Randy Giveans: Yes, higher in 4Q. I think we mentioned that on 1 of the slides there, but they had a very high electricity pricing in August here in Houston. It was extremely hot, most summers, but especially this August. So electricity really went up. And then we had a little bit of deficiency, some accounting that will roll forward positively in the fourth quarter. So the fourth quarter contribution will certainly be higher than the third quarter.
Unidentified Analyst : All right. Very good. Appreciate it. Thanks guys.
Randy Giveans: Thank you, Ben. Next question. I see a hand there.
Climent Molins : Good morning. Climent Molins, from Investors Edge. Thank you taking my question. You provided ample commentary on Panama Canal congestion, but I was wondering whether you’ve seen scaling effects from high VLGC rates we’ve seen over the past few months?
Oeyvind Lindeman : Hi, Climent. You’re correct. So when the larger ship segments above the handysize segment are doing well, it does trickle down. So it’s very a mental game whereby, when the larger ships are doing better, it is easier probably enough, for us to push rates also higher. Because conceptually, it is very difficult to think about paying more for a ship that is half the size than a bigger ship. So it helps, and it’s a cascading effect. What dollars and cents that translates into for the handysize, that’s a more difficult question because we do ethylene, we do ethane, we do ammonia, we do easy petrochemicals in addition to LPG. So, as you know the larger ships only do LPG largely. But there is a positive effect uplift from the larger ships doing better. Correct.
Climent Molins: That’s helpful. I was wondering about the nuances of that. That’s all for me. Thank you taking my questions.
Randy Giveans: Thank you, Clement. I see another hand here from OpCo [ph].
Unidentified Analyst: Yes. Sorry, I emailed the question. But what’s your long-term plan for the Morgan Point investment? Is it a strategic asset for you over the next decade? Does APD have a buyout option? Sort of can you just give me an idea of what you’re thinking longer term on that investment?
Mads Peter Zacho: Yes, I can maybe start out and Oeyvind you can add your color. We’re super happy with the joint venture and the partnership that we have with enterprise. It’s very stable. It’s a very well-functioning joint venture we have here. And that’s, of course, also evidenced by us now together expanding the terminal with a relatively large addition to it. So we see it as a stable relationship. It’s a 50-50 joint venture. We do not have a purchase option, neither does enterprise. So we see this remaining a 50-50 joint venture for the long term. We see it as a very cash-generative asset. So it’s good holding, and we see some very clear commercial synergies also for our shipping business in being part of the bigger part of the value chain than just the shipping part.
It gives us much better opportunity to commercially manage our ships and understanding what the customers are doing and how the flows are materializing. So it has tremendous value for our shipping business. So we are very pleased and would like to hold on to it.
Unidentified Analyst: And then can you talk about, are there any — does enterprise have any preferred terms on shipments or sort of how that arrangement works with once you’re actually exporting or shipping out of that terminal?
Oeyvind Lindeman: So it’s an open terminal. And it should be like that. But it’s a little bit akin to the George Bush International Airport here in Houston, whereby if you go to the airport, there’s a lot of United flights. It’s their hub. Same here. If you go to Morgan’s Point, if you’re joining on Thursday, you’ll see a Navigator ship and there’s a lot of Navigator ships calling that terminal. So that’s the analogy I usually use for that question.
Unidentified Analyst: Okay, great. Thank you so much.
Randy Giveans: I believe that concludes our Q&A. So I just want to thank you again on behalf of the management team of Navigator Gas. Hopefully, we’ll see a lot of you this week. And if not, we’ll certainly talk soon. Happy holidays.
