Mads Peterson: Yeah. I think that’s a good question, Poe. And just going back to what Mark said earlier about — with the previous question about growing the chartered-in fleet. So the way that we historically do this is by when we grow the — that part of the business is through backhauls. So we will have some ships that are doing backhaul barges. And of course, that is not as high a number as when they do sort of our traditional lending business on fronthaul, right? So there’s an element to that in the quarter is not finished. So we like to think that over the year, for sure, these backhaul investments we’re making now will contribute positively.
Poe Fratt: Okay. Yeah. I mean, should I be concerned that you’re chartering in of $16,700 you’re booking at $16,300.
Mads Peterson: We do it every quarter, yeah, you should. But that’s not what we anticipate going forward, for sure, right? This is a result mostly of away (ph). We have some cargo on the books that were fixed at different levels, but also a pretty meaningful investment in positioning voyages in the quarter.
Poe Fratt: Okay. And then Gianni, working capital was pretty negative for the quarter. Could you just talk about will that balance out over the second quarter or just the rest of the year. So how we should look at working capital in the second quarter? And then if you could just give us a snapshot of where you’re mark-to-market on all your derivatives look right now, that would be helpful.
Gianni Del Signore: Yeah. So working capital, the largest impact there has been the recognition of the balloon payment on the debt that comes due next week. And that’s sort of been there since we were anticipating that for a while, but cash balance is remaining strong. Even if it continues to maintain and grow. So we’re allocating it towards chartering ships towards building up — towards acquisitions, etc. So once we handle the balloon payments, we refinance, I think we’ll see as far as that working capital ratio, and we’ll see that improve.
Poe Fratt: Okay. And then how do your derivatives look so far in the quarter relative to the unrealized gains that you had in the first quarter. Flat, should we expect some unrealized losses or how does the derivative book look right now?
Gianni Del Signore: Yeah. Well, there’s three — of that mark-to-market gain, right, there’s three components to that. There’s the interest rate cap. There’s bunker derivatives and then there’s FFAs. Interest rate cap, what happened at the end of last year, we knew there was some maybe negative pressure on the cap because of what expectations were on interest rates that didn’t materialize. So we did see a pickup in value from year-end to the first quarter there. And the bunker derivatives and FFAs, I think they’ve remained relatively flat. So — and even looking ahead with the interest rate cap, I think that also has remained relatively flat. So I don’t expect significant volatility when it comes to our derivative book for Q2.
Poe Fratt: Great. That’s really helpful. Thank you.
Operator: Thank you. We have no further questions on the line at this time. We’ll turn the program back over to Mark Filanowski for any additional or closing remarks.
Mark Filanowski: Once again, thank you for joining our call. Should you have any questions, please feel free to contact us at investors@pangaeals.com, and a member of our team will follow up with you. This concludes our call today. You may now disconnect.
Operator: And once again, this does conclude today’s program. Thank you for your participation. You may disconnect at any time.
