Turner Holm: Understand appreciated. A question for Oeyvind, on the ammonia ships, if I understand correctly, those are generally at higher rates. Correct me if I’m wrong, you had a big increase there and you talked about some of the structural drivers in Europe for ammonia demand? I mean, obviously we still need to grow food, but 70% or so of the capacity in Europe is shut down and it just seems structural at this point. But what do you see as the potential for the number of ships you could put on ammonia to look over the next few quarters?
Oeyvind Lindeman: I think, we’ve had exponential growth already this year so far. Having10 of our handysize ships in ammonia is quite extraordinary. Is it going to stop there? I think, there are still some opportunities that we are exploring. I don’t think we will have 20, if that’s the question, but a few more. In a small segment, every other ship that we take away from the normal market into ammonia is a good thing. So there are still some opportunities there, but I think the real point is the longevity of it. So I don’t think this is going to drop off tomorrow. I think this is going to be a structural change for some time, which is good for us. Having10 plus ships in ammonia, as you can see already have a big impact when some of the other business streams where we do kick off as well. So the stars are aligning a little bit.
Turner Holm: Yes. To continue with that theme on the sort of structural demand factors for shipping, a lot of talk about the terminal certainly in terms of the cash flows that could generate on its own right. But in terms of demand for shipping for your ethylene carriers, what could that mean as those additional volumes come online in terms of shipping demand in terms of number of vessels or however you want to think about it?
Mads Peter Zacho: I think it’s more of a value chain going back to the value chain of ethylene. So, the producers in the U.S. need it. Our partner Enterprise Product Partners are creating efficiencies in U.S. connecting crackers, expanding the pipeline network, creating indices in — view so people can manage the risk forward curves and so forth. Expanding the terminal is all connected in making the production of ethylene in the U.S. more efficient and competitive. And the other markets, international markets are now, particularly now in a high oil environment, contemplating should I continue producing my own ethylene from NAFTA oil or should I actually diversify and buy and import some parts of ethylene from U.S.? So, it’s really getting into a more structural thinking whereby should I build or should I buy?
And that is quite evident. And of course, we are connecting the two and it depends a little bit on how structural this will be. We are big believers of that. That is going to move, transition away from spot play, which we talked about generally voice charters for ethylene to be more structural the pipeline service between the U.S. producers and fixed locations international. And if that happens, is there implication on the shipping side, et cetera? We shall see. We already have a large fleet, but there are opportunities in the value chain.
Turner Holm: Sure. But if I understand correctly, I guess it’s fair to say that if you bring on another, say 1 million tons of ethylene export capacity and that has to move on ship. So that will move through to vessel demand as well.
Mads Peter Zacho: It’ll impact the supply demand balance, absolutely.
Operator: Thanks next caller, your line should be open.
Q €“ Climent Molins: Good morning. Climent Molins from Value Investor’s Edge. Thank you for taking my questions. Regarding the vessel acquisitions you announced a month or so, pricing seems quite attractive. Is this something you could maybe repeat going forward or was it more of a one of opportunity you took advantage of given the existing relationship with the seller from the Luna Pool?
