Benjamin Vaughan: Yes, Rob, it’s Ben here. I’ll take that one. Yes. So maybe just to go back through the commissioning goals we’ve had for Heartland over time. So the first phase was to commission the central utilities hub, and that was done quite a while ago to make sure we had the power and steam to run the plant. The second phase was to achieve full production of the polypropylene side of the plant, so making the PP pellets and getting that up to full production. And so that has happened and that’s behind us. The third phase was really getting the front end of the plant running. So the PGP end of the plant where we convert the propane to PGP. And that is now up, running and heading towards full production. So that’s now largely behind us.
As we went through Phases 2 and 3 of that start-up, we also started up the full sales and marketing function. So we established relationship with customers, and we got all of our products approved by them. So we now have over 100 customer relationships, and we have inventory in the system to ensure that we can service those clients. So that’s also behind us. So now we’re in the final phase, which is to just get the methodical ramp-up of the full integrated facility up to full capacity. And I think as Sam mentioned in his opening remarks, we expect that to happen in the coming quarters here. So — and then in terms of, I’ll call it, surprises, Heartland is a large complex. And for its size, I would say there was nothing material, no material surprise.
The normal course, I would describe it as optimizing and a few odd minor teething pains as we started to plant up, but nothing major in the context of a start-up with this.
Operator: And our next question comes from the line of Devin Dodge with BMO Capital Markets.
Devin Dodge: Various points over the last couple of years, you were highlighting opportunities with ocean carriers, either partnering or carving out some assets. Are you still optimistic about opportunities in that sector? It just seems like there could be maybe a bit more motivation from these companies just given the rapid pullback of freight rates.
Samuel Pollock: Devin, that’s an interesting question. during COVID, there was an unusual dynamic where charter rates went to all-time highs. And the shipping companies made amount of capital that would have historically taken them 10 or 20 years to make. So they really changed the nature of their businesses. And they were aggressive buyers of assets, and frankly, probably didn’t need our help on too many things. That dynamic has changed, things have gone back to normal. I still think that many of them are well capitalized. And so I can’t say that the level of activity that we have with them today is extremely robust. It’s probably just a normal conversational level. I think there’s still things we can do with them. But when we look at — and I know I’ve said this many times in the past, our main strategy is to follow capital flows and to go towards groups that need money.
And today, I wouldn’t put them necessarily in that category. There’s other groups that have huge amounts of capital needs and need our capital more than they do. But that changes quickly, and we continue to nurture those relationships.
Devin Dodge: Okay. That makes sense. And maybe just a modeling question here for David. But hedged currency rates in 2023? Is it much different than what we saw in 2022?
David Krant: Hey Devin. No looking into 2023, I think the guidance we gave at Investor is 1% to 2% below current levels. So nothing significant. And I get primarily, if you look at the currencies we have the on the GBP. So no, I wouldn’t — we don’t see that as significant.
Operator: And our next question comes from the line of Naji Baydoun with Industrial Alliance.
