Gary Vogel: Well, I would say this way, I think directionally over the medium term, I think you’d see that number grow. But I wouldn’t speak to the fourth quarter, because as you start to take, ships in it takes time to build that up and then declare options on top of new charters. So I wouldn’t, I don’t want to give guidance that that number will increase significantly in Q4. But I think you’ll see us trending back to kind of a more average or meet me number as we go forward.
Benjamin Nolan: Yeah. Alright, appreciate it. Thank you.
Gary Vogel: Thank you.
Operator: Our next question comes from the line of Greg Lewis with BTIG. Your line is now open.
Gregory Lewis: Hey, thank you and good morning, everybody. Thanks for taking my questions. Gary, I was curious, just as we watched the rate market, and I think you were touching on it a little bit, can you talk a little bit more about kind of what drove the higher rate performance over the last couple months, and really the Q4 bookings looked a lot better, I think — are looking a lot better than I think a lot of us thought maybe, before the quarter started?
Gary Vogel: Yeah, I mean, I think the main driver is grain. And so historically, the South American grain market was a Q2 event that spilled into July. And what we’re seeing now is really robust grain. As I mentioned in my remarks, Brazil had a record crop which we’re still seeing very significant amounts. And also, in the U.S., at the beginning of the year, exports in the U.S. grain exports were down 26% in the beginning of the year, and they’re making up for that in a meaningful way. So overall, we expect them to be down sequentially year-over-year, but significantly up on the latter part of the year, which is of course the fourth quarter, which is typically the strongest. So when you combine the grain exports out of Brazil, along with out of the Gulf, that’s the main driver out of the Atlantic.
And of course, as I mentioned, your ton mile days are going up as ships go via Suez instead of Panama. And/or wait at Panama for transit. In the Pacific, what drove rates, I think, significant amount of increase in coal, coal voyages, particularly China. And that’s abated a bit but I think those were the main drivers and again, it was definitely led and continues to be led by the Atlantic.
Gregory Lewis: Okay, great. And then I did have another one. You mentioned that scrubber, the high sulfur fuel kind of fell off. I know you guys are always looking to hedge freight, is this something where we can maybe hedge some fuel but kind of lock in a decent scrubber spread here as we kind of look out over the fuel curve?
Gary Vogel: So the answer is yes, we definitely can. And we had a meaningful scrubber hedge position going into 2020, which ended up being very beneficial, given what happened with COVID. Having said that, we haven’t done hedged fuel spreads over the last couple years for a number of reasons. And the numbers, except for recently when they spiked up in 2022. The forwards were still significantly below that, Significantly backward. So, I think our view is we’re open to it, we monitor the market, but when you combine the transaction costs and the wide bid ask that happens in the futures market, we just don’t think it’s that compelling.
Gregory Lewis: Okay, great. And then one for Costa, I’m not even sure if we have — if you have this readily available, any kind of color around how many dry docks we should be thinking about for next year?
Costa Tsoutsoplides: Yes. So we do, if you look back in the appendix page, we do offer kind of a CAPEX schedule. In terms of dry docks for next year, it’s about 10 or so.
Gregory Lewis: Okay, and then just as we think about that, and the streaming and do we try to attach those with kind of the strength of the market?
