Gary Chapman: I think it’s — the rates, as I say, are a function of when the charterers were agreed, and certainly some of those charterers were agreed a while ago. So I think we’ve got some positive numbers in there. And we’ve got some numbers that are today perhaps not so positive. And therefore on a net basis, you’re perhaps looking at a neutral figure for 2024, for those vessels today. But obviously, if we’re fixing new charters for existing vessels, right now, those rates might be better, given the climate and the market, particularly in Brazil.
Poe Fratt: Okay. And should I read anything into — you’re not talking about DCF or distributable cash flow, do you have a figure for fourth quarter 2022? And is that something you’re going to be talking about going forward? Or I guess in the context of, if you are going to be talking about distributable cash flow in 2023, sort of what you would be using for your maintenance CapEx?
Gary Chapman: Yes. I think with the reduced distribution, we felt that it didn’t make a lot of sense to continue with it. And so, it’s really not a metric, we focused on it at Q4. Clearly it was helpful when people were monitoring the risk or the future outlook for the distribution. But I think we’ve reached the conclusion that perhaps it’s not so helpful going forward. And that’s really why we’ve not continued with it. We feel cash flow and liquidity is a clearer and more understandable position for our investors to look at.
Poe Fratt: Okay. So, in the event of any possible change in the distribution, you would be looking more to traditional payout ratios on earnings as opposed to distributable cash flow. Is that fair to say, or can you just sort of expand on that?
Gary Chapman: I think, unfortunately, we cut the distribution, but it was only in January. So, that’s not at the moment something that we’ve focused on looking at. I’m not saying that the DCR and DCF would never come back, or what else we might do in its place. But yes, I think right now, Poe, I don’t really have an answer to that.
Poe Fratt: Okay. Just if I could squeeze one last one in. There is a lot of turmoil — there is obviously a lot of turmoil in the financial industry right now. Can you just talk about your interest rate hedges and when they roll? You have 65% of your debt currently hedged or fixed, and those don’t last forever. Can you just give us sort of an aging on the interest rate swaps and when they roll?
Gary Chapman: Yes. I don’t have that information. We will be putting out our 20-F very shortly. And I suspect all of that data will be in there. Is that something that you can wait for, Poe?
Poe Fratt: Oh, absolutely. No, I was just wondering — I mean, my — as I recall, I think there are three-year tenures or maybe they are remaining like 2.5, 3 years left on them, as I recall
Gary Chapman: Yes. There is a real mixture. And typically, they follow the debt profiles typically, but not always. But I think the best thing to do, if you are not urgently waiting for that information, is to get our 20-F, and I suspect you will find it in there.
Poe Fratt: Great. Thanks for your help, Gary.
Gary Chapman: No problem. Thank you very much.
Operator: Next question today comes from the line of . Please go ahead. Your line is now open.
Unidentified Analyst: Hi. Good morning. Thank you. And Gary, my question was along the similar vein related to the interest expense, right? Do we find the hedging that we are doing by of way these derivatives, is that as effective as was anticipated? Clearly, the interest expense right now is our biggest exposure and kind of keeping on target with the profit. So, I just wanted to understand if you had any other clarity beyond the additional detail you’d be providing later.
