Omar Nokta: Okay. Got it. Thanks, Lois. And then just sort of maybe talking about the capital returns, you’ve obviously generated a good amount of cash flow consistently now for the past several quarters. You’ve been paying out supplemental dividends, and Jeff, in your comments, you talked about how their ratio is basically 60% of quarterly earnings. That looks to be a bit higher than, say, 40% to maybe 50% in the past few quarters. I know, obviously, it’s a board decision, but just in general, as we kind of think about future payouts, obviously subject to strong numbers coming from International Seaways, but in general, is 60% like a new threshold we should think about when we consider what the potential supplemental dividends will be like in strong upcoming quarters?
Lois Zabrocky: Go ahead, Jeff.
Jeff Pribor: Thanks, Lois. Hi, Omar. Yes, I would just review our history. To answer your question, our viewer history, we over the last four quarters, really wanted to balance incrementally deleveraging versus the scheduled amortization on the one hand to lower our costs and lower our breakeven and give out a good dividend yield, and it typically is examined or analyzed or, as you had by way of a payout ratio, but, at its lowest, and I both point out in our remarks, it’s added up to $6.29 pro forma for the last dividend for the calendar year. So it’s been a good yield. But also, towards answering your question, with the debt paydowns that we described from the last quarter’s new facility and the payments already in Q4, and kind of where we are with a lot of this really what I call high-quality debt that’s at rates that are either fixed or swapped at lower than we’re earning on our interests, on our cash, it makes sense that we are sort of able to pay a little more in terms of the payout ratio this quarter, and, I think that that’s kind of a situation or a healthy situation that will remain in.
We’ve got a good amortization, a good healthy amount of amortization, still there in our schedule in our debt, so it will be naturally reducing quite a bit during the course of 2024. So, if the tanker market continues in the good place that it is, I think, you should expect dividend payouts to continue like we are doing them now. I hope that’s responsive.
Omar Nokta: Yes, that’s very good. I was actually surprised you were willing to actually answer the question.
Jeff Pribor: Come on, Omar, you know what.
Omar Nokta: Yeah, no, no, that was very good. Very good and constructive. I mean, clearly, the balance sheet is in much stronger shape and just seems to continue to go in that direction. Maybe just one kind of final one, just regarding the new building, you have the four LR1s now. You have the niche trade in South America where those trade and are expected to trade. Do you have options for more? Is there potential more to add to that fleet beyond just the four new buildings, or is this what you think?
Lois Zabrocky: Well, Omar, I think, what’s really important for us was that we felt that, with this really strong base of cargo and relationship that we built over the years, that we wanted to have these four as our foundational units, and then, we consistently have had in-charters and different ways within the pool to optimize results, and we’ll continue to do that.
Omar Nokta: Got it. Well, thank you, Lois. And thanks, Jeff. I’ll turn it over.
Lois Zabrocky: Thank you.
Jeff Pribor: Thanks, Omar.
Operator: Thank you. Our final question comes from the line of Liam Burke of B. Riley. Your line is now open. Please go ahead.
Liam Burke: Thank you. Good morning, Lois, Jeff.
Lois Zabrocky: How are you, Liam?
Liam Burke: I am good. Thank you, Lois. For the fourth quarter, your partial fixtures on the Suezmax are on a daily rate basis or outdistancing the VLCCs. You mentioned earlier that the VLCCs have, moved up off of those partial fixtures. But are you seeing the same move with the Suezmaxes, and are they continuing to outdistance the VLCC rates?
