Bill Nugent: Great. EEXI is really interesting. It is a one-time measure, right. So all ships are measured this year against that benchmark and have to implement, most ships have to implement some sort of power limitation on the engines. And I could say for our fleet, the impact of that on current trade speeds and profiles, minor if nonexistent, right. So it’s something we have to do. It’s a good thing to do. It’s going to affect other shipping segments more than it’s going to impact tankers. Efficiency, which goes every dollar we spend on trying to save a fuel goes right back to the bottom line in terms of fuel costs and everything else that comes back. That’s been an ongoing focus for us for a long time that really carries forward in the form of the CII measures, which is the carbon intensity measures.
And I think we’re in a good place for that. We’re working closely with our commercial partners. We’re working with our technical partners to make sure that every day we’re focused on all the little bits that add up to, that ton of fuel that gets saved me and the three tons of emissions that get saved as a result of that. I hope that that answered your question.
Greg Lewis: Yes, absolutely. Great. And then Lois, I did want to talk €“ follow up on Ben’s question around the chartered in vessels and your West Coast, Panamax trade, in the event, INSW does not opt the charter in those vessels, those vessels, then just given that relationship with what is it, flow pack, those vessels then are kind of pushed out of that trade. Is that the right way to think about that i.e. someone else just can’t throw them into that trade and run them?
Lois Zabrocky: Well, let’s put it this way, in Panamax International, which is a joint venture with Ultra of Chile and Flopec of Ecuador and International Seaways that is not a €“ that’s a joint venture we don’t look to grow that pool in particular, per se. However, there are many vessels, Panamaxes and Aframaxes that trade on the West Coast and with cargos in and out of Ecuador. So it’s an open trade, that’s for sure. If some of our charter ends are for some European based owners, so those vessels may trade here, but they were also trading clean before we chartered them in. So there’s a real strength in LR 1s right now, and that’s whether they’re being traded clean or dirty with a lot of opportunity. In particular, I’ve mentioned before United States was importing 600,000 barrels a day from Russia.
A lot of that was heavy, BGO fuel oil that was going into the refineries. And so that’s really helped keep not only the Afras and the Suezmax is very strong, but the Panamaxes as well.
Greg Lewis: Okay. And then just following up on that, I know in the past we’ve talked about €“ there’s always that balance between the chartered in vessels and the ability to buy vessels. I mean, clearly the balance sheet is in a good position at this €“ great position at this point. You did mention that whether you’re chartering it or buying, maybe the market’s a little bit frothy. And I guess, it’s going to stay that way for the foreseeable future. But I’m kind of wondering as we look farther ahead. I mean, are we kind of agnostic, maybe whether we’re going to for that trade, whether we decide to charter in or buy.
Lois Zabrocky: Yes, agnostic. Yes. Just look for the opportunity.
Greg Lewis: Okay, great. Thank you for the question. Thank you for the answers.
Lois Zabrocky: No, thank you, Greg.
Operator: Thank you, Greg. We have our next question comes from Liam Burke from B. Riley. Liam, your line is now open.
Liam Burke: Thank you. Good morning, Lois. Good morning, Jeff.
Lois Zabrocky: Hey Liam.
Liam Burke: Lois, very interest as some of these vessels or classes start getting frothy rates to start time chartering certain ones out, or do you like, prefer to ride them into the spot market?
