Clement Mullins: That’s very helpful. Thank you. My second question is market related. No one knows when disruption in the Red Sea will be over. But I was wondering, should that happen, how fast do you think the market would readjust once again?
Aristides Pittas: It takes a long time for markets to readjust on changes. So I think that even if things were to end tomorrow, it will take at least six months before we go back to normality. And I don’t see it ending tomorrow. But generally it takes time for the markets to readjust.
Clement Mullins: Makes sense. That’s all for me. Thank you for taking my questions.
Aristides Pittas: Thank you.
Operator: Thank you. Our next question comes from Poe Fratt with Alliance Global Partners. Please proceed.
Poe Fratt: Yes. Hi, Aristide and Tasios. You’ve covered a lot of ground, but just I’m not sure you mentioned it, but could you just highlight whether on the dividend increase, will this be reviewed annually? Is that sort of something we should expect?
Anastasios Aslidis: Usually, I mean — dividends are reviewed quarterly by our Board, but the expectation obviously when we announced it is that this will continue throughout the year. I am not committing 100% that that will be the case, but we feel very comfortable that we will be able to continue for at least another year.
Poe Fratt: Great. Thank you.
Anastasios Aslidis: Thanks.
Operator: Thank you. We have a follow-up question from Tate Sullivan with Maxim Group. Please proceed.
Tate Sullivan: Thank you for taking a follow-up. Maybe I apologize if I missed it earlier, but the Akinada bridge in the whole damage from last year is the $1.1 million expense this fourth quarter on higher insurance related to that? And do you still have outstanding insurance claims related to the whole damage for the Akinada?
Aristides Pittas: Tasios, will you take that?
Anastasios Aslidis: Yes. I think we have collected a good number of the outstanding claims on Akinada. That’s why our receivables, other receivables, if you look at our balance sheet, they’ve come down significantly this quarter. There might be some small things, but by and large we have collected most of the insurance claims.
Tate Sullivan: And was that $1.1 million charge tosses in 4Q for higher insurance related to the Akinada claims or is it something separate?
Aristides Pittas: No, we indeed — go ahead, Tasios.
Anastasios Aslidis: No, I don’t — I cannot relate to such a charge in Q4. The some other — sorry, some other operating income that you probably see in Q4 relates to Aegean, some recoveries from Aegean Express.
Tate Sullivan: Okay, understood. Okay. Thank you very much.
Anastasios Aslidis: Indeed on Aegean Express — again, sorry. On the Aegean Express, we collected a bit more than what we had assumed before and that’s why you see that increase. We will try to be conservative in our estimates of what would be paid on the insurance and we did get a little more on the Aegean Express claims which is reflected on our Q4 of the year.
Aristides Pittas: Yes, exactly. That’s what I wanted to say. I think we got about $1 million more than what we thought we would get from the insurance proceeds, because as always, we are very conservative when we budget such things.
Operator: Thank you. At this time, I would like to turn the floor back over to the CEO, Mr. Pittas, for closing comments.
Aristides Pittas: Thank you all for participating in today’s conference call, and we will be back to you with our Q1 results in three months’ time. Goodbye.
Anastasios Aslidis: Thanks everybody. Thank you for your questions. Thanks.
Operator: Thank you. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a great day.
