So, we’ve seen tonnes of pressure on that sector that we would in a normal, in a kind of mid-cycle energy pricing at $90 oil, we would expect much, much higher pricing. And especially, when MTO is operating at the highest rates, I think we’ve ever seen today. As an example, that sector is operating at 90% operating rates over a very high base, because we’ve added MTO plants last year. So, if we had a better market there, I would expect that would be driving methanol prices higher than where we are today.
Josh Spector: Okay. Thank you very much.
Operator: [Operator Instructions] Our next question comes from Laurence Alexander from Jefferies. Please go ahead, your line is open.
Kevin Estok: Hi. Good morning. This is actually Kevin Estok on for Laurence Alexander. So, it looks like most of my questions have been asked, but I guess, I was wondering if you could give me any updates since the last calls around your strategy on green and blue methanol? And I guess, maybe how current interest rates might impact future investments? I guess, you’re going to get a sense of your rate sensitivity too, as it relates to your strategy. Thank you.
Rich Sumner: Yes. Thanks. Maybe, when you think about the low-carbon space, the strategy is really looking at both sides, both the demand and the supply side. I didn’t mention it in the opening comments, but there continues to be a lot of momentum in marine fuels. Right now, over 200 ships plan to be in the water in the ‘27-‘28 timeframe. That represents around 7 million tonnes of demand if those ships were to run on a methanol 100% of the time. So, we are working with major international shipping companies. This is a container shipping segments leading the way, but there’s interest in dry bulk, tankers and cruise ships. So, we’re working with that issue. We’ve got a number of MOUs signed, working closely with the shipping industry on their desire for green, blue, conventional methanol.
Say green, it looks like; for green methanol, it’s mainly being driven by the European market in shipping, and that a lot is on the back of what’s happening on the emissions trading scheme, as well as EU Maritime regulations around carbon emissions. We’re having a lot of other discussions around blue and conventional methanol as well. So — and then on the supply side, we’re working on a number of projects. I would say, first and foremost, we’ve been certified to be able to purchase our renewable natural gas in North America and produce green methanol, and our Geismar plants. And our marketing regions are certified to be able to sell that product through the customers — certified products through the customers. And then we’re looking at the feasibility of projects at our sites and would be using renewable hydrogen and CO2 to sort of green the assets.
We’re looking at multiple feasibility within our existing sites. We’re also in discussions with other projects that are out there that would like to work with us on off takes. And so we’re trying to understand how we can open up as many economically-efficient supply alternatives for the marine industry around green methanol. There’s a lot of discussions happening, and we’ll hope to be able to report more as we progress in this area.
Kevin Estok: Great. Thank you very much.
Operator: There are no further questions at this time. I will now turn the call back over to Mr. Rich Sumner.
Rich Sumner: All right. Well, thank you for your questions and interest in our company. We hope you will join us in February, when we update you on our fourth quarter results.
Operator: This concludes today’s conference call. You may now disconnect.
