John C. Wobensmith: I don’t, I wouldn’t go so far as to say we’ve turned things down. It’s probably more of, we’ve opted not to do things with equity. Clearly, issuing equity below NAV is dilutive and that’s not something we’re looking to do. But yes, as I said before, we’re getting very close to NAV and I’m cautiously optimistic that we’ll get there and hopefully above that as the value strategy continues. And, then you have that as you said, you have that arrow in your quiver in terms of an option to use it as hopefully a large piece of the purchase price.
Poe Fratt: Okay, great. And then, when you look at your forward cover, really strong on Capes, a little more muted on the Ultra and Supras, can you give me an idea of, sort of, how the rest of the quarter looks? I mean, where are you currently booking takes versus the Ultras and Supras? My sense is that the Cape market’s down a little bit relative to the first, when you would have been booking in March and April, and the Ultra and Supras is up a little bit. Is that directionally correct? Or can you just give me sort of a flavor of how you’re, where you’re booking right now?
John C. Wobensmith: Well, spot rates for Capes are around $29,000 a day today, right. And keeping in mind, we have those index deals, right, that are earning significant premiums above that BCI number that I just quoted. I think when you look at the Atlantic Basin the numbers are a little bit higher. And, we do tend to break the fleet up a little bit. We do have a couple of ships that are ballasting to the Atlantic right now, that we haven’t fixed them. So, I think what you’re referring to is the market definitely softened up, a few weeks ago, but then the last two weeks, we’ve seen strengthening again, right? So, and I think we were in a pretty good position a few weeks ago, because we just didn’t have a lot of ships open, whereas now we have ships that are opening up again in a little bit of a stronger market. But it’s all relative, Poe. I mean, these numbers are all pretty good, right?
Poe Fratt: No, no.
John C. Wobensmith: Even the softness that we saw a few weeks ago, we were still very high numbers on Capes in particular.
Poe Fratt: Yes, no. No, reason to complain. Can you talk about the Ultra and Supras, where you sort of see the rest of the quarter there and where the current rates are?
John C. Wobensmith: Well, I mean, as I said, the spot rates, for getting any adjustments for scrubbers or our fuel efficiency of vessels, spot rates in the Capes are somewhere around $29,000. Spot rates on the Ultra/Supras are [14.5, 15] (ph) today. It’s hard to predict what the next 25% of or 35% of fixtures is going to be. But as you also know, we’re very good that once we get into sort of the low to mid-90s on a percentage basis of fixing for the quarter. We put out the average fleet rate on a TCE basis to give guidance for people for that quarter, which we’ll continue to do that.
Poe Fratt: I’ll wait for that then. And then, Peter, can we just clarify on two questions on the cost side, one’s a clarification. But, I think I heard you say that the Annual Meeting costs that, it looks like around about $5.5 million this quarter will be excluded from the dividend calculation. So, that won’t impact your dividend payout.
Peter Allen: Yes. Hi, Poe, that’s correct. So, for Q2, it’ll be estimated about $4.5 million and that would be excluded from the dividend calculation. That’s correct. Just like it was in Q1.
John C. Wobensmith: Meaning it will not take away from the dividend payout potential.
Poe Fratt: Understood. Sorry, I had written down $4.5 million. And, then can you just talk about your cost guidance on Page 39 in the appendix. It looks like you’re running a little bit higher on the OpEx side and the G&A side. Are those just first half cadence and that we should potentially see OpEx and G&A come down over the second half of the year? Could you just give me a flavor about those two cost components?
Peter Allen: Yes. Sure. So, on the OpEx side, it’s more timing related. First quarter, this number is actually not too far off from what our Q1 actuals were. But, it is more timing related than anything else, we like to look at this stuff over a 12 month period typically than just three months quarter-to-quarter. On the G&A side, a lot of that stuff is front loaded as well, and we would anticipate that not really moving much, but there is a front loaded nature to the G&A side as well.
Poe Fratt: Okay. Great. Thanks for your time.
John C. Wobensmith: Thank you, Poe.
Operator: Thank you. And, as there are no further questions at this time, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.
