Jae McGarry : Great, thanks, guys. I’ll turn it over.
Operator: Our final question comes from a line of Sherif Elmaghrabi BTIG, your line is open please go ahead.
Sherif Elmaghrabi : Good morning, everyone. Thanks for taking my questions. Lois. Is there any way to kind of think about the composition of the dark fleet in terms of different types of vessels that on the dirty side is probably at first but what about on the clean side?
Lois Zabrocky: Okay, thank you for the question. I’m looking at Derek, as we — there’s a healthy amount of both crude and product that is moving in the dark fleet. But as you think about it it’s going to be more crude, I am thinking…
Derek Solon : I think if we — you get the whole darker great fleet around 700 ships, so some of that has to be on the clean side. Would be my view, Sherif. So, it’s both — for your question, it’s both crude and clean. So I guess, your specific question, you have the dark fleet doing some of the sanction trades out of Venezuela and Iran. So that’s one element of that fleet. And then you have a use of the great fleet, which is doing a little more than Russian trade is it or isn’t it under the price cap? What are the requirements for showing you under the price cap? When do the authorities pay attention to if you are, or if you aren’t violating the price cap? But that composition is probably half of that whole dark great fleet, and it’s a little bit less than a quarter of it would be cleaned would be just an estimation, Sherif. If that helps.
Sherif Elmaghrabi : That is helpful. Thanks, Derek. And then on the order back split out by vessel type on class 6, which is interesting, because not all parts of the fleet are growing evenly next year. So I think LR2 are leading tanker fleet product tanker fleet growth, while MRs, for example, more muted. And so I guess my question is, do you see that shifting the balance of trade between LR2 and MRs? Or is it more to do with kind of shifting refinery capacity?
Derek Solon : Sherif, its Derek again, if I could take that. I mean obviously, the numbers of the numbers, so agree with you, that LR2 fleet is growing, the order book is growing pretty rapidly. We’ve been talking about LR2 is cannibalizing the MR trade for the past 20 years. So I think MRs will continue to be the workhorse of that fleet. But some of the geopolitical events that we see right now are really helping that LR2 fleet go. I think, not so much the Russia Ukraine situation. But clearly the Israel Hamas conflict and what that’s bringing over the Red Sea, is that there you’re starting to see LR2 is having to go around the Cape of Good Hope a lot more heading to turn him off. So that market is really running. Is that larger LR2 side going to replace the MRs, I don’t really think so to sign trade patterns. And that doesn’t leave the after fleet a little bit vulnerable as well, because they’ll just switch to dirty depending upon what’s better.
Sherif Elmaghrabi : That’s helpful. Thanks, everyone.
Lois Zabrocky: Thank you.
Operator: Thank you if there are no additional questions, at this time, I’d like to hand the conference call back over to Lois Zabrocky for closing remarks.
Lois Zabrocky: Thank you very much, everyone for joining International Seaways, as we share with you our 2023 record earnings. We really appreciate and we look forward to talking too. Thank you very much.
Operator: Ladies and gentlemen, I would like to thank you for joining us on today’s call. Have a great rest of your day. You may now disconnect your line.
