Niall Nolan: Mads, will you ever go at that?
Mads Peter Zacho: Yes, I can kick us off here. We are definitely looking to continue to consolidate the market. I mean, if you look at Navigator’s history, it’s something that has been done throughout history by buying ships whenever they became available in the market at secondhand. And this is something that we are looking at. Looking at new build prices, they are very high. The lead time before delivery of a new build ship today is long. So it doesn’t seem very attractive to go out and build new build for feed new builds for fleet renewal or just ordinary beefing up the fleet. So we would much rather be looking around in the second hand market and see if there’s some owners that would be interested in selling. That being said, it’s not a huge market this one.
I mean, there is a small handful of people and some of them are quite content where they’re, if we see a market that’s showing a little bit more firmness as it is right now, it may be that that discussion doesn’t get any busier, but it’s clearly part of our overall strategy to continue to be consolidator and we’ll be looking at whatever transactions that are there out there. Again, we’re not going to go out and buy a top dollar just to be the consolidator. We’ll only do accretive deals.
Climent Molins: That’s helpful. Thank you. And you’ve been clear you cannot provide much commentary into the concrete numbers of expansion, but should we expect existing capacity to continue operating normally, or should we expect some kind of impact while the expansion is constructed?
Mads Peter Zacho: No, we should expect that the current capacity is continuing so that the build out period would be separate and yes, so there should be an impact.
Climent Molins: Thank you. That’s all from me.
Randy Giveans: Thanks, Clement. I believe we have one more caller.
Unidentified Analyst: Hi, from CTBC. Am I clear?
Randy Giveans: You are clear. How are you?
Unidentified Analyst: Hi. First would like to thank you for the clear presentation, and here I have two questions. First is that I noticed that you just announced you would like to buy five vessels from Greater Bay Gas, which was operated in Luna Pool, but on Page 6, just noticed that the operating revenue from Luna Pool is actually halved compared to the same period in 2021. So is there any reason for the decrease? Yes, that’s my first question.
Mads Peter Zacho: Would that be you, Niall? Maybe just talk a little bit about how that shows up in our P&L.
Niall Nolan: Yes, it’s more of commercial questions. This is the spot market of the ethylene and there were, it was just less utilization on those ships that accounted for that.
Unidentified Analyst: Okay, thanks. And then move on to my second question, also the final one. As I would like to raise a question about the price gap on Russian oil and oil product and as we also have the customers who are from Russia and the time charter would be ended until 2023. So, I’d like to know if the price gap would be — have any effect on the LPG and gas carrier market.
Niall Nolan: So, the two ships you refer to are on 10-year charter, so they have one year remaining.
Unidentified Analyst: Yes.
Niall Nolan: The products, they transport those two vessels, is generally propane and butane. And the buyers are in Morocco or Turkey. So, they’re trading between the Baltic to those countries with the LPG. The price, we don’t take title of products. So the pricing that our customer and the buyers agree, we don’t know.
Unidentified Analyst: Okay. So there won’t be any effect, right?
