure the CO2 emissions per metric ton transported, that of course is a function of the design of our vessels. As the proportion of eco vessels continues increasing, there will be some improvement there. It is also a function of how well we operate these vessels. That is also going to be part of what we will have to do in any case, going forward, because of this carbon intensity indicator, which will rank operators on how well they manage their vessels, so you can increase speed or reduce speed to emit less and so forth, and try to find the optimal routes for your vessels, which will allow you to reduce the emissions, but will also allow you to reduce the consumption of the vessels. It will be good for the environment, and it will be good for our P&L. It will be even better for our P&L, not only because we are going to be spending less on bunkers, but because we are going to be spending less, potentially, in the future on buying CO2 credits once the European trading scheme is up and running, probably from early 2023. These are the metrics that we measure, and that are very important. Very helpful. Thank you very much. As a reminder if you wish to register for a question, please press star and one on your telephone. For any further questions, please press star and one. Gentlemen, there are no more questions registered at this time. I'll turn the call back to you for any closing remarks. Okay, gentlemen. Thank you very much. Thank you. Bye-bye. Thank you. Ladies and gentlemen, thank you for joining. The conference is now over. You may disconnect your telephones. Thank you.