So it’s not — it’s — because we’re in a flux, so I don’t think it’s easy to kind of predict what the eventual impact of the hostilities in that region will be — to tell you that I don’t know.
Omar Nokta : I appreciate you attempting to — or at least summarizing all that, that’s helpful context as well. And then maybe just a final one for me. Just on the newbuilding and just kind of thinking about John Lycouris comments about outfitting the existing fleet to carry ammonia. I guess just one question on that would be what does the cost look like to upgrade for ammonia? And then also in terms of the new building, is there a price difference in ordering a VLAC versus a VLGC? And maybe just, I guess, multiple questions, but what’s the difference between the VLAC and the VLGC, I guess, going forward?
John Lycouris: Yes, Omar, it is a cost that over a number of ships is going to be quite low. But we are — we have been looking into this for some years now. And we think that it is significantly less than $5 million and probably even lower than that when it is amortized over a number of ships. So it is something that is, let’s say, it takes time, but it is not a significant cost to carry out those conversions.
John Hadjipateras: Omar, we’re mindful of that because it — as it applies to our — not all our ships, but some of our ships, it also applies to a good number of the world fleet. So people — we sort of get too carried away with new building dedicated ammonia carriers on a good part of the fleet, the existing fleet of VLGCs could be — may be less efficient than a new ship, but they could still carry ammonia with some modifications and upgrades.
Omar Nokta : Understood.
Operator: Our Next question is from the line of Øystein Vaagen with Fearnley Securities.
Øystein Vaagen : Just a quick question for me. As you just discussed, your rates have been quite high over the last couple of months in this winter establishing the high. But you booked $91,000 roughly on the spot and pool for the fourth quarter. But again, that’s not really at the highest as we saw spot rates go to $114,000. Now you’re talking about the $100,000, which I guess makes sense as ship owners take some coverage on the way up. But my question is now spot rate in its now below cash breakeven levels and close to OpEx. What kind of levels are you fixing at today? Does it work differently on the way down as well?
Ted Young: Well, I’d say a couple of things. First of all, just to be clear, the results that we mentioned going forward, there is a measure of time charter ships in there which are lower. The spot market rates that are booked in that forward number they’re very attractive. And as for current fixing, look, that’s pretty commercially sensitive information. We have a general matter don’t really comment on it. But Tim was to give a little bit more he may, but I’d say in general, when we’ve thought when he described his strategy to us, look, our guys have been proving to be pretty good at figuring out when cargoes are going to be available and how many ships are going to be able to meet the lake in and kind of flexing our planning around that. Tim, if you want to add anything to that, feel free or not.
Tim Hansen: Yes, you can say that the drop was pretty quick. So only things that has been fixed was kind of like what was in the front. So I should say, you take a couple of the way down, but actually, we had fixed pretty far forward already. So we didn’t have much to fix in the fixing window when market drops. So — so most of our positions comes only available more than a month ahead from now. So as the market has been dropping, then people doesn’t fix that far ahead. So we’re not really that much of the fixing window yet. So we’ll see if it turns around before we get there. But yes.
Øystein Vaagen : And just to add on, you fixing window now in the market in general? Is that early March now? Or where are we now?
John Hadjipateras: We may not – sorry, but we don’t want to go too much into the market.
A –Ted Young: It’s commercially sensitive.
A –John Hadjipateras: Yes.
Operator: We’ve reached the end of the question-and-answer session. I will now turn the call over to John Hadjipateras for closing remarks.
John Hadjipateras : Thank you, Rob. Thank you for your questions — valued questioners, and have a good quarter, have a good February and see you next time.
Operator: This will conclude today’s conference. You may now disconnect your lines at this time, and have a wonderful day.
