Anthony Gurnee: I’ll start and then Yes. So maybe I’ll kind of go backwards. I think what we found is that evaluated probably, we’re not doing wind assist. We’re not doing lubrication, these kind of things. So what’s fun and exciting is that these are relatively bite-sized investments that have a cumulatively meaningful impact on fuel consumption, goes up in our TCE. And the €“ when we calculate the IRRs and paybacks, they’re pretty amazing. We’ve got a really good team that looks at this kind of team, but our head of innovation is really good. And it’s surprising how many new things €“ so there are other things that we’ve done that a year ago, we that they were going to pop up. So I think that will continue. Not forever, but for the time being, we’re very optimistic when it comes to that.
Gernot Ruppelt: And certainly, as the industry studies, what is the ship of the future, the fuel, the distribution, the service, the vessels. The emerging technology that’s coming up, but then to your existing base. So I think it goes back to Tony’s comments of having this Goldilocks fleet, where the fleet is not too old, not too young, but actually can benefit from these small incremental CapEx projects and the system that we have at Ardmore where the innovation team can bring it up. We have a pretty brief discussion after the rigorous analysis, pilot test it. And if it works, you roll it out to the fleet in due course. If it doesn’t, you move on to the other projects. And I think it is dual fuel, we focused a lot on different hardware, but there’s also the software component of as well, which continues.
I think there’s been a lot of hype in some of the side of it, but hardware, software, and it is the rapid ability to deploy it in the routine drydocking where vessels are underway and imports. So I think you’ll see part of that from us for sure.
Unidentified Analyst: And then a second one, if I could. So you had mentioned part of the strategic pillars, well-timed accretive growth. I just wanted to ask about growth, I guess, medium-term, longer-term. I guess first, is there any interest in doing any new builds at this time? I guess the first question is, do you envision seeing growing the fleet outside of time charter ins in the near future, medium-term? And I think the second part of that, I guess, is that, are new builds any interest to you? Or is it purely secondhand vessels, I guess, where does the preference lie?
Anthony Gurnee: Yes. I think when you look at the Ardmore fleet compared to others, it’s perhaps a little bit on the small side. But we have grown a lot in 13 years and we intend to continue doing that, but we want to do it in a smart way. So what does that mean? We’re continually looking at opportunities. It could be secondhand. I think new buildings €“ I think once we get a bit more clarity or can better figure out what to build and are convinced that they are going to be good investments for the long-term as a possibility. There are kind of modern secondhand ships out there that are possible. But I think this is not a very homogenous market. So it’s very global and there are pockets of kind of opportunity. So we’ll continue to look for things that on a relative basis are sufficiently attractive to make sense on and tend to buy well.
So we bought six ships, okay, admittedly a while back, but when they were two years old at an average price of $28.5 million MRs and that price has been flagship we bought was about two years ago, and that ship has doubled in value. But I think we’re pretty good buyers. And in the moment, people always question us, but this seems to work out pretty well.
