Robert Silvera: I know. So, we are at six months in that, but I am trying to get a feeling is in another six months and not a whole year before we could entertain. We remember the sweet days of $0.52 a quarter and truly, you must have some feeling, I don’t hold you to an exact number, but you must have some feeling of your strategy, the changing market dynamic in Brazil, particularly the demand, etcetera, where the cash flows and the reduction of debt would play out to a timeframe of six months, a year, 2 years, and you have got to have some feeling for that.
Gary Chapman: Robert, even though I am leaving, I would be a full to answer that question in a way because we have stated what we are trying to do and where we need to get to. But first of all, I can’t predict the future actually. And secondly, ultimately, it’s the Board’s discretion. So, it’s when the Board feels that all of these things that you have mentioned there, the market, the liquidity, the feeling, the outlook is when the Board feels and the Board’s discretion to decide, yes, okay, now we feel we can do something. And I can’t possibly really second guess that. We have tried to put out information and explain where we are and what we think and where we see it. But ultimately, future quarters, like we have said right at the start with forward-looking statements, it’s very difficult to predict that.
Robert Silvera: Okay. Going down another line then, there has been some chatter in financial markets that what the parent might do is reach down and absorb the partnership at this lower level of pricing where we are now around $5. Do you see that as a possibility, or could you say pretty hard and fast that no, that’s not going to happen. The parent company is going to continue to honor the partnership and let it work its way back up into the higher price ranges of this – the share price?
Gary Chapman: Yes. Well, I can’t speak for the sponsor. And I am not involved or party to the sponsors discussions and thoughts. And all I can do is tell you that we have had a Board meeting yesterday, and our strategy as a company remains unchanged, and we are focusing on what we can do. And what we are looking at is the things within our control, and we are focused on getting more charters and we are building liquidity. And I think if we focus on that, it’s for everybody’s benefit, and we are trying to look after all the unit-holders here. The sponsor is a unit-holder, just like everybody else. So, it’s almost impossible for me to make any comment on that. And even if I did make a comment on it, the sponsor tomorrow could decide it has a different view. So, we are just trying to stick with what we can control and what we are focused on. And hopefully, that’s for everybody’s benefit.
Robert Silvera: Okay. Well, that’s somewhat encouraging. At least we know – we have stated our feelings with thousands of shares that we would not like to see that. So, thank you very much, and may your future career be blessed. Gary.
Gary Chapman: Thank you very much, Robert. I appreciate it.
Operator: Our next question comes from Honey Haffner [ph] of – a private investor. Honey, please go ahead.
Unidentified Analyst: Hi Gary, how are you doing?
Gary Chapman: Yes. Well, thank you.
Unidentified Analyst: Alright. Thank you so much and wonderful. Thank you so much for all the effort that you guys are doing and trying to stabilize the cash flow and increasing liquidity. My question comes in actually onto the potential future acquisitions. So, there are seven vessels out there that we can actually – I am not sure where we are in terms of discussions, have they been offered to us in order to acquire because they are still at the early stage. And they are fairly 5 years or more, or almost 7 years. So, are we entertaining any of those acquisitions at this time, or has it not been in our discussion at the time being?
Gary Chapman: At the moment, Honey, it’s the latter. I mean we – they are still there, and our sponsor has been flexible. And those acquisitions are still available to us. But first of all, it’s difficult to do them right now anyway. But secondly, as I have said, once or twice already on this call and previously, it’s not at the moment, our priority.
Unidentified Analyst: I understand. But it really – I understand that it will take more on the long-term debt and will increase the long-term debt. But it also will keep us on the positive cash flow side of things. That’s really where I am coming from.
Gary Chapman: Yes. I think – of course, first of all, we would never do an acquisition unless it was accretive, first of all. But I think – yes, but I think it’s where we are sitting here today, I think our liquidity position, the requirement to make sure we have cash for drydocks and to run the fleet and to get into a very comfortable position again, so that we have got options. I think that’s more important at the moment than acquisitions. And I believe that the Board shares that view. So, I don’t think we are concerned about necessarily adding debt to the balance sheet, provided that the transaction is accretive and the cash flow can handle that debt, etcetera. I don’t think that’s a concern particularly, certainly not the first concern, but the first concern today is getting stability of liquidity and getting to a comfortable position to have options again. And at that point, we could then start again to look at acquisitions.
Unidentified Analyst: Okay. I guess the way I look at it, we have about $63 million in cash and the drydock for the last two vessels were around $11 million. I guess we are anticipating another $11 million for the two other drydocks this year, correct, if we are like kind of an average ballpark?
Gary Chapman: You mean each or for both?
Unidentified Analyst: Both, for both?
Gary Chapman: Yes, probably less than that because they are both European-based vessels. So – but you are not…
Unidentified Analyst: So, we do have that – yes, I understand. So, even with the drydock, I mean we still have enough cash flow, and we can add up one or two vessels at least from the potential acquisition. And that’s really what I am trying to get to. Has that been discussed? Has it been not agree, or has it not really in our scope at this time?
Gary Chapman: I think the one extra thing that you have to take into consideration is that we have financial covenants as part of our debt structure and some of our loan agreements, and as a ballpark figure, and it’s more complex than this. But as a ballpark figure, we need to retain in the region of $40 million in available liquidity. So, that $63 million that we have isn’t fully available to spend, if you see what I mean. It’s obviously our cash, but it’s not something plus as well, notwithstanding that, we also, of course, have to maintain sufficient working capital, etcetera, to run 18 ships, and this is an expensive business. We are taking quite a lot of revenue, but we also have quite high costs.
Unidentified Analyst: No, I understand that. Well, thank you so much, Gary. Appreciate it. That kind of answers my questions.
Gary Chapman: Okay. Thanks very much, Honey. Appreciate it. Thank you.
Unidentified Analyst: Thank you. Yes, have a great one. And good luck in your future.
Gary Chapman: Thanks.
Operator: [Operator Instructions] Our next question comes from Jim Altschul of the Aviation Advisory Service. Jim, please go ahead.
Jim Altschul: Good afternoon. I guess first of all, I want to join the others Gary, I am thanking you for your really exceptional responsiveness in professionalism during the year, some of the years I have been an investor in participating in these calls. I got a couple of questions for it. First of all, looking at the news release, with regard to the extensions, the new charters, I mean for example, we signed a new charter or a new time charter for the Recife Knutsen. And what – I am sorry, I just looked scrolling down the Windsor Knutsen and the Brasil Knutsen without giving specific numbers, how do the charter rates on these newer extended charters compared to what you were receiving under the prior charters?
