Thank you for standing by, ladies and gentlemen, and Welcome to Grindrod Shipping Holdings Ltd Second Quarter 2022 Financial Results Call. We have with us Mr. Stephen Griffiths, Interim Chief Executive Officer, and Mr. Carl Ackerley, Chief Operating Officer of the company. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. At which time, if you wish to ask a question, please press star one on your telephone keypad and wait for the confirmation tone indicating your line is in the queue. I must advise you that this conference is being recorded today. I will now pass the call over to one of your speakers. Mr. Griffiths, please go ahead. Thank you, operator. Welcome, everyone, and thanks for joining Our Call Today on The Second Quarter and First Half 2022 Financial Results. Let me please refer you to slide two with the forward-looking statement disclaimer. On this call, we will make certain forward-looking statements, including statements regarding our future financial and operating performance. These statements include information regarding future time charter contracts, outlooks for the dry bulk markets, and other operating matters. These statements are based on the beliefs and expectations of management as of today. Our actual results may differ materially from our expectations. Investors should carefully read the risks and uncertainties described in slide two of this presentation and in yesterday's press release, as well as the risk factors included in our annual report and our other filings with the SEC. We assume no obligation to revise or update our forward-looking statements, whether because of new information, future events, or otherwise, except as required by law. In addition, during this call, we will be discussing certain non-GAAP financial measures. For additional disclosures relating to these non-GAAP financial measures, including reconciliation to the most directly comparable GAAP measures, please see yesterday's press release on pages 23- 25 of the slide deck, which was posted on our website and our filings with the SEC. Please turn to slide four for an overview of our second quarter and first half 2022 financial results. Grindrod Shipping reported another record quarterly performance with a strong second quarter of 2022, reflecting the resilient markets in our Handysize and Supramax/Ultramax Dry Bulk carrier segments. For the second quarter of 2022, our gross profit, adjusted EBITDA, and adjusted net income increased materially year over year, achieving $64.6 million, $73.9 million, and $53.3 million, or $2.81 per ordinary share, respectively. For the first half 2022, our gross profit, adjusted EBITDA, and adjusted net income increased to $105.3 million, $124.1 million, and $83.1 million or $4.42 per ordinary share, respectively. As of June 30, 2022, we had cash and equivalents of $160 million and restricted cash of $9.7 million, an increase from December 2021 due to our strong results. I will go into more detail on our financials later in the presentation. Please now turn to slide five to look at our operational highlights and recent developments. On June the 1st, 2022, we sold a 2016-built medium-range product tanker, the Matuku, for a gross profit of $50 million. This was the last tanker in our fleet, and the sale represents an opportune moment to complete our exit from the product tanker sector as asset classes strengthen in this sector. On May the 18th, 2022, we exercised the purchase option on the chartered-in 2015-built Supramax bulk carrier, the IVS Carlos, for an amount of $18 million with delivery to us on July the 25th, 2022. The vessel remained chartered in at the original contract date until delivered to us. Grindrod Shipping has four remaining purchase options, which you will find on slide 22 of this presentation, and which provides information on our long-term charter on vessels and associated purchase options. On May the 12th, 2022, we agreed to extend the long-term charter on the 2014-built Supramax bulk carrier, the IVS Crimson Creek, for a period of 11-13 months at a charter rate of $26,276 per day, commencing May the first, 2022. On August the 17th, 2022, our board of directors declared an interim quarterly cash dividend of $0.84 per ordinary share, payable on or about September the 19th, 2022 to all shareholders of record as of September the ninth, 2022. The dividend is our highest to date since we initiated our policy in Q3 of last year, and we are pleased to continue returning material capital to our shareholders in these robust markets. Now we'll go over to the financial highlights and performance for the second quarter and the first half of 2022. Turning to slide seven. In the second quarter of 2022, revenue increased to $161.6 million compared to $109.8 million for the same period, 2021. Revenue increased due to improved market conditions in the dry bulk business, which was slightly offset by a reduction in short-term operating days and the sale of the medium-range product tanker Matuku in the second quarter of 2022 compared to no ship sales and continuing operations for the same period in 2021. Gross profit increased to $64.6 million in the second quarter of 2022 compared to $35.6 million for the same period in 2021. Net profit attributable to owners of the company increased to $56.8 million, or $2.99 per ordinary share in the second quarter of 2022 from $22.8 million or $1.18 per ordinary share in the second quarter of 2021. For the first half of 2022, revenue increased to $271.9 million compared to $178.3 million for the same period, 2021. Gross profit increased to $105.3 million in the first half of 2022 compared to $48.2 million for the same period, 2021. Net profit attributable to owners of the company increased to $85.8 million or $4.56 per ordinary share in the first half of 2022 from $25 million or $1.50 per ordinary share in the first half of 2021. Turning to slide eight. We have placed a priority on building a strong balance sheet and have maintained a healthy cash position while repaying $50 million of our debt in the second quarter of 2022, partly as a result of the sale of Matuku and its associated finance lease. This strategy has significantly reduced our net debt to $39.6 million, while leaving us well positioned to pursue our growth and capital return strategy. On slide nine, we provide our bank loans and other borrowings repayment profile at June 30, 2022. We continue to have limited debt maturities until 2025, which combined with a conservative amortization profile, provides us with balance sheet flexibility going forward. Overall, we maintain low leverage, and this is even lower when you take into consideration the market value of our fleet, which is comprised mainly of modern Japanese-built eco vessels. Please turn to slide 10. We will now briefly discuss our dry bulk operational performance for the second quarter and first half of 2022. Handysize TCE per day was $27,479 per day for the three months ended June 30, 2022, vs $18,104 per day for the same period, 2021. Supramax, Ultramax TCE per day was $51,021 dollars for the three months ended June 30, 2022, vs $21,916 per day for the same period, 2021. For the first half of 2022, Handysize TCE per day was $24,990 dollars for the six months ended June 30, 2022, vs $16,285 per day for the same period, 2021. Supramax, Ultramax TCE per day was $27,604 for the six months ended June 30, 2022, vs $17,606 per day for the same period in 2021. As of August 10, 2022, we have contracted the following TCE per day for the third quarter of 2022. For our Handysize, we contracted 1,020 operating days at an average TCE per day of $25,127. For our Supramax, Ultramax, we contracted 1,524 operating days at an average TCE per day of $26,766. The average long-term chartering costs per day for the Supramax, Ultramax fleet for the third quarter of 2022 is expected to be approximately $14,921 per day. Now turning to slide 11. The return of the rise in the dry bulk freight rate is easily demonstrated vs our historical results. During the second quarter of 2022, approximately 90% of our fleet was predominantly trading either on index-linked charter contracts, short-term time charters, or in the spot market, leaving our company well positioned to take advantage of the strong freight rate environment. To put this into context, with every $1,000 change in TCE per day equated to approximately $10.8 million of TCE revenue during the full year 2021, net for the core fleet. As you can see on the graph, our fixtures for the third quarter are slightly lower than the second quarter, but well above spot market benchmark indices. Now turning to slide 12. It shows the core fleet cash breakeven analysis for the first half 2022. Breakeven per vessel per day was as follows. The long-term charter ends, which includes net G&A, the cost was $15,336 per day. For our own fleet, it was $11,801 per day. The combined average total for the core dry bulk fleet was $12,583 per day. The cash breakeven rate today includes operational expenses, net G&A, interest expense and debt repayment. You can contrast these figures to the daily TCE rates in the previous slide to assess the robustness of our profitability. With that, I would like to turn the call over to Carl to discuss the dry bulk market. Thank you, Steve. Now if you can please turn to slide 14 to look at the fundamentals of the dry bulk sector and how they've been developing against the current market environment. War in Ukraine has negatively impacted flows of certain dry bulk commodities, particularly in the grain and fertilizer sectors, while weaker economic conditions in China have reduced steel demand, a key driver to global dry bulk trade flows. The demand hit is being partially offset by longer required voyages as replacement cargoes continue to be sourced from further afield. This is demonstrated by ton-mile demand expectations that are still expected to increase by 1.2% in 2022, while actual tons transported are projected to be flat year-over-year. The primary examples of this trade route substitution are in the grain and coal markets, where buyers are sourcing alternatives to Ukrainian grains and European buyers are seeking alternatives to Russian coal, while Russia finds new export markets for its commodities. Please turn to slide 15. As the slide depicts, grain trade is expected to contract in 2022, primarily due to the loss of Ukrainian export cargoes, while the coal trade has been impacted as well due to some buyers avoiding Russian coal cargoes and also increased domestic coal production in China. Lockdowns in China have added uncertainty, further weakening steel demand in 2022, which has negatively impacted the iron ore trade. Congestion has also eased, releasing more ships onto the market. Minor bulks, the key cargoes for our vessels are expected to remain the lone bright spot, exhibiting positive cargo growth during 2022. Decontainerization is also still a factor, albeit somewhat reduced from the peak of 2021. For 2023, expectations are for a return to growth in all the major dry bulk cargo categories. Turning to slide 16. The dry bulk order book continues to shrink to multi-decade lows and is estimated at only 7.1% of the fleet. This potential growth or lack of it is quite favorable, especially considering approximately 23% of the dry bulk fleet is 15 years or older, and approximately 12% of the dry bulk fleet 20 years or older, measured by deadweight tons. We would also draw attention to the high fleet growth from 2008, peaking in 2012 and 2013. These ships will start to go over age from 2023 onwards, indicating an aging fleet. Despite strong market conditions, new ordering remains constrained by uncertainty relating to cost, practicality in terms of trading patterns and new fuel availability, and due to technology and emissions regulations pertaining to EEXI and CII. For 2022 and 2023, ship supply growth is forecast to be 2.7% and 9.7% respectively on the Handysize and Supramax/Ultramax order books, which are the smallest in the dry bulk fleet. Turning to slide 17. While Handysize Supramax spot TC rates have been volatile this year, they remain at healthy levels. Looking ahead, although the impact on the dry cargo market has been minimal, we remain prudent in our approach to risk management given the potential uncertainty. Looking at the chart on the right-hand side, Handysize Supramax asset prices are flat relative to the end of the first quarter, 2022. They're down slightly from their most recent highs in late June. I would now like to turn the call back over to Stephen. Thanks, Carl. Finally, let's turn to slide 19 for our conclusions and strategy. Let's start with our achievements in 2021. Sorry, 2022. Sorry about that. As reported earlier, the second quarter 2022 results were the strongest in over a decade as dry bulk markets remained strong with nearly a four-time year-over-year increase in our adjusted net income. Our commercial strategy continues to demonstrate its potential with material profits generated from both our long and short-term charter-in vessels. While we opportunistically exercise the purchase option on the Supramaxes at very attractive levels using cash on hand. On the corporate side, we continued our flexible dividend and share buyback return policy in the second quarter, materially rewarding shareholders with a cash dividend of $0.84 per share, our highest since we commenced our dividend policy in Q3 2021. Now looking ahead, the war in Ukraine is disrupting the grain trades and other commodity flows due to the impact of Russian sanctions. The shipping demand has remained more resilient due to replacement cargoes being sourced from longer distances, increasing ton-miles. The smallest newbuilding order book in decades continues to support market strength in medium term due to constriction in ship supply growth as uncertainty over engine technology and emissions hampers newbuilding orders, particularly in the smaller vessel segments. Newbuilding orders in other sectors such as LNG and container shipping has limited the shipyard spare capacity, meaning that most new orders could not get to work until mid-2024 at the earliest. To the extent that ton-mile demand continues to grow, the lack of available supply growth combined with EEXI environmental regulations in 2023 is expected to lead to an attractive potential multiyear window for the dry bulk market. With this, thank you all for joining our call today and look forward to reporting further progress on Grindrod. With that, we'd like to open for questions. Operator? Thank you. At this time, we'll be conducting a question and answer session. If you'd like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Thank you. Our first question comes from the line of Poe Fratt with Alliance Global Partners. Please proceed with your question. Good morning or good afternoon, wherever you may be. Still with the macro- Okay. If you wouldn't mind. Good morning, everyone. Sorry. Hello. If we could start with the macro and, you know, you did a nice job of outlining what's going on currently and just the, you know, the positive impact on ton-miles, even though volume's fairly flat. Can you look at 2023? You said it's a year of growth. Can you just highlight some of the risk factors that you're looking at in 2023? Carl, you gonna take that? Stephen. Yeah. I think you mentioned the macro factors, and obviously we don't know what's gonna happen with the Ukraine-Russia situation and how that plays out. I think obviously a major factor will be inflation and what impact that's gonna have on interest rates and people's spendability. But this will be offset somewhat by the new regulations on steaming, the EEXI and CII. You know, the analysts indicate that they expect that there will be a return to dry bulk seaborne fleet growth, which you know over the years historically you know runs at 2.5%-3.5%,4%. We've been flat this year. I think the expectations are that it will pick up. Also, I think we must obviously talk to China. Again, it's very difficult to know what comes out of there. All the China watchers are expecting the country to stimulate, and measures are apparently already in place for that to happen. With the Xi presidential reelection due in November, he'll probably want to start on a positive platform. Great. Then if we could talk about just the Capesize, the Max and the Handysize, you know, the relative rate strength has been pretty striking for several quarters and especially in, you know, in recent months. Can you just talk about some of the factors that you're seeing there. You know, I think previous calls we talked about congestion, you know, helping, it sounds like that may be easing a little bit. But, you know, container market tightness had pushed some cargoes onto into the dry bulk market. Do you see a lessening of that impact too? Then can you just talk to, you know, currently where you're booking, you know, both sectors and sort of what we should expect for the rest of the third quarter and then into the fourth quarter? At the moment, the Atlantics are quite flat. The Pacific, in the minor bulks, we're starting to see quite a significant pickup in the last few days. After what this year has been a summer lull and quite a lot of uncertainty, it does seem that trade is picking up. Again, we've talked to potential China. I think overall we're reasonably positive. Yes, the congestion may come out, at least in the short term, that may build up again. There is a bit of steam coming out of the container market. I think overall, I mean, while we see the FFAs for next year still heavily backwardated, we're confident that we will be in a profitable scenario. I think it will be above, personally, above where the FFA is showing us for Cal 23. You can see that in the period market, if we wanted to put our ships on period, it is quite significantly above where the FFA market sits for Cal 23. Okay, sounds good. If we could just talk about operating costs. You know, some other companies have talked about higher operating costs. Yours, your costs have, you know, moved a little bit, but not anywhere to the extent that the rest of the industry is seeing. Can you just talk about operating costs? It looked like G&A was a lot lower than what I expected. Could you just talk about SG&A over the rest of the year? Okay. Yeah. I'll jump in here. So OpEx, I mean, we have a you know internal target of OpEx on the vessel. We're trying to you know be over $10,500. We're still above that, but we have come down from Q1. It's probably come down to about $300-$400. But yeah, we continue to have some high staff repatriation costs, you know, from COVID issues, expensive flights. Yeah, and you know, it's difficult in this period to reduce it, but we're continually working on it. But you know, we'd still like to be a little bit lower. The G&A costs, I mean, they are slightly lower than what we had in Q1. The one thing I would point out is it does include some stock-related incentive costs, you know, as a result of our improved bottom line. You know, these are variable costs and they will reduce significantly if, say, the market, you know, turns and our profitability is not as high as now. Overall, I'm still looking overall on our cash break-even, you know, to come down from the current levels of $4,600, you know, which is overall pretty much the same. You know, we've got the charter costs that are part of that where, you know, the conversion of those charter ships to own vessels when we purchase, when we exercise the purchase option, you know, that will certainly result in a lower daily cash cost and even more so if we don't take them, you know, there's no financing attached. There is also a possibility that we may pay down some of our debts, and that would also reduce costs. Not really high on the agenda, but potential. It's a potential. Okay, great. That's helpful. You know, I had built in a 6% tax rate. It seems like that's, you know, your tax rate is gonna be close to zero, or it was over the first half of the year. Is that something I should extend out or are you potentially gonna have any taxes over the second half of the year? No, you can expect it to remain, you know, following the trend that we had in the first six months, a low tax rate. Okay. The purchase options you know highlighted, it looked like the IVS Carlos got shifted into the third quarter, so that's $18 million in the third quarter instead of the second quarter. The two Japanese, you know. I'm gonna butcher these names, but the Naruo and Hyakita, you know, those purchase options continued to go down, especially because you know the yen-dollar relationship. When do you start to? Absolutely. Yeah. When do you start to think about, you know, exercising those early or doing something to lock in, you know, such an advantageous exchange rate? Yeah. Absolutely. I mean, in terms of our policy to hedge, you know, we wouldn't do that until we push the button and exercise the option. In terms of timing, you know, as you said, the first vessel was exercised and delivered in July. We have board approval to do another two. You know, we're expecting to push a button on those soon. You know, the other two, we're planning to exercise those, you know, late this year, early next year. You can expect, you know, us to move on those pretty pronto. Another thing that I'd like to add, of course, is we purchased the Kaimai debt-free. You know, the plan is likely that we'll be all of them debt-free. You know, this will contribute to our plan to reduce our daily costs on our fleet. Just one thing to bear in mind in terms of where our cash is now, the total cost of those four remaining ships is around $86 million. You know, all those option prices are well below the current market value. Yeah, they look really attractive. Just to be clear that by the middle of next year, all four of those will be bought in. Lucky. It should be, yeah. They'll likely be done. Okay. That explains some use of cash, you know, especially, you know, given that your cash balance, you know, call it $170 million. It looks like the third quarter. Yeah. $170 million, that's well above, you know, the purchase options. It looks like the fourth quarter or third quarter. It's gonna be flat just a little bit because of the purchase option on the Pinehurst that you executed. Can you talk about, you know, the capital allocation going forward and, you know, also, you know, stock was a little bit weak, you know, went into the mid-teens. Can you just talk about how you're thinking about stock buybacks vs dividends and vs- Yeah. You know, in the context of, you know, the $86 million that you're likely to spend? Yeah. That's actually cheap. Yeah. You know, with the dividend and capital return policy, it's always a topic of discussion, you know, at board level. You know, of course, you know, we could increase our dividends at some point in the future. But our board is pretty happy with it as it stands, you know, with everything that I've spoken about, but very much on the agenda. Share buybacks, yeah, we didn't do anything in Q2. The low point in our share price was when we're in a closed period for reporting. Yeah, in the weeks ahead, you know, we may well buy some, buy back some shares. Of course, it's share price dependent, you know, for that the share is in a position where we would probably consider buying back. We've got approvals in place and, you know, we will look at it in the weeks ahead once we go back out of the closed period for reporting. Great. Appreciate your time. Thank you. Thank you. Ladies and gentlemen, as a reminder, if you'd like to join the question queue, please press star one on your telephone keypad. We'll pause a moment to allow for other questions. Thank you. Our next question comes from the line of Francis Daniels with Anibok Investment. Please proceed with your question. Thank you very much, operator. I wanted to get a little bit more color on two things. First was on your comment about new orders not coming hitting the water until mid-2024. What are you expecting post-2024, mid-2024 as the new orders are coming? Do you expect that the supply will be greater than demand, or not? I'm asking because of the impact of excess supply on shipping values. My second question relates to how to read the significance of the declining Baltic Dry Index number. It's been declining since about mid- to end of May. I don't know if you have any thoughts on what that means for you. Stephen, shall I answer to this? Yeah, you go Carl. Yeah. As far as the new building orders, there are plenty of ships being built, but not in the geared small dry cargo sector. I mean, the stats are in there in terms of the order book on the Handysizes and the Supramax/Ultramaxes. There are two main reasons for that. One is that the yards are quite full with the larger ships that can do new fuel or dual fuel engines. They're more lucrative to build, they're easier to get financed for, and they tick the ESG boxes because they're perceived as the right way to go in terms of decarbonization or reducing your carbon footprint. Until the technology comes along to make it attractive for the financiers to finance it, for the people who obviously big companies who are governed by ESG policy, and we're all looking at ESG policy. You know, big companies with the deep pockets are very much governed by it these days. Until this new fuel technology comes along that can fit into the Handysize Ultramax sector, it's difficult to see or predict that there's gonna be a big uptake of new building when we're still building them with the old heavy carbon using engines. Of course, the economies are always getting better on those ships. They're getting more eco. As of yet, no one's come up with the magic bullet on how you can afford to put on an expensive engine onto what is a very inexpensive ship. What was the next question, sir? I'm sorry. It seems his line has disconnected. Our next question comes from line of Poe Fratt with Alliance Global Partners. Please proceed with your follow-up. Yeah, I think the second question that he had was that, you know, can you talk about what you're seeing in the market for the Ultras and Supers in the Handysize relative to the BDI weakness. You know, the Baltic Dry Index weakness. Yeah. The BDI is largely governed percentage-wise by the Cape market. The Cape market is pretty fully built. It's driven almost entirely by iron ore to a lesser degree, coal. At the moment, China's appetite for growth in the iron ore imports is not there, partly 'cause they're leveling out in their steel production also because they now produce plenty of scrap, which means there's less reliance on iron ore. They also, of course, still produce their own iron ore. From that perspective, we don't perceive that the Cape market is gonna have any big strength in the near term. As I say, it governs the BDI. The BDI is much more representative of that market, whereas the minor bulk sizes have a smaller percentage of that BDI. We believe that for all the reasons I think we've already said that the minor bulk geared sector will retain its strength. We can see that that sector has outperformed all markets this year. Great. That's really helpful. I just had a couple additional follow-on questions. One is, can you talk about, you know, the dry docking schedule over the second half of the year? It looks like 166 days that you're anticipating, and then looking at 2023, you're looking at 220. Can you just talk about, you know, how firm that dry docking schedule is and maybe why the second half is heavier than the last couple quarters? Yeah. It's Stephen. Hang on a sec. Yeah, look, in terms of the second half, it is. There is gonna be more money spent in the second half than what we have in the first. It is quite materially higher. And what we spend in the second half is, in 2023, it is also high. It is just that, you know, in the way of the timing and the scheduling, it has been pretty low in the first half of this year. We can expect it to be roughly six to seven times higher, I mean, slightly higher than that in 2022. Okay. I mean, I think it's worth adding there that, you know, we dry dock the ships every two and a half years. The special survey is every five years, which is you have to dry dock for the special survey. You don't have to dry dock on the intermediate one. We do just because we believe we get a better running ship like that. We paint the holds, we paint the hull, you know, which is an environmental requirement. It helps the ship go faster and stops hull growth. We dry dock them when the schedule comes around on each ship, but we do it every two and a half years. Sorry. Something to add there, Poe, is that, you know, we have had some scheduling in the first half of this year, but there's been delays in China. So that's also have been a cause of there not being a sort of consistent flow through the year. We are a bit delayed more than we would be in the second half of this year. Then 2023 is obviously the expectation there is pretty much the same as what we spend over the course of 2022. You know, historically, you haven't looked at scrubbers. You know, there's some in the industry that are saying that, you know, the dry bulk, you know, the non-Capes or, you know, companies gonna start to look at scrubbers. Has your view on scrubbers changed at all? I mean, Yeah, we didn't go for scrubbers. I mean, let's leave the environmental arguments to one side as to whether they're a good thing or a bad thing. You know, you get different kind of opinions on that. The main reason why we didn't go for scrubbers is because it's really overcapitalizing on what is a very nice Japanese modern eco fleet. You know, on the Ultramaxes, for example, everything that we have is 2014 onwards with when the new ME engine came in, which gives greater efficiencies on your speed and consumption. You know, to go and spend $2.5 million on scrubbers and then all the costs of the scrubber maintenance to keep them working. We felt and still feel that that's not a necessary expenditure. Okay. Then just one, if we could look at just the working capital flow. It looks like working capital flow changes were fairly positive in the second quarter. I calculate about $20 million according to sort of the way I calibrate working capital within your cash flow, just, you know, your reporting's a little different, but that's what I back into. Can you just talk about what working capital should do over the rest of the year? Was the second quarter a reversal of the first quarter working capital deficit? Or just if you could help me understand what's going on with working capital. Absolutely. You know, it's very difficult to estimate what it's gonna be at a point in time. You know, you might be caught with a big outlay on voyage expenses or, you know, right just before the end of the quarter, or you may have, at times, charges that's gotta be paid, you know, for up to two weeks just before. It's very difficult to predict. You're 100% right in terms of it was a reversal. You know, we had about a $15 million reversal in Q2. You know, most of which went the other way in Q1. We do our best to manage that. Close to the quarter end, we look at all of our outflows and our inflows and see what you can do. Some of them are just not, you know, they're unavoidable. It's just in terms of timing. You know, you have to pay certain costs on a certain date. You know, if you have a look over a long period of time, you know, the levels should be pretty much the same. You know, but if I manage it as best as we can. Perfect. Thank you. Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to management for any final comments. Okay, thank you everyone for joining us, for taking the time to join our results call. Yeah, you'll hear from us again in the next quarter. Thank you. Bye. See you. Thank you. This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.