Robert Silvera: Can I ask the new charter rates that you are employing at this point versus the ones that have faded away? Are we equal to better than or worse than?
Gary Chapman: I think over the last couple of years, we’ve seen a dip in the rates that we’ve been able to achieve, but we think that will come back. And I think we’re seeing that activity in Brazil already. But given the niche market that shuttle tanker is operating it’s a very small market. There are only 75, 76 channels in the world, etcetera. So rates don’t fluctuate wildly like they do in many other areas of shipping. So yes, our rates have dipped over this period of softness and we’ve accepted rates that perhaps normally we wouldn’t like. But that is coming back. We’re seeing the market in Brazil tightening a lot and we think that will also happen in the North Sea. But as we said the North Sea is just taking longer?
Robert Silvera: Well, we looked at the forward schedule you have of possible drop downs. And from our viewpoint with the age of our vessels being just over eight years, we don’t see that we should be taking any drop downs till at least 2027. And in the meantime, we can, if at all, possible, figure out ways to attack the debt and get debt down so significantly that we’re not really working for the bankers rather we’re working for the stockholders, which have not had a good time in the last five years, obviously. So that’s our input. We would really like to see you stay away from drop downs till at least 2027 when fleet renewal and the market has changed. So that it will be much more beneficial to run our business because the current business model, let’s face it over the last five years has not been successful.
Given all the different things, COVID, etcetera, the things that happen in the world, that’s all part of running a business. And the business model as we’ve run it has not been successful from a shareholder standpoint. All the nice $0.52 dividends that we’ve gotten have been wiped out in the sheer value. So I hope you will have that same kind of feelings although I know you’re leaving. I hope you’ll leave with the advice to the rest of the individuals involved in decision making like the board, etcetera, will encourage not to drop pounds.
Gary Chapman: I think that obviously the — how much somebody has gained or lost really just depend on when they bought and how long they held for, we’ve paid out a huge amount of distribution since we listed.
Robert Silvera: But our cost was $20 and now it’s $5 so all the dividend benefits have been wiped.
Gary Chapman: Yes. I’m not saying that that’s not the case, but I do think not everybody has lost, not everybody has gained. But I think the point that I’m trying to make is that this is a long term business. We’ve been — we try to be very transparent about the issues and why they’re there and what we’re doing about it importantly and where we think the business is going. And I — we’ve…
Robert Silvera: How do you feel personally on the idea of further drop downs within the next two years? Standing where you are now in this position?
Gary Chapman: I think it’s obviously being difficult because otherwise we would have done more by now. But I think it’s a question for the board to answer. And if the board think that the timing is right, then they will ask the Independent Complex Committee to assess it. But it needs to be right. We said before, we –
Robert Silvera: I know, but I’m asking what is your position on that question right now, your personal position?
