Good morning, everyone, and welcome to New York Stock Exchange. I'm Graham Talbot, Chief Financial Officer of Atlas Corporation and Seaspan. On behalf of the board and management at Atlas, I'd like to welcome you to our 2022 investor day. We're delighted to host the event and grateful for your participation, and I can say personally, it's very nice to see so many people that I've only ever seen in 2D. Really great opportunity. Before we dive into the details of the presentations today, I just wanna talk about safety. Obviously, a key area of our business is focusing on safe and reliable operations in our business. There's no planned fire alarms today, so if you hear one, it's the real thing. The exits are marked with red lights out the back there, and there will be staff from the New York Stock Exchange who will come in and assist us, if there is an emergency and a need to evacuate. Just remain calm and keep an eye out for the staff who will look after us. I'd like to remind you all that today's presentation includes forward-looking statements. They're all noted on slide three in the deck. Actual results obviously may differ materially from those stated on slide due to risks and uncertainties associated with our business. Our known risk factors are discussed and disclosed in our Form 20-F and our reports on Form 6-K, which we file from time to time in conjunction with our quarterly results. All of that information is available on our website. We're excited to present both a strong performance and significant opportunities that lie ahead for the Atlas group of companies. Turning now to the agenda for this morning's meeting. We will begin with a message from our chairman, Mr. David Sokol, who will discuss the progress Atlas has achieved over the past five years and why Atlas is a compelling investment and the long-term vision for the company. Mr. Bing Chen, Atlas' President and Chief Executive Officer, will then present an overview of Atlas' 2021 key achievements, how our platform became stronger and increased its resiliency and competitive differentiation during 2021. In addition, he'll cover our 2022 priorities. Mr. Torsten Pedersen, Seaspan's Chief Operating Officer, will then provide an update on the activities at Seaspan and share the 2022 market outlook, strategies, and objectives for the company. Mr. Pedersen will be followed by Mr. Peter Jackson. Peter's our Senior Vice President of Projects and Technology, and he'll be discussing Atlas' carbon reduction initiatives. I'll then provide an update on APR Energy and an overview of Atlas' 2021 financial scorecard and updated long-term financial guidance. Finally, I'll turn it over to Bing for closing remarks, and we'll then open the forum for Q&A session. For those attending remotely, you can email your questions to ir@atlascorporation.com, which is noted on the webcast page. Our team will be circulating with microphones for those present in the room. We expect the meeting to be over at about noon, followed by lunch just outside the room where we met this morning. With that, I'm now pleased to introduce our chairman, Mr. David Sokol. Thank you, Graham. I'm not quite as technologically sophisticated. Who's got the clicker for this? That'll be done in a minute. Cool. As I said, I'm not quite as technologically sophisticated. Thank you all for being here, for being involved with Atlas Corp in one fashion or another, and we appreciate your time. It's really nice to actually be in person on any type of meeting anymore as you try to get back to normal. Before I get into Atlas Corp, I would like to maybe address just quickly the tragedy in Ukraine and its effect on our industry and particularly some of our employees. It's obviously everyone's aware of the situation, but what a lot of people aren't aware of is 16% of the global shipping seafarers, all categories, bulk, bulkers, petroleum, container ships, et cetera, 15% of the seafarers and officers in the entire industry are Ukrainian descent. They've got a huge history in shipping and marine activities for many years, and the same is true with us. About 15% of our entire employee base on the ships are Ukrainian. The good news is the disruption from what's going on between Russia and Ukraine, which is affecting, as you're well aware, shipping rates, delays, et cetera. It don't affect us economically. They do affect our customers. Obviously the disruption to some of our employees and their families is significant. Very pleased to point out that a program that Torsten and his team started some years ago, our employees contribute at their discretion to a support fund for other employees experiencing difficulties, whether it's a typhoon in the Philippines or things of that nature. Then the company matches those funds to help the families of employees that are dislocated, et cetera. Thus far for this event in Ukraine, I think all in about $ 500,000 has been contributed in support of our fellow employees. Anyways. Hard on them. They're doing well. I think we have pretty much all of our employees now out of the Ukraine, those that legally can leave and that aren't military age. The team is working to facilitate our seafarers as they come off ships to be able to help their families, et cetera. Anyway, but an unfortunate situation that hopefully will end with less tragedy going forward. Shift a little bit about, I've had several questions from investors over the last year or two about what exactly is Atlas? Let me start out and give you my philosophy, and I think one that is shared by our board, and I'll introduce some of our board members that are here today, so you can direct questions to them as well later. You know, built to last, and that's the philosophy I've had in my entire career. You know, we have an obligation to our customers. We have an obligation to our employees, to run the company and to our debt holders and investors to run the company on a long-term basis. We have no interest in flipping things or getting in and out of businesses. First of all, I would just call it built to last. That's really not an answer as to what it is. The closest I could come up with is it's a non-fee-based investment vehicle. What I mean by that is we're not a hedge fund. We're not a fee-based fund. We're a public company that anybody can invest in. We're looking for good long-term infrastructure assets to own, operate, and then expand from. It's really as simple as that. We structured the company to be long-term owners. We have no intentions of flipping. Having said that, obviously, in any business, you have assets that get rotated, et cetera. As far as owning and building businesses, we intend to continue to do so. You know, to build a business that way and something that our management team has embraced since this management team took over is excellence in everything they do. That sounds easy. Most companies would tell you that they're excellent at everything they do. The reality is that's got to be a mentality all the way through the organization. It starts with Bing Chen, and it goes all the way through our management team and then into our operations. What I mean by that is basically a company has a few constituents. Customers are obvious. You have to deliver to them everything you've promised and everything they're paying for, and you've got to go above and beyond whenever possible. You've got to properly compensate and train your team. If you don't have quality employees, you can't deliver on your customers. You've got to comply with all regulatory requirements, both in each nation but also globally in the shipping industry. Investors, debt, and equity have to be properly compensated for the risk they're taking in the organization. Our suppliers have to be taken care of. If we're not running the business the most efficient way it can be run, then somebody's getting cheated. Whatever dollar of inefficiency or dollar of overspending that our teams have is coming from one of those buckets. Whether it's in the energy industry or the shipping industry, one of the things Bing has really put through the organization is quality effort, find efficiencies, and but again, long-term efficiencies, not short-term. That's, you know, that's kind of the focus. We want to have long-term sustainable growth. We've been able to put in place. The board's very pleased with the quality of management, and you just see a smattering of them here. Our Chief Financial Officer, Bing, our Director, President, CEO. Torsten Pedersen's been a tremendous addition on the operations side. Peter Jackson, you know, one of the smartest technologists in the shipping industry by far. We're very pleased with the team we have. Lastly, as part of growing the business, constant focus on credit accretion. It doesn't make any sense for us to go backwards from a credit perspective. We want to constantly make sure that we're running the business and improving where we're going. Next, talk a little bit about long-term multi-platform operator. In this slide, I'm gonna start a little discussion of APR. 'Cause I think there's been some misunderstanding perhaps as to how we ended up owning APR, what the actual cost to us has been, et cetera. I just wanna kind of point out, A, we think APR is an excellent platform for us in a changing energy industry. But it had some warts on it. It had some management issues that had to be dealt with. It had excessive overhead, and it had a lot of problems that it acquired over time through a lack of attention to all those five things that I mentioned about. When we first announced APR as a purchase agreement and a closing about two years ago, the headline number was $684 million of enterprise value. The company had $296 million of net debt. That left a headline purchase price of the equity of $388 million. As part of a purchase agreement, however, and because it was a related party transaction, Fairfax owned about 60% of APR. We did a great deal of diligence and negotiating on the purchase agreement, requiring that the former owners had to indemnify us for a whole series of things that were risks we would not take, convertibility of Argentina's capital, litigations that were ongoing from past activities, and a whole series of things like that. Over the last two years, most of those have been completed, but it's required the sellers to actually give back $165 million. From the seller's perspective, the actual equity to them was about $223 million. I'd mentioned that we had three hundred, roughly $396 million of debt, net debt at the closing. Today, we have under $100 million of net debt, and we've not put additional capital into the business. From our perspective, we ended up acquiring a very good platform that is now in very solid shape, for about 4x the average of the last two years EBITDA. From my perspective, that's gonna be an asset that we can grow and build upon, and that we bought at a very fair price. Just trying to put it in its proper order. On the other side of the business, Atlas, I'd like to shift it to our fleet modernization and changes that Bing and the team have put in place. You know, if you look at where we were at the beginning of May 2017 to where we are today, it's remarkable what the team has done. That's after a full change-out of senior management in the organization. In fact, I think there's only one senior manager, Peter Curtis, still with the company that was with us in 2017. The transition was driven by its largest shareholder, the Washington Family, who had become disenchanted with the prior management team, their direction, and the series of decisions they were making. Since that time, you've seen a tremendous shift in the size of the ships and the fact that every one of these new vessels that we've done has been designed in full cooperation with our customers. Where they see the market in 20-30 years, and that's what we wanna provide, not only on the size of the vessel, loadability issues, but as well as environmental issues. The next element is the transformation from the customer side. This is a very important slide, I think, and you'll see it again. The transition already to 2021 of who our customers are. Obviously, they're largely the same folks. As you know, this industry, there's only a certain number. The enhanced relationship with virtually every major customer we have has really diversified our customer base and our revenue base going forward. Importantly, over the last couple of years, their credit quality has increased dramatically. In fact, almost every one of those names on that list now have net cash on their balance sheet versus net debt in the past. Great diversification there. The ship sizing has been made to meet customer demand. The environmental aspects, as you know, we've got a number of LNG ships and a whole number of other environmental technologies that have been applied to the ships going forward for our customers' benefit. Importantly, of all these new ships that we've announced, they're all under long-term charter. They're all under fixed price, date-certain scheduled contracts. They're all fully financed. Graham and his team over the last year have just done a remarkable job of financing over $7 billion of these vessels. As you know, several of the ships have already been delivered early, and we have a significant amount of ships that become accelerated deliveries over the next 30 months. It's really an amazing shift at Seaspan. Again, it's blocking and tackling. That sounds easier than it is. As Bing can tell you, getting everybody to block and tackle the same way and in a consistent way, et cetera, takes time. It is a remarkable transformation that's taken place at Seaspan, thanks to this team. Lastly, or next to last slide, I wanted to focus on just where this transition's been since May 2017. I mentioned how it began essentially with Mr. Washington asking Larry Simkins, the CEO of The Washington Companies, and myself to join the Seaspan board and change the management team and put it in a different spot. What you see here is common equity capitalization in May 2017 was $500 million. Today, it's almost $3.8 billion. Cash flow from operations is up to $944 million. Over that same timeframe, 150-some%. Gross contracted backlog is up 280%. Return on common equity substantially exceeding the S&P 500 over that entire period, but up about 280% since May of 2017. Very pleased, you probably saw this morning, Fairfax Financial. Lawrence Chin, Chief Operating Officer of Fairfax, is here. But they announced to us yesterday that they're gonna be exercising the 25 million warrants at $8.05 that they have, I think April eleventh. That puts another $200+ million onto our balance sheet. Fairfax and the Washington families have been enormous supporters of the business. Lastly, I think a long-term track record matters. We're not very good, and we'll never be very good at promising you a bunch of things that we think we might be doing. It's just not how we think. It's not how you build a business over time. So we tend to only announce things when they're real and executable. But I think the track record is important, but also the mentality of sustainability and built to last. When I say sustainability, I mean it for environmental purposes, but also that the business is sustainable, that it has a long-term future and not just a short-term thought process. We're excited about a very quality and experienced and engaged set of board members. You really have. We're very fortunate to have the quality of board that we have for the size of the company. Larry and Lawrence are both board members. Bing Chen, myself, and the other core. Again, any questions you may have, when we're done here for Lawrence and Larry, please feel free. We've got a very high quality and invested management team. I couldn't be happier with them. We continue to strengthen it. Frankly, we've got very committed foundational shareholders. Over the last year or so, I know the Washington family bought several million more shares. Fairfax has been extremely supportive of the company and just exercised or exercising those warrants. We couldn't be happier to have those two organizations involved at our board level, involved in every decision we make, but also extremely supportive of the direction we're taking. They represent combined now, after the awards, almost 70% of the total shareholders of the company. Bing and the team, and we all at the board level are focused on excellence in every piece of the business, as I've mentioned, and really committed again to quality and sustainable growth over time. We're not gonna do things though just to do them. Just to be open with you about that. The deals either have to meet hurdle rates for us and risk-adjusted returns that make sense, or we're not gonna do them. We're pleased [that] the opportunities are very good both for APR and Seaspan going forward as well as adjacencies and perhaps some other opportunities outside of those two fields. With that, I really appreciate everyone taking the time. We apologize for kind of the inconvenience the last couple of years that COVID has provided and look forward to answering any questions that you may have. Now, really happy to turn things over to our Director, Chairman or CEO and President, Bing Chen. Thank you, David, and good morning, everyone. I'm honored to have this opportunity to speak with you at New York Stock Exchange and to those who join by the webcast. Our team also actively engage with the investment community throughout the year, and we welcome your inquiries and feedbacks. 2021 was a transformative year for Atlas, Seaspan, and APR. Seaspan once again had a record year, and we continue strengthening the APR business by focusing on the five key competencies that David mentioned earlier. The most significant achievement is that our financial performance exceeded 2021 revised guidance. This is something that we consistently strive to do to demonstrate our quality of the team and operations. Especially for 2021, it was a milestone year for Seaspan. In response to the customer demand, we leveraged our integrated platform of our people, process, and systems to execute our 17-vessel newbuild program, 25 of which are LNG dual fuel, and three of which has been delivered ahead of the schedule. Through the consistent operational excellence, we significantly improved our charter backlog, you know, the profile. Right now, we have 86 full fixings since the beginning of 2021. We've overcome the pandemic and achieved a 98.5% utilization for 2021. We complete a wide range of balance sheet optimization initiatives that have significantly improved our capital structure. We've taken advantage of the current market to recycle capital through the divestment of the non-core assets. We sold to date two vessels and expect to complete eight additional vessels in the coming months, and detail of these sales will be shared later in the presentation. APR exceeds its 2021 guidance with a strong annual performance. The team successfully developed 400 MW across the two additional projects in 2021, contributing to a strong utilization of 74% for the year. We continue to improve the business through strengthening APR's business development capabilities and transform their focus to long-term contracts. The Brazil contracts with EPE also evidenced APR's successful execution of their strategy to migrate to the long-term contract. The initial contract was a 12-month duration. I'm very pleased to announce that earlier today, APR negotiated extension of the eight turbines to 44 months, all the way through to 2024. These are just some of the many accomplishments achieved by our team during 2021. There have been, you know, exciting developments with our ZE joint venture, which I will update you shortly. This slide highlights Seaspan's key competitive advantages. We're nearly twice as large as the other tonnage providers, and they're three times as large as the next, you know, nearest, you know, owner/operator. In an industry with a strong scale benefits, this provides a meaningful advantage in terms of our cost, flexibility, quality, and capability. Seaspan's large, diverse, and modern fleet allows us to address the distinct needs of our customers. We possess the industry-leading operational and technical expertise that makes us the preferred partner of choice to our liner customers. As the industry leader, with some of the lowest per unit operating costs and a cost of capital that's materially below the others. Seaspan has fully integrated platforms that built over the past 20 years. This allows us to deliver high value, creative, and turnkey solutions that others cannot. This is demonstrated by global leading liner trust to us in designing and building the 70 newbuild vessels, which is unprecedented in the industry in terms of the number of vessels, the speed of executing the order, and the value for the investment, as well as the technological innovation. Through the entrenched partnership, we achieve win-win outcome with our liner customers. Finally, our balance sheet flexibility is unmatched in the industry. Our access to competitive and diversified capital, growing unencumbered asset base, and ongoing balance sheet optimization positions the company for sustainable quality growth, as David mentioned earlier. We also endorse our long-term committed investors, Fairfax Financial, and also the Washington Group, who are supportive of our long-term, you know, growth strategy. This slide highlights the results of Seaspan's competitive advantage. We are materially differentiated from the other container ship lessors. We're consistently building our competitive position through a disciplined quality growth and ongoing investment in our leading platform. In all categories, we surpass all others with vastly large scale and much younger and modern fleet, and the average contract duration of nearly eight years, almost double that of our nearest comparison. As the charter market normalizes, the strength of our business model will become more evident through the long-term, stable, quality cash flows. Our business model has been shown to be resilient through the market cycles in the past 20 years, and we are confident its sustainability and the continued success. Now the priority for us is to continue to be guided by the five key competencies. We're focused on successful execution of the 70-vessel newbuild program, de-risked by the long-term charters and secured financing. By having executed 113 newbuilds since IPO, we are continuing in building the capability, and we believe that our ability to deliver this program on schedule and on budget. Despite ongoing pandemic challenges, we plan to have eight deliveries this year, and some of them will be ahead of the schedule. Leveraging the ZE joint venture platform, we will continue to explore opportunities, which I will share in a moment. As market remains active and we continue to optimize our fleet to strategically recycle the capital into the most high return opportunities. As a market leader in the carbon reduction strategy, we will continue to build on our achievements. Among others, includes that 25 LNG dual fuels and also our sustainability-linked financing. We're well-positioned to further improve and implement, you know, Atlas' carbon reduction strategy, which my colleague, Peter Jackson, will elaborate on later. Finally, we will continue our quality growth through disciplined capital allocation, focusing on the opportunities that have high single digits, unlevered risk-adjusted returns, growing our long-term quality cash flow, and strengthen our asset quality. We continue to enhance our platforms, strengthen the Seaspan and APR business model, and optimize on our capital structure. I remain very confident in our future, we will continue to execute on high performance to create sustainable and consistent shareholder value, and we're looking forward to sharing the developments with you. Now I would like to update you on our joint venture with Zhejiang Energy, which I'll refer to as ZE going forward. ZE is a Chinese-based enterprise with over $42 billion of assets and more than 23,000 employees. Like Atlas, ZE's primary business is focusing on energy and maritime sectors. ZE is a critical player in the Eastern China energy market and supplying electricity and natural gas to Zhejiang Province. For reference, the Zhejiang Province is roughly the same land mass and population size as South Korea, and consumes about 60% of the energy usage of South Korea. In 2020, ZE had approximately 38 gigawatts of installed power capacity, which accounts for approximately half of the installed power generation capacity in the province. ZE also provides approximately three-quarters of the natural gas sales for about 10 million cubic meters on annual basis. ZE also specializes in rapid growth, growing the Chinese renewable energy sector. In 2020 alone, ZE invested over $1.7 billion in the solar, you know, wind and hydro. On LNG side, ZE anticipates commissioning up to 700 LNG fueling stations for vehicles in 2022. ZE holds a majority interest in Ningbo Marine, which is a diversified shipping company that controls a fleet of more than 1.5 million tons of bulk tankers and freight vessels. In summary, ZE is a well-established partner operating in the maritime and energy sector, and that brings significant capabilities to the joint venture. In late 2020, Atlas began discussions with the ZE to explore the potential cooperation. Over the past, you know, first half of the year, we worked very closely with our partners to establish the joint venture. At the end of Q3 2021, the JV was fully functional. The JV's vision has three pillars. The first is to be the best-in-class environmental technology provider for the maritime and energy sector. Second is to seek accretive opportunities across the shipping sector, not only just in the container ships. Finally, to selectively seek out value-added clean energy solutions. To achieve this vision, we are working closely with our partners to develop the opportunities across these areas and turn these opportunities into concrete, measurable achievements. Through this JV platform, we intend to leverage ZE's industry credentials, their local resources, renewable power expertise, in the green, you know, maritime products and services. Combined with our world-class maritime energy platform, we're confident that we can deliver material shareholder value. The JV was established to leverage the complementary business models for both companies. Atlas' disciplined capital allocation model is well embedded in the JV, which is focused on risk-adjusted cash flow backed by long-term contracts. ZE brings several key relevant competencies and the technologies. For example, in the alternative marine power, ZE provides turnkey solutions, including overall engineering, procurement, delivery, installation, and after-sale maintenance. In exhaust cleaning system, ZE is the world's top suppliers of scrubbers, which are widely adopted in the industry today. In the fuel gas supply system, ZE is developing the systems to facilitate the conversion from the conventional to the alternative fuel, which will have a broader market application for carbon reduction. In clean energy, ZE is focused on both renewable energy as well as the future fuels such as e-methane and e-methanol, which are the core areas of the future focus for the joint venture. These capabilities are not only complementary to Atlas' business today, but also represents the future growth opportunities focusing on sustainability, including the carbon reduction. On the Atlas side, Seaspan brings the global expertise and the reputation in maritime asset lifecycle management, and HEA brings a proven track record in global power project development, with, you know, aspirations to transition into the long-term conventional and renewable power projects. We've had a great start, as we shared a mutual desire to invest capital and generate attractive returns. The immediate focus of the JV is to pursue the projects in the key areas highlighted on the slides. You know, in executing this priority, JV actually has already taken on a number of steps. In late 2021, Seaspan divested the CSCL Sydney into the JV, through a competitive process at the fair market value. The sale allows Seaspan to recycle capital, and we received $38.9 million in cash for the vessel. Seaspan will continue to provide, you know, operational and commercial management for a management fee. In addition to the CSCL Sydney, there are currently four additional vessels under contract with JV. These are the transaction we expect to close by Q2 2022. With respect to the environmental and the maritime technology, the JV has advanced in the stages of development on several fronts. This year, the JV is focusing on initial sales of scrubbers, alternative maritime power, which is called AMP, and fuel gas supply system, FGSS, which is used in LNG and other alternative fuel systems. Regarding the green energy solutions, both for the maritime fuel and the renewable energy, the JV is working on several exciting opportunities which we will update you as they mature. Now, both our teams continue to collaborate very well together and remain excited about this, you know, future quality growth with our JV partner. We are confident that the strategy that laid out today is compelling to all our stakeholders. Thank you, and I will now turn the floor over to Torsten Pedersen, our Chief Operating Officer for Seaspan. Thank you, Bing. Also from my side, welcome to all of you. I'll now try to give you a brief overview of how we see the container shipping industry and how that aligns with our operating model and overall value proposition. We are 1.5 years into an unprecedented strong market, which is evident also from the graphics you see here. The story is quite well-known. Increased discipline among the container lines in managing the supply-demand situation during the past decade or so has laid a strong foundation, and then COVID and global supply chain challenges has fueled the cycle, the super cycle. As referenced by David and Bing, Seaspan has spent the past few years building a strong operational and financial platform, which has allowed us to take full advantage of the strong market and secure one of the largest fully contracted new building programs the industry has ever seen. That's where we are now. Looking ahead, we see a continuous strong market through 2022, possibly into 2023. The market will eventually normalize, as also mentioned by both David and Bing. There will be owners who overextended themselves speculatively or gone for short-term revenue optimization, and some of these will be caught out. Our approach is and has remained clear. We are building long-term sustainable business that must generate the cash flow through the cycle. Not speculatively, but based on solid business practices. Cash is currently plentiful in the industry and no longer a unique selling point, except for very large transactions. The challenges of the coming years is to become deep technology knowledge, particularly around decarbonization and fleet efficiency. It'll be operational capabilities to keep high utilization in the face of fragile supply chains, and it will be the ability to deliver creative solutions that address the changing industry landscape. That's the lens we currently apply when we look at where to take Seaspan next. The industry value chain has not changed much over the past decades. We are now seeing market operators starting to vie for different positioning in the value chain, ultimately for greater share and better control of it. The container lines are moving into land side logistics and ports to be closer to the cargo owners and shippers and offer digital and physical one-stop shops. The logistic providers and large shippers in turn are starting to look shore up and take control of their own supply chain after disruptions of the past years and to further their own carbon reduction strategies. Such structural changes creates opportunities also for Seaspan. In this case, it also plays into two core parts of our DNA. Operational excellence, as already mentioned, and our ability and willingness to partner across and outside our own industry. We frequently refer to operational excellence, and it's a fundamental pillar to building trust with our customers, and it's the foundation for the integral position we've secured in the existing value chain. We've developed a culture at Seaspan where the critical measure of operational performance is impact on customer. This is cascaded throughout our organization, and it allowed us to continue to deliver industry-leading performance and improvements even during the turbulence months and years here with COVID logistic challenges and recently, war in Ukraine. As David mentioned, 15% of our seafarers are directly impacted by this. Now, all this forms a resilient operating model and can be extended across larger parts of the value chain, horizontally or vertically. In times of uncertainty and significant change in industry structures, it becomes very attractive to partner with companies such as Seaspan who can ensure that the fundamental parts of your business is handled with excellence. Operational excellence is how we build a sustainable business. The other key part of our operating model is a strong focus on building tight customer partnerships. We don't walk through the door to sell a ship. We sit with our partners to genuinely help solve their business challenges. Getting all parts of our company to rally behind this mantra is what truly sets us apart. We do not become short-term transactional, but we maintain the long-term perspective, as is evident also from what we've said so far. It reflects how we've approached the current super cycle, how we've approached newbuilding success we've had, and also how we review and build our fleet portfolio. Graham will get into the redeployment of capital later. From a commercial and operational perspective, the divestment of our Panamax fleet to be replaced by a lot of 7,000 and 8,000 CEU vessels is a strategic move. We are amongst the first to take serious positions in the 7,000-8,000 CEU segment because we believe that they will be the workhorses of the future. Building our fleet for optimal market coverage is and will remain a critical success factor for us. Obviously, we know that we have a very critical priority over the coming years, and that's delivering on our new building investments. As evident from the graph here, the industry has witnessed a surge in new building orders over the past years. It does follow a long period of very tight and disciplined supply control from the container lines. What people seem to forget was initially also driven by historically very attractive newbuild prices. Looking at the global order book of around six million CEU, Seaspan currently accounts for around 14%. If we only look at the order book belonging to tonnage providers, Seaspan shares 37%, which is more than double our current market share. Unlike many other tonnage providers, we from start de-risk the program. Firstly, we have some of the most extensive know-how and experience in the industry. Not only has Seaspan as a company built well over 100 vessels, but the key individuals in our current team have done so, including my colleague to the left here, and to the right from you, Peter Jackson. Secondly, we're working with very strong counterparts, both on the shipyard and the customer side, and that's not by accident. They are a clear strategic choice. Unlike many other tonnage providers, we do not build speculatively. It's not something we like to do, and that also meant that all shipyard contracts were based on secured charter agreements. Overall, we are quite confident that we will have the ability to deliver on the capital returns of this program. To summarize, critical to Seaspan's success has been a very strong operating model, a tightly knit, integrated platform embedded deeply in Seaspan's culture, industry-leading expertise across the full vessel life cycle, coupled with close cross-functional customer partnerships. These capabilities will remain a competitive advantage also in the coming years. Founded on our five key competencies that you have seen, we've defined three pillars for our future strategy. Solidify the position of our core business, which entails building industry-leading scalability to really leverage size as a competitive parameter, but still maintain what makes Seaspan Seaspan, which is an agility to adapt to quickly changing market conditions. Expanding the existing model, which is identifying more and new avenues to engage with our customers across the value chain. Reinvent industry roles, where we want to build on Seaspan's unique position in the market to form partnerships and take a leading role in consolidating the industry. These pillars are designed to address the changes we expect in the future market landscape and strengthen Seaspan's position as an industry leader and consolidator. A significant part of the considerations and initiatives will obviously have to revolve around carbon reduction strategies. We run a long-term sustainable business, and as such, we must integrate sustainability into our operating model. Essentially, we see our role as helping our customers execute their decarbonization strategies. My colleague, Peter Jackson, who is Senior Vice President of our Projects and Technology team for Seaspan, will now give you a brief intro to APR's approach to carbon reduction. Here you go, Peter. Thank you, Torsten. Hello, everyone. Thank you for joining us today. Our comments will be centered around the market and regulatory landscape as it applies to the environment and Seaspan and APR's carbon reduction strategies. Similar to many industries, we see a growing momentum and a sense of urgency to reduce our greenhouse gas emissions, driven by factors such as regulatory, customer, industry, and societal pressures. Not all of these pressures are aligned in terms of expectations and timing, resulting in uncertainty and lots of debate, as could be seen at the latest COP26 conference in Glasgow. Nevertheless, the overall direction towards a carbon neutral future is clear. Container shipping represents one of the most efficient and cost-effective modes of transport. However, we are building a business to last, requiring that carbon reduction becomes a critical part of what we do and the services we offer. We approach our activities with these efforts and objectives top of mind. We understand our responsibility and will play an active role in driving sustainable economic development and remain a leader in our sector and a partner of choice for our customers. Given the significant importance of these objectives, Seaspan has continuously approached these challenges with a positive and disruptive mindset. Seaspan has a distinguished history leading sustainable ship development. In line with our proactive approach, we have developed a carbon reduction strategy based on four pillars. Alternative fuels will not be cheap, so the first pillar continues our SAVER tradition, where we focus our efforts on initiatives aimed at optimizing cargo loadability and improving fuel efficiency. In other words, moving more cargo with less fuel. The second pillar represents our efforts to identify and prepare for low and zero carbon fuels. We call this our Team Blue initiative. Fuels such as LNG, methanol, and ammonia can be dangerous if safety is not prioritized. Seaspan SAVER Team Blue dual fuel LNG 15,000-TEU vessels delivering in 2023 will be our first steps into cleaner burning alternative fuels. Fleet Insights is our third pillar and focuses on data monitoring and analysis to deliver actionable insights and improve decision-making around safety, efficiency, and reliability. Our final pillar is market-based initiatives, which focus on the funding of our carbon reduction initiatives. On a day-to-day basis, we are collaborating closely with our customers to build strong partnerships that support them in their carbon reduction journey and result in a customer-inspired alternative fuel portfolio. This pillar also includes work into sustainability-linked charters, carbon credits and taxes, and sustainability-linked financing. Another critical component of our efforts is recognizing that we operate as part of an ecosystem. Based on our business model, our customers are responsible for fuel, and each is taking their own path forward. Based on our close collaboration with customers, other partners within the energy and maritime, our own research, we see two main pathways emerging for deep-sea container vessels. Keeping in mind, it is unlikely that there will be a single fuel type as we have today, but a portfolio of energy sources. Furthermore, there remains uncertainty regarding the availability of feedstock for biofuels and when there will be sufficient renewable energy and infrastructure for electro fuels such as green hydrogen and ammonia. To be successful as a marine fuel, we need these fuels to become widely available and at a reasonable cost. Given Seaspan's unique ship development capabilities, we can meet our customers' demands, whichever fuel choices they make. Now turning to our energy platform. Much like Seaspan, APR Energy has many ESG initiatives focused on reducing the environmental impact of its operations. The company has adopted a strategy which continues to increase the proportion of power generation capacity that is delivered using cleaner burning fuels while simultaneously phasing out legacy diesel modules. Carbon reduction remains a critical element of Atlas' and on the forefront of the company, of the entire company's mind. We will continue striving ahead and being leaders in the sectors in which we operate. Thank you for your time today. I'll now hand over to our CFO, Graham Talbot, who will give you an update on APR's overall business. Thank you. Thank you, Peter. I'm gonna commence my remarks today by providing an update on APR Energy together with a little bit of a teach-in on the business model of the business, how that works. As a refresher, at its core, APR is a business focused on best-in-class mobile power solutions, primarily using gas-to-power technology. APR offers full turnkey solutions throughout the entire project lifecycle. The lifecycle commences following the execution of a contract with procurement for the required equipment and logistics planning. The next steps involve mobilizing the turbines and related equipment from their current location to a site, conducting civil works, and installing required mechanical and electrical infrastructure. This step typically takes between one to three months, depending on the site location. Upon completion of the installation, the plant is commissioned, and APR provides full operational support for the contract term. This includes 24/7 control, monitoring, and diagnostics. At the end of the contract, the turbines are demobilized and undergo scheduled maintenance and are redeployed immediately to a new project site. As the graphic illustrates, APR's core strength is demonstrated by its ability to mobilize quickly. While a permanent power plant requires significant upfront investment and can take several years to fully commission, APR is able to commission and be up and running in 30 days if necessary, and upfront investment is minimal by comparison. It's also crucial to understand that while we are pivoting APR to longer-term contracts, utilization is measured based on the operating periods of the contract and will consequently be impacted by extended or frequent mobilization and demobilization. However, these downtimes are priced into the contract and APR's targeted project returns. Led by a new executive management team and a seasoned business team of business developers, APR has delivered a strong performance in 2021. They successfully executed three contracts in Mexicali. This is APR's third consecutive year providing summer peaking solutions with this customer. Further, APR provided grid stability solutions to Imperial Irrigation District, and this is APR's first North American utility counterparty. While as evidenced on this slide, Q4 2021 represented a transitional quarter for a large part of the fleet, APR finished the year strong, executing new contracts in Brazil and Texas in Q4 to secure deployment of the fleet in 2022. APR completed its five-year contract in Argentina in January at its Zapala plant, and the five-year contract at the Matheu plant in Argentina will conclude in May of this year. Demobilization of Zapala plant is underway. Successful demobilization of all of the units in Argentina is a key focus and will be executed during the second half of this year. We're at advanced stages of evaluating and setting up new projects for those assets as they're demobilized. If we now turn to APR's financial performance. Over the past several years, APR has continued to maintain and improve its adjusted EBITDA margin. Since 2019, we've seen the margin expand almost 13%- 60%. APR exceeded our revenue target of 2021 by delivering Imperial Irrigation District and higher turbine utilization in the Mexicali project. We're pleased with APR's financial performance in 2021, which is the first full year under Atlas control. Despite the operational challenges presented by the pandemic, we beat our updated 2021 adjusted EBITDA guidance by 32%. APR has been long known for its ability to respond quickly to emergency situations resulting from natural disasters such as hurricanes and earthquakes. However, this is not the only application for these turbines. Given the turbine's portability, power density, they are well suited for grid and commercial application. APR's traditional grid-based offerings include the provision of reserve and peaking power, grid stability, and ancillary services. Demand has increased for these applications over the past year, primarily due to the increasing penetration of renewables into the grids and the resulting intermittency in supply. We expect APR's plants to play a pivotal role in the energy transition, providing reliable backup and standby power to address the inherent reliability challenges as you bring renewables onto the grid. APR has met the needs of customers in the commercial and industrial space who often conduct power-intensive manufacturing processes. Customers in mining and manufacturing typically prefer dedicated electricity supply or robust backup solutions to guard against grid outages or failures. APR has also provided solutions for oil and gas and manufacturing facilities located in remote locations without reliable grid connectivity. We're encouraged by the numerous applications for which APR's turbines are well suited, and the team is actively developing opportunities for future deployment. In closing, on our update of APR, I'd like to take the opportunity to talk about the key focus areas for 2022. Optimizing the deployment and economic returns from the fleet through continuous focus and execution on incremental market opportunities and prioritizing transition towards long-term contracts with higher utilization rates is key. Further efforts on carbon reduction solutions by exploring new applications such as renewables, hybrid power solutions or flare gas capture technologies, as examples, can be operated in conjunction with our existing turbine fleet. As 14 turbines out of APR's fleet of 30 come off long-term contracts in Argentina, the primary focus will be on their successful redeployment. In closing, I'd like to reiterate the comments that David has previously shared. We remain excited about the potential in the energy market and the new management team in place at APR. We'll work closely with them to ensure APR scales prudently and is prepared to execute on opportunities as they present themselves in the market. The ultimate goal of APR is not just to be a short-term energy provider, but rather to leverage APR's skill set and the disciplined capital allocation philosophy of Atlas to scale the platform and continue to transition into longer-term projects with sustainable and predictable cash flows. We look forward to APR continuing to deliver creative power solutions to both existing and new customers and progressively build value for our shareholders through quality growth. Now I'd like to turn to review Atlas's 2021 financial highlights and performance together with a look at our 2022 financial priorities, and then finish off with an update to our long-term guidance. 2021 truly was a pivotal year for Atlas and, as David and Bing mentioned, we exceeded our raised financial guidance, which was issued during the Q2 2021 earnings call. Our transformation from 2017 to today has been exceptional. Our team's consistent high performance is demonstrated through these double-digit compound annual growth rates, which were delivered during a time of profound global uncertainty caused by the pandemic. This just further highlights the resiliency of our operating model. Thanks to the diligent efforts of our operations team and seafarers, we've successfully navigated the ongoing supply chain disruptions and have continued to deliver quality service to our customers and industry-leading asset utilization rates. In addition to our 70-vessel new-build program, our commercial team was able to take advantage of the strong market environment by forward fixing 86 charters, contributing to a gross contracted cash flow balance of $17.9 billion. That's gonna be recognized over a 20-year period. 2021 was a very busy year for the financing team. We executed on an aggressive portfolio of issuances, redemptions, restructurings, and other initiatives demonstrating our commitment to active balance sheet management. We reentered the capital markets by issuing $1.25 billion of unsecured debt across three issuances, in addition to a $500 million private placement with an approximate 12-year maturity. All of that was delivered with sustainability-linked components. Of the $600 million preferentially treated Fairfax notes, half were redeemed and the other half were exchanged for preference shares. We terminated over half a billion of high-cost capital sources, including over $330 million of preferred shares and $200 million of debt facilities. At the beginning of 2022, we issued a $500 million hedge to secure favorable rates and reach our target hedging profile, as we continue to actively manage our interest rate exposure. We received considerable interest from the financing community to participate in our new-build program. Through this team's diligent efforts, we closed $6.9 billion of financings on attractive terms, and we subsequently received several industry awards. While it's easy to focus on the quantitative aspects of the company's balance sheet, this slide also highlights the benefits resulting from our focus on active balance sheet management, including broadening our access to global capital markets, improving our financing flexibility, and of course, optimizing our cost of capital. While unquantifiable, these aspects serve as a foundation for further quality growth and our ability to deliver shareholder value. Our ability to execute on these initiatives and realize these benefits is a strong competitive advantage, and it's vital to building resilience in our financial structure to both absorb market volatility and to provide ready capacity to take advantage of business opportunities when they arise. This slide captures our financial transformation over the past four years and is the product of the team's proactive approach to balance sheet management and diligent execution of all balance sheet-related initiatives. We've managed our growth effectively from a credit perspective and have carefully planned and executed all aspects of our investment and financing decisions. Over this time, we delivered quality growth alongside considerable increases in unencumbered asset base, proportion of unsecured debt, and improved our leverage profile. These are key metrics rating agencies use in the assessment of our credit rating and are therefore key areas of ongoing focus. As mentioned previously, while we're pleased with our progress to date, there's still a lot more to do. We'll continue to optimize our balance sheet throughout 2022 and look forward to sharing those developments with you in due course. Now let's explore the details of our capital recycling initiative. As previously communicated, we've been taking advantage of the current market environment to recycle capital through divestment of non-core assets. Seaspan continually monitors the containership industry and our fleet portfolio in terms of demand dynamics, asset quality, and we always look to optimize our fleet with a long-term perspective. Our 4,250 TEU vessels were identified as non-core to our long-term strategy due to their age, design, forecasted market demand, and relative contribution. These vessels have an average charter term which was half of our fully delivered fleet. They're four times older than our fully delivered fleet, and they contribute to less than 2% of our total gross contracted cash flow balance of $17.9 billion. Seaspan runs a competitive bidding process to identify the highest risk-adjusted return for each vessel, which is then compared to our whole value of the vessels if we continue to operate them in-house. In the current buoyant market, we've completed the sale of one vessel and have another nine in advanced stages of divestment. This process will result in a profit on sale of approximately $60 million and will more importantly generate over $315 million in gross cash proceeds, which we will direct back to our balance sheet or through continued funding more growth. We proactively manage our fleet to focus on high-quality, high-return assets, and we will continue to assess recycling opportunities going forward. At the end of 2020, we began positioning ourselves to take advantage of the strengthening container ship market, which had historically low levels of investment in new capacity. In our assessment, this provided the best risk-adjusted returns, and we allocated our capital accordingly. In 2021, on the heels of strong global trade recovery and increase in customer demand, we leveraged our integrated platform to secure our 70-vessel new-build program. This chart details how the program contributed to our financial performance through $11.4 billion of contracted cash flows. Approximately $1 billion annually when all new builds are delivered. With an average charter duration of 11.5 years and with some charters 18 years long, this program will continue to contribute to our cash flows through 2042. Through our disciplined approach to capital allocation, we de-risked these investments far ahead of delivery through the completion of associated financings, long-term contracted charters, and deployment of our experienced new-build execution team. As we look to 2022 and beyond, we remain focused on deploying the same prudent practices when assessing and executing new capital allocation opportunities. Atlas, Seaspan, and APR are continuously evaluating where best to deploy capital with the core goal of maximizing shareholder value. Ultimately, the highest long-term risk-adjusted economic return for our shareholder is the foundation of each investment decision we make. Now, I'd like to detail my priorities for 2022 before finishing off with a presentation of our long-term guidance. Although we've secured financing for all committed projects, we'll continue to optimize our balance sheet on our journey to achieve an investment-grade credit rating. Given the nature of our business, our growth ambitions, and our stated objective of achieving investment-grade credit rating, that's always going to be a top priority for us. We'll continue looking for opportunities to maximize shareholder value through disciplined capital allocation, taking the form of further organic growth, inorganic growth in existing or new verticals, and continuing to optimize our balance sheet. We will continue to build and stabilize APR with a focus on the utilization of existing assets in addition to expanding our energy platform as energy markets continue to recover. Last but not least, we'll proactively mitigate potential risks across the business. Now I'd like to turn to Atlas's long-term guidance before handing over to Bing for her closing remarks. You can see our long-term financial guidance from 2022 through to 2025. The guidance includes all material transactions announced to date, and the forecast is very conservative given our constant focus on capital allocation and quality growth. In addition, the forecast includes the divestment of 10 vessels which we regard as non-core to the portfolio. These sales are in various stages of maturity but all expected to close within the next quarter, generating over $300 million in proceeds. The proceeds will be recycled to either support our continued balance sheet optimization or finding new growth opportunities. We will continue to seek opportunities to recycle capital and continually high-grade our fleet as long as the market fundamental support returns that add our whole value. In addition, this forecast also includes the result of Fairfax exit, exercising 25 million warrants in April of 2022. As David mentioned earlier, that contributes some $201 million in additional equity. As you'll note, our EBITDA grew at a compound annual growth rate of 22.3% from 2017 through to 2021. For the current forecast horizon, the rate is forecast to grow at 16.4% through to 2025. This results in an attractive annual compound growth rate of 17% over the eight-year horizon. Our historical results have consistently beat guidance, and our forecast returns are underpinned by modern assets chartered on long-term fixed contracts with customers holding excellent credit credentials. This all sits on an industry-leading platform providing scale and scope opportunities and competitive positioning on costs, which enable us all to provision innovative solutions to our customers. Our proactive forward fixing of contracts has resulted in the majority of forecasted cash flows being fixed, providing highly transparent cash flows and confidence in our forecasts. Our track record clearly demonstrates the value of Atlas's platform, and we're confident that we will continue to deliver competitive and predictable risk-adjusted returns to our shareholders. I'd now like to hand you over to our President and Chief Executive Officer, Bing Chen, for his closing remarks. Thank you, Graham. Once again, thank you all for your interest in Atlas and for joining us today. In closing, I would like to reiterate our key attributes that we have shared up to this point. Atlas' unique resilient business model is demonstrated through our through-cycle performance and remains unaffected by the ongoing pandemic. Operational excellence is foundational to all aspects of our company, evidenced by our industry-leading metrics. We continue to deliver results through our disciplined capital allocation by focusing on long-term predictable quality cash flow and with a strong risk-adjusted return. Finally, these critical elements are embedded, you know, in everything we do every day. Our focus on high quality growth has led to attractive value creations for our shareholder. Thank you for your participation today and your continued support of Atlas. We will now open up the floor for questions. For those of you present with us today, we will have the microphone circulating in the audience. If you have any questions, please raise your hand, and the team will make the way to you. Just one second, for those that joined us by webcast, please email your questions to our team. We will do our best to, you know, answer your questions. If we run out of the time then our investor relations team will, you know, certainly get back to you in coming days. Thank you all very much, and I'm sure, Ken, you have questions. Thanks for this. Thanks for the presentation and for hosting the analysts. I can see there in person. Ken Hoexter from BofA. Sorry. Now it's on. Hi, Ken Hoexter from BofA. So, two things. One, the first thing on your slide 20, you showed a sizable scrapping. I just wanna understand, if you think about the impact on the market, your expectations, do you need that, I guess, to see some of the sustainability of rates? Or, you know, given where rates are, would you really expect to see that much disappear from the market at this point? So just trying to understand the rates. We wouldn't need to see it if our expectations of what will be scrapped given age of the fleet and also that both IMO and Poseidon Principles will start kicking in for real from 2023 onwards. Yes, if there's a small delay in it, that might happen. Otherwise, we do expect to see that scrapping because we are talking about very old vessels now. Thanks. I just wanna start with the numbers one. I guess, David or Graham, just thinking about the APR offer that you did on the assets. So as Argentina has now closed and you have all of those assets, what is the goal, right? Is it to get all of those back onto long-term charters? Is this a growth business? Is it just about redeploying those assets? Are you looking to add more turbines and more equipment to the fleet? So maybe just understand what is the goal for APR within the Atlas organization. Very happy to start on that question. The first tranche of four turbines come out. The contract finishes in January. The second one finishes in May, so they're still under contract at the moment. As you would have seen through the chart or maybe you can't see it clearly through all the boxes. 2022 is a massive deployment, redeployment year for the business, so we're moving a lot of assets around. As you point out, Ken, we've got 14 turbines out of a fleet of 30, which we're looking to redeploy and working on at the moment. We're confident that we've got good projects that we can get those to. The first piece of the puzzle is actually making sure we get them safely out of Argentina, as fast as we can. When I say as fast as we can, as soon as we've fulfilled our contract, and then we can move them on from there. I believe that the turbine business will build still a foundation of APR. I guess we will look at introducing more turbines should the market opportunities present themselves. We are looking more to fixed term power generation as well, both brownfield and greenfield, globally. We do have quite a long pipeline of opportunities that we're evaluating outside of the turbine-based business in gas to power solutions, primarily in developing economies. Maybe. Do you wanna add anything else to that, David? I think, yeah. I mean, deploying all that we have in, on the longest term contracts we can arrange and, you know, the extension of the Brazil project, which wasn't even a discussion topic, six months ago, publicly, and substantial. You know, the opportunities are out there. We. Like I said, we're not gonna pre-announce things. I think putting the existing fleet to work, using, portions of the fleet for more innovative, o pportunities in some of the CO2 reduction deployments like flare gas and some other avenues that the team is exploring. Turbines are readily available if we need additional ones, so there's no reason to inventory them. Yes, we definitely do intend to expand the business. Just one last one, if I can. Your balance sheet, I mean, you continuously are cleaning it up, and you said your goal for investment grade. What other steps do you need to take? What else is available to you to take, and how does that progress fit in your contracted cash flow? Yeah, I think some of the key aspects there, you know, we've talked about previously in our quarterly results. We need to continue the focus on building our base of unencumbered assets. That's key for us. The ratings agencies are quite transparent with us about some of the key metrics. The other one is our percentage of unsecured debt. We need to continually focus on building our debt as a percentage of our total debt portfolio. Raising more through the U.S. high yield or private placement, and then using that to pay off some of the secured debt that we have. That'll be a constant transition. I mean, being very transparent, I think everyone knows what our capital structure looks like, and we've just, you know, swallowed a very large capital investment. It rolls off very quickly, once we have that fleet delivered. You know, as I mentioned in the presentation, we've got $1 billion worth of revenue that sort of kicks in from the new build program once the fleet's fully delivered. You know, we do peak, in terms of our gearing level and forecast at 24 at the moment. Then that rapidly comes down again, very quickly. I think it's a combination, Ken, through that cycle. We've got to sort of manage the transition of unsecured, build our unencumbered asset base, and then delever, as we bring on the new vessels. Thank you. Chris Wetherbee from Citi. First, maybe it's Gert, on the fleet. I think I saw on the slide there that you have about 100 ships that are coming off of charter or need to be rechartered during the 2024 through 2027 time period. Is that the period that you're expecting rates maybe to be a bit softer than what we're seeing now? Is there anything you can do sort of in the near term to pull forward or maybe mitigate some of that risk, take advantage of the stronger market we have today? That's something that obviously is also key on our agenda to look at that. We're working with our customers already now to. We've been through a big round of forward fixings. That continues to go on. I think we still have four or five vessels coming off this year. In principle, we could lock them in, but we're seeing how we best can utilize them with the current customer and others to sort of build stronger strategic relationships. Yes, if you go back a couple of years ago when we met here last, our focus was whatever came out the current year. Now our focus is whatever comes out of contract in three to four years. That, that's how we want to do it. Is there a risk? Yeah, but we believe with the vessels that are coming off contract, we're well covered. We just saw the age of our fleet is significantly less than much of what's out there. Just to Chris, just to add what Torsten is saying. That our actual roll-off for 2022, we have nothing. 2023, we have eight vessels. In 2024, we have 14 vessels. 2025, we have 47. In 2026, we have 21 vessels. As I mentioned earlier, we actually forward fixed 86 vessels in the past 12, 14 months. That is more than half of our existing fleet. We took the full advantage of the current market. Of course, that's a lot of you know, commitment from our liner customers today. We always you know, working very closely with our customers. At the same time, you know, these forward fixing we starting as far as 2025 forward. This you can see what the commitment from the customer side. You know, what the numbers I gave you just now, those are the numbers as of December 31st. You know, that's assuming that we do nothing between now and the next years, which you know, for example, the vessels, we have eight vessels that we are actually holding off from fixing right now because I want to keep those vessels spot. You know, from our side, this is actually very key to Seaspan's business model, that we have a very well managed, you know, roll-off profile as well as the newbuild, a roll-on profile. You know, as you see, if you're looking at demand and supply, the peak is gonna be somewhere around 2024, 2025. We actually have a very limited number of vessels, you know, from a roll-off profile. We are very well positioned. This is why also that we have this close to $18 billion of contracted cash flow. Part of it is coming from this forward fixing as well. Okay, it sounds like we would expect that sort of a humps of recharters to maybe get pulled forward to some extent as we approach those out years. As we go forward each year, that profile probably smooths out to some degree. Absolutely. That's very helpful. Another question on APR. I guess, you know, the question that we get from investors a lot is why do you own this asset? I don't think you get credit i n the multiple on the stock for owning these assets. I can understand the work that you're doing and sort of the outlook that you're presenting today. You know, what is your answer to investors who ask why you own this? Why is this a good asset to pair with Seaspan? Particularly if you look at the VE joint venture focusing on sort of transition and clean energy over time, you know, why does HCR fit the portfolio? Maybe I go on that. Yeah, I think it's key to understand we don't view ourselves as a conglomerate, okay. We don't own APR because it's gonna bring some synergy to Seaspan. We own them as independent assets. As I was trying to say earlier, you should view us as a fund, although without fees for involvement. We're gonna own different assets over time that we believe we can turn into significant value for the shareholders. APR, my attitude to it being it's 4x EBITDA, is a platform that we can grow and create real value. Can we do exactly the same that we did with Seaspan over the next five years? I doubt it, but we don't need to. In a sense, we're starting at a much lower invested base. The opportunities through the energy transition, we believe in the energy sector, are gonna provide some extremely good opportunities to grow that business. You know, you should look at it as a bit of an infrastructure investment vehicle, and we're gonna own other things over time, assuming they have risk-adjusted return that we're comfortable with, and that the opportunity profile provides us something that we can really turn into value. The synergies will happen in small amounts, but they're not a reason to do what we're doing. You know, it's the ability to manage these types of assets, provide true excellence in operations and execution. You know, we'll be continuing to look at opportunities like this, but only on the basis that we believe we can create shareholder value through the ownership. Got it. That's very helpful, and I appreciate that response. I guess you don't have a good comp set to look at for a company like that. You mentioned you own it for 4x EBITDA. What do you think it should be worth on the market? You know, I'm not a believer that we're any smarter than somebody else, so I would say we probably own it at the right price because we were able to buy it. You know, I mean, there are assets trading and have traded for substantially higher values than that. But what we also recognize when we acquired it, there was a lot of work to be done, that we had to retool it and put a different management team in place. That's been accomplished. You know, we haven't created any substantive additional value there. You know, it's. I think we've got about $1 a share of value into it in our company and I think it's a great platform for us to grow from, but I wouldn't value it much above that to start. Appreciate it. Chris, maybe if I could just add, I think, you know, part of, the challenge there is obviously unwinding and moving on from some of the legacy contracts that we've had, which we talked about Argentina being one and Bangladesh being the other one. To David's earlier comment, you know, Atlas is a capital allocator, which means we need to have options to allocate capital to, and therefore, you know, if it's all shipping, that obviously in certain cycles presents excellent opportunities, as we've experienced. Then there will be other times when it's actually more preferential to allocate capital into other sectors. We need that flexibility within the platform to continually invest. I'm just gonna tee up an online question and then move to the question on deck. The question that came in is: What is the leverage goal, net debt to EBITDA going forward? I guess I can take that one. If people haven't met, this is Tina Lai from our executive team, as our CHRO. Of course, when we look at net debt, it's certainly a metric that we track and look at. We tend to sort of focus more on debt to assets, and that's sort of how we talk to most of the regulators, banks, et cetera. Our target is to maintain it around 50%-60%, debt to assets. We creep up the top end of that as we go through this investment cycle, but as I touched on earlier, it comes back down pretty dramatically, once we have the new build fleet on the water and delivering revenues. I think there was a hand up there. Just come in to the mic. Liam Burke, B. Riley. Hi, Liam. Hi, Graham. Torsten, the order book on the 10,000 and above TEUs is pretty high. The next two years, how do you see the global fleet absorbing those additional assets that are coming online? As I mentioned, it looks dramatic, but it has been precipitated by very strong discipline in curbing the supply from the container lines. What we're seeing now in the newbuilding program, global newbuilding order book, is somewhat catching up with pent-up demand. Then the next step is getting ready for, you could say, the scrapping that will take place when we're over this immediate supercycle. From everything we see, we're not gonna see the traditional boom and bust in container shipping. The market will absorb this newbuilding program that is ahead of us. Okay, this might be a question for Peter, but I mean, how much do you factor in 2023 emissions, carbon emissions and slow steaming in tightening capacity on the fleet? Some of it is clearly included, and that's also back to the question on do we really believe in the scrapping that we've seen. Some of these vessels have been kept in the global fleet for longer than they would otherwise be, simply because the rates are so attractive at the moment. Vessels will need to be scrapped. Certainly, the IMO regulations are playing a factor in the new building we're seeing at the moment. Fair enough. Around a third of the current order book is for what we would call alternative fuels and new fuels. Mainly LNG, but that's sort of the headline numbers. Graham, I just wanted to follow up on a question. When you talk about capital allocation, you're talking about cycles and where it is best to allocate resources for growth. New vessels do not fit in or not currently fitting into that, into your views? No, sorry, in terms of new builds? Additional new builds? Yeah. Yeah, no, there's still quite a bit of activity in the market. You know, Ming is leading the commercial team on every day sort of coming up with new options for us. It definitely has quieted down since 2021, but there's still quite a bit of activity and optionality in the market. Especially as we mentioned earlier, we're focusing growth in the 7,000 TEU sector. Just to make it clear with people, the 15,000 which we pushed at the beginning of this sort of growth cycle for us was very much to sort of create a new category of vessel class. The seven is really around the consolidation of exactly what Torsten was talking about earlier, where we've got the older, smaller, less efficient vessels. The 7,000 can take out quite a large tranche of that when they move into recycling. There's quite a lot of interest there, both for conventional and dual fuel. You still see potential opportunities to exceed your hurdle rates, obviously, with the test contracts on potential new builds, additional new builds. Maybe I answer your question. Maybe first of all, we step back. In terms of the new builds, total, the market is about 5.8 million TEU. Out of that, it's probably roughly split between the owners and the operators of 50/50. Now, Seaspan, all our new build is backed by long-term charter, as we mentioned. That's why we have this $18 billion of our cash flow. In terms of our hurdle rate, before, now, and in the future was always consistent that we call disciplined capital allocation. That, you know, when we're looking at every investment opportunity, there's no discrimination whether it's a secondhand or new build. We always stick to the return, the risk, the rationale, the balance sheet and all that, those, you know, investment criteria. In terms of the, you know, the deliveries of these new builds, you know, our deliveries this year we have eight vessels. Last year we delivered two. Next year we're gonna have about 27, and then in 2024, we're gonna have 32. So that's our delivery profile, which is in the very early stage. You know, if you're looking at our fleet in general, while we are divesting the 42, 50, which are non-core, the age of our vessels, the duration of our contract is far significant as I mentioned earlier during my presentation. So this is incomparable to the others in the industry, whether it's operators, owner-operators or financing companies. We are very well positioned from that perspective in terms of our vessel delivery, because on average, Graham mentioned, for the new build, we have average about 11.5 years of a long-term contract. Overall, our, you know, duration of the charter is close to six years, you know, longer than our other, you know, comparison, the peers in the industry. Overall, I would think that from a broader market perspective, you will see some supply and the demand, what we call deficit or surplus. That will probably starting in 2023 to 2024 and 2025. You know, on one hand, you will see the market normalizes. On the other hand, you see this 5.8 million of new build coming into the market. This is exactly what we anticipated in terms of where the market demand and supply dynamic is gonna change. This is once again how the Seaspan business model is gonna come up very differently than our peers is the fact that we actually have locked in these long-term contract both for our existing and also for the new builds. This is what, you know, what we call the resilience and differentiation of our business model compared to the owner-operators, where they typically have somewhere around three to four years of charter revenue. When the market normalizes, I think then you will see the volatilities in cash flow versus what we have is a very steady quality cash flow, which is gonna start from 2025 going forward. Because what Graham has shown you earlier is the projections are only up to 2025. That does not reflect our fully delivered vessel, which is gonna be our you know new builds is gonna be complete, the delivery starting from 2025. Thank you, Bing. We'll take another quick online question. By what amount will debt be reduced annually going forward, in particular in the years after 2024? Sounds like another financial question. Ultimately, it comes down to how we allocate capital. Again, it's back to this issue around capital allocation. You know, currently we're generating about $500 million in free cash flow annually. With the new build program coming in, that's got another $250 million on top of that. Of course, you know, that comes down to what do we do? What are the market growth opportunities that meet our hurdle rate? That's obviously one part of what we can do with it. We've still got more work to do on the balance sheet, as we've discussed earlier. You know, we've got preference shares that we'd like to take out. We've got some higher priced secured debt that we'd like to take out. There's more work to be done optimizing the balance sheet. Of course, ultimately, if we've done both of those things well, the last thing is to give some money back to our shareholders. At the moment, I think we've got plenty of good opportunities to invest in before we start giving the money back. I think that would be my approach to that question, thanks, Tina. There's a question at the back. Hi, Michael Boldy from [Gmail]. What led to the extension of the Brazil contracts, and is visibility into longer duration contracts starting to improve for APR? Yeah, maybe I answer that question. This is actually a very good example of, you know, why we own APR and how do we transform APR from a spot power provider to a long term. Although as David mentioned, that the two business may not necessarily have direct synergy, but there is a direct synergy in the way that this management team, you know, and then, and also the board is just really being able to transform the business. I think this is the beginning of that transformation, where we're working with the management team, you know, taking a different approach and being able to apply the methodologies approaches that we work with our customers and, you know, working with these type of equipment turbines. By nature, it is a, you know, short-term to medium-term match. By providing the solutions to our customer, it's a turnkey solution to the Brazilian, in this case, is the EPE, where we work with them. As you know, there's a lot of details involved, because if you only provide the turbines as a commodity, then of course you're gonna go with the short-term, you know, rental. But what in this case, we're actually working with the customer, understanding what their power needs, what are the restrictions they have, you know, from the sites, from the logistics, from the fuel, and we will be able to provide a solutions to them so that become their partner, where they're willing to make a long-term commitment to you know, to transition this from a 12-month contract to a 44-month contract. This is, again, you know, this is an example how we're gonna gradually transform the business. Coming back to Chris' question earlier, that, you know, why we owning this? This is exactly how we're gonna do, is that to create a value from where we are right now and hopefully that we will be able to accelerate from there. Okay, one more, Ken. Looking at the JV with ZE, is there a timeline when it can start producing material revenues, or is it still very much in kind of the exploratory phase? Yeah, as I mentioned earlier, ZE joint venture, we started the operation in Q3 last year. To answer your question that we actually, the JV has already started the commercial activities, as I mentioned. One is to be able to taking on some shipping assets, which is one of them that we diversify. You know, we have added some of the assets to the JV, which they can, you know, take advantage of their capital, the, you know, the networks to be able to, you know, to maximize the value on that side. In addition to that, as I mentioned, that we also have already started to marketing the scrubbers, which is very widely, you know, in demand to take, given the fuel price differences between the high and low sulfur fuel. Also ZE, because their financial conditions there, we're able to provide the financing. That way to actually facilitate, you know, our marketing of this, you know, scrubber, which helps to, you know, improve the environment. On top of that, ZE also has actively already signed up some of these liner customers, including some shipowners for the AMP, Alternative Maritime Power, which is, you know, coming back to the carbon reduction emissions. Those are the things plus the FGSS fuel gas supply system, as well as we are working on some alternative, you know, fuel. You know, the e-LNG, e-methane, and also e-methanol. These are activities not only on a conceptual basis, but we are actually actively working with our liner customers and also some other, you know, stakeholders, including the engine manufacturers and others. This is in full operation. Once again, you know, coming back to Chris' original question is that with the JV itself, it has not in any way compromised this management's ability to be able to taking on different opportunities in a multi-platform that allows us to be able to really maximize our capital allocation opportunities. Ultimately, we want to maximize the return so that gives us the opportunity, optionality. The ZE is obviously an opportunity that so far we've been progressing very well and started producing the results. Now, the material results, for example, the scrubbers and AMP, usually people sign up, they will wait till the dry docking to happen, then you will put on the scrubber so you will not have the downtime. We actually have a backlog of these scrubbers who have been signed up, and AMP is the same. It's you know usually we'll wait, have to you know when the ship is embargoed will take some time. Anyway, we are very excited and the activities has already started and commercial both the commercial and economically that has you know generating the benefit for the JV. The JV should be cash flow positive this year? Oh, absolutely. No, absolutely. We have a question from Randy Giveans from Jefferies online. Are you looking at other types of businesses that could either overlap or have synergies with either the Seaspan fleet or the APR assets, or that could act as a bridge between the two current business silos? Could ZE JV provide this type of opportunity, and if so, could you address how? Maybe I could start on that one. Thank you, Randy. I appreciate the question. I think it's obvious for people when we've got a maritime and an energy platform and we're going through energy transition that there's obviously opportunity across both. At this stage, you know, I think one of the common themes running through today's presentation has been around decarbonization in the shipping sector and also energy transition overall. Therefore, it's highly logical that we would look for opportunities in that space. We've been looking at opportunities both around customer-driven demand for new fuels, as has been mentioned, whether that be LNG and further evolutions of LNG or hydrogen or ammonia or methanol. There's work underway in all of those. When you look at it further, it's what role do we play in that market? Not just with ZE, but with other partners, we're discussing various other infrastructure pieces, which include port facilities, bunkering facilities, storage facilities, and opportunities to partner on production. This is going to be, in my view, one of our key themes as we move forward because it impacts both our customers and also the service provisions and also the assets that we have to provide our customers with. I think this is a theme that you'll hear a lot more about through ongoing as we develop. Hey, Ken, actually I kind of was gonna ask something pretty similar to Randy's question. Okay. Just give me a minute to get there. What we see today is power turbines in South America looking for more than spot business. Business in Brazil, Argentina, Bangladesh, your joint venture with ZE doing transformational fuels in minor and bulk and other things. Seaspan, you've got shipping assets with a great focus on the container shipping market, which you perfected and grew at. You can kind of see why investors are a little bit confused as to what is Atlas versus what was Seaspan. Just wanted to start, David, as a holding company of assets for investment, the question I was gonna get to is where do you see growth coming from? I think you mentioned the program on the joint venture is in terms of alternative fuels. What is Atlas and where, you know, does that mean we've done shipping and you've done energy and there's gonna be a sort of fourth leg that you wanna add on as investments? Or is it pretty much that, as Randy was asking, just I think investors are having a hard time understanding still how APR fits. Yeah. Ken, let me try to Thanks. Let me put it in perspective then. There are a myriad of, for instance, infrastructure funds that you could invest in today, an investor could invest in. Let's say you put $100 million into one, and you're gonna pay a 1% or 1.5% fee annually, and the investment fund's gonna keep some significant portion of the upside, call it 10%-20% typically. That's an option for people to invest in today, and people are doing it in great numbers today. That investor will lock it up for 7-15 years and have no involvement whatsoever in what decisions are made to invest that capital. That's an industry. We're not in that industry. What we are as a public company is that if you invest with us, you have liquidity. You don't have to stay for 15 years if you don't want to, if you don't like what we're doing. You're gonna get a dividend of roughly 3%. Instead of paying us 1% to hold your commitment, you're gonna get a dividend. If you believe in the decisions that we've made in the past and the people we've put together, if you go back to when we started this journey in May of 2017 to today, I would put our track record up against any infrastructure fund out there, and there's some good ones, by the way. Nobody had to have their money locked up for 10 or 15 years, et cetera. I would look at us as a different investment vehicle for infrastructure investments and not try to compare us to General Electric or some other, you know, some companies that you call like that that have a single line of business that's very good, Union Pacific Railroad, et cetera. We're more. I, you know, somebody asked me earlier this morning, you know, are we building something Berkshire-like? Well, I would never, I, we don't have the insurance companies to have float. You know, we're not in essence. What we are looking at is buying opportunistically companies and assets and developing projects based upon our expertise in identifying those things and then creating value through them. I think that's what Fairfax and the Washington Family have looked at. That's the type of investor that we're most anxious to have, is somebody that wants to have exposure to infrastructure investments and yet wants some liquidity in their investment. You know, it is opportunistic, but I would go back to even the beginning of what's today Berkshire Hathaway Energy started out as a single plant, geothermal plant in 1991. None of those plants are still part of that company, but today it's you know, the equity value back then was under $200 million, and today it's approaching $100 billion. You know, selectively buying good assets and running them well for the long haul has proven to be a good investment decision for me and for the investors I've been associated with for a long time. That's really what we're trying to create here. That's why we're trying to be very clear about it. We don't. You know, we totally respect people's investment decisions to like or dislike, you know, what we're doing. We just want them to understand what it is we do. Because it will be lumpy, it'll be more stair-like. Some investors may choose to say, "Well, we want to continue watching and see if they do well." That's perfectly understandable. The risk of doing that is when an announcement comes that we found a really good opportunity, that you probably won't have the opportunity to join as a shareholder prior to that announcement, because we won't, you know, we won't talk about it, obviously. It's a different vehicle, I think, is really, you know, what we're trying to create versus a lot of the infrastructure funds. Maybe if I could just comment as well on sort of the running room and where we're playing to win effectively. Given the ethos of our organization around operational excellence, we can't spread ourselves too thin. You know, we have to be pretty focused in what we do. Maritime and energy have got huge running room. I think what Bing's been explaining around the maritime platform is that we've still got growth available in our core secondhand and new build for our liner customers. That business is still there. There's a lot of opportunity developing in ancillary businesses in maritime focused around decarbonization and the environmental aspects of how the shipping industry will transition over the next, I would say, a few decades. They're presenting a lot of opportunities for us once again in maritime. I think part of it is making it clear how we define our business. You know, you can say that we're a liner leasing company, or you can say we have a maritime platform. They're two very different things. We have a maritime platform, which gives us a lot of scale, and as I also mentioned, a lot of scope in terms of how we evolve the ancillary services we can provide. The energy platform is very immature at this stage with one niche, world-class group of assets that we're deploying. But as we've explained earlier, there's a lot of ambition and drive there to actually continually identify new opportunities to deploy capital and build that into a much more stable long-term contracted cash flow business. A new one, I should never say there isn't gonna be a new vertical because you never know what will happen tomorrow in this world. I would say at the moment, we've got plenty of very, very value accretive opportunities in ancillary businesses or core businesses in both of the platforms. Just to add what Graham was saying, that to answer your question in terms of the growth, I think for investors looking at Atlas, really you have to look at investing in this platform. Growth is the question that has been started at the day one since I joined the company in the beginning of 2018. As people ask you, what is your backlog? You have no backlog. Back then, Seaspan has no new build. I think to fast-forward, today, you know, we have 70 new build, which has never been done in industry. What does that mean is really that this is a company that we have built and invested the platform with the people, process, and systems. Now, right now we have two platform, which is the maritime and energy, that provides, I think, ample quality growth opportunities. To the extent if there's other opportunities, of course, I think we will be able to look at and capture. The key of that is that you gotta have a management team. You gotta have the people, you gotta have the process, and you have the system to capture these opportunities if and when arises. That's how we'll be able to say that we are disciplined capital allocator, which is that when we see the right opportunity with existing platform and also the new opportunities outside the existing platform, it is this management and the board that be able to make that kind of decision and execute, and achieve the outcome that you're looking for. I think that's where the value of this company is, and that's what we have been very proud, and that we've demonstrated to you up to this point with Seaspan that there's, you know, with this kind of growth, both from the existing business and also the new build and TEUs on the way. I think we are very confident, in the way that we continue to, build this platform and then be able to capture these opportunities whenever they arise. Ultimately, we want to create, you know, the what we call sustainable shareholder value. I think just a way to look at it again is that, you know, I'm not gonna sit up here and tell you that a lot of people couldn't do what we've done and couldn't do what other people are doing. It happens every day. Take Seaspan as just a good example. Go back two years. Who in this room or who in this industry predicted where we would be today? This team, led by Bing and everyone else up here, excluding me, identified by meeting with our customers and having a forward-thinking concept constantly when you're talking with your customers, saw what was coming. In late 2019, Bing started, or mid-2019, started locking up slots in shipyards around the world and getting fixed price contracts for ships that we knew his customers were gonna be looking for. In an 18-month period, signed up a million TEUs of new, highly efficient, new energy ships, all under long-term contracts. If you put that again, somebody else could have done that. We've got a lot of competitors out there. If you go back now and look at the ships that have been ordered that are owned, and subtract the ones who are being owned by the liner companies themselves, Maersk, et cetera, and look at the ones that non-liner companies have built to have under long-term charter, we've done 70% of them. Of the other 30%, very few are actually on long-term charters. They're being built on spec, which is again, a different business model, and we respect the folks that are doing that. Anybody could have done that. It takes some shareholders that would support the initiative, recognize we put in a lot of capital work, et cetera. It's merely, you know, operating these businesses extremely well, which is hard. I mean, it sounds easy when the results continuously come in. APR was screwed up for a reason. It did not have a quality management team. It now does. They're now focused on all the right elements. That's really the business is finding platforms that you can have good vision forward and then detailed execution. I mean, the number of nights that our board members sat on the phone with Bing because he needed our assurance that if we didn't resolve this particular issue between the charter and the new build that we wanted to walk away from the opportunity. You know, we had a lot of those. The reality was he was able to go back along with the team and get the negotiations to cover all the risks. We weren't gonna do deals that had huge risks outstanding. We're not gonna take. I mean, something that I'm quite excited about for what they've done, of those 70-some ships, those same ships today, two years later, 33% higher cost. Our customers are gonna benefit from that by the charters they have. But those ships are also gonna be among the most efficient of the new fleet of ships coming online 10 or 15 years from now. You know, it's that kind of forward thinking, and it's a team effort. It's not any one, but we put together a very good team and you know so that's it. It will be lumpy. It will be, you know, hopefully, we never go backwards. The growth won't be like this. It'll likely look a lot like Seaspan in the sense that, you know, not a lot, quite a bit. You know, it'll be that type of. That's the way infrastructure tends to lay out. We have a question back there. So we've got one more, you know, one question in the room, and then we've got one more from the online audience, and then we'll wrap up, and we'll serve lunch out the back. Of course, we're all available for further follow-up questions then. Great. Thanks. Frank Galanti from Stifel. I wanted to follow up on the APR platform. I understand that it's gonna be lumpy going forward. I think it would be helpful for investors to kind of frame in what type of investments you're actually looking at. Right now, it's intermittent demand power generation through gas turbines. Going forward, is that the focus? Is it gas? Is it liquefaction, regasification? Does it matter what type of energy it is? Would you get into the utility business, thinking about Berkshire, right? I guess another way to ask it, what wouldn't you do on the APR platform from an energy perspective? Well, it's a good question. Hopefully nothing stupid. But I know that's not your question. I think it's gonna be a lot of the above. It'll be different in the sense that APR was really focused on both historically with diesel generation and the gas turbines on rapid deployment emergency power needs. That's a business there, and we have a large competitor that is very focused on that. But we don't think it has the long-term cash stability as a standalone business. So we'll continue to do that, but we're gonna use it as a vehicle. A project that we're working on, and it's not under contract, so I'm just gonna give you an example. We'd actually use some gas turbines as part of a transition to a long-term cogeneration project. It would also include a gas transmission line, liquefaction facility or a gasification facility and a electrical line. We would own each of those pieces. That's, you know, to me, an ideal opportunity because you're getting all sides of it and you're becoming central to the long-term energy sector of that country. That's the type of project that we want. Now, it may. You're not always gonna get that full mixture, but we'd be happy to do gasification facilities. We'd be happy to do pipelines. Transmission facilities for electricity typically are controlled more by the government or their regulated entities. Any of those, including renewables as support mechanisms. One of the reasons we're modestly excited about APR is just they've done projects in 35 countries. That's a hard network to duplicate. Being able to call and talk to the energy minister in 35 different countries is not easy to duplicate. Now we need to turn that into value, but actually Brazil is an example where they're turning it into value, and I think there's gonna be a lot more opportunity there than just the eight turbines they now have. We would invest in any long-term asset in the energy sector as long as we have full faith in its necessary involvement in the sector. What we won't be doing are short-term fixes unless they lead to long-term solutions. Maybe just to add to that last point that David made, on the sort of short term fix to long term. Often we're called in for support when a country or an enterprise is developing their own fixed power generation and that project goes off the rails. They've committed to getting power from a new project, but that project gets delayed. We get brought in to provide bridging power until they get that project back on track. Point is now when we're going to do those projects, we want skin in the game on the other side of it as well. We can come in and help with bridging power, but we also want to be part of the permanent solution. It's just a change in strategy because a lot of the projects that we have done historically have been in that niche where we've come in to help someone out. There's actually a longer term solution that we haven't been part of. Going forward, that's a key part of what we want to do. Thank you. The last question is for David. David, in your book, Pleased But Not Satisfied, you describe having a ten-year plan for your businesses. Where do you aspire to see Atlas in ten years? That's probably a better question for Bing. The main thing is it'll be bigger than it is today, and I think it'll be in a better condition. The problem I always require, and our team does this long term, you know, planning, to predominantly so you make sure you've got the talent where you need it as you're going forward. You can't really predict. You know, I couldn't predict where MidAmerican would be in 1991 other than I knew how strategically we were going to go about it because it had worked in my prior life before that. Then when we joined Berkshire, Warren asked that very question. He said, "You always keep these five and 10-year plans. Tell me what it is." I pointed out to him that the specifics aren't there because I don't, you know, I didn't know that Enron was going to go bankrupt, and we'd be able to buy pipelines and things of that nature. Having the ability to be there to take advantage of it is what that plan is all about. That's the thing about Seaspan that I would hope our shareholders recognize is that there were probably 30 organizations that could have done exactly what Bing did, and the team did, over 2019, 2020 and 2021. Only one did it. It's being ready and having the team in place, the Peter Jacksons of the world, the Torstens, the Grahams, and his team. I mean, just think of the financing, frankly, tremendous support from our investment banking partners. I mean, think about the financings that took place. You know, two years ago, it was a fair question, how are you going to finance these? They were all financed within a 12-month period. It's the long-term plan. It isn't which assets, because you know, we can't determine who's going to have, you know, when a willing seller with an appropriate asset is going to be available. What we have to prepare for is when that happens, that we're first at the table to take advantage of that opportunity. I think that's the last question, and maybe I'll turn things over to Bing and Graham for any last remarks. Well, thank you all very much, for, you know, joining us here today and also, through the webcast. You know, as our management team and board has stated that, we are very confident about what we have done so far and also very excited about the future, the growth prospects of the business. Once again, the key and the value of Atlas is really its business model, the execution, and the discipline. We're looking forward to keep you posted about our development. Thank you all very much. Thank you. There's lunch, I think. There's lunch outside. We'll be around. Remember, Larry Simkins and Lawrence Chin from Washington and Fairfax Financial are here as well. Thank you all. Thank you, everyone.