Polys Hajioannou: Of course, if I may add, you may see the last quarter, the stock price was between $4 and $5. So, you have a low part — low price on the low — on the bottom part and the upper part. So, it was in that range, the purchases with what was in the market range. What I may add more what’s happening right now in the market, and it’s the most important thing to take note of, we have second-hand prices rising the last two quarters, especially in the first quarter of this year with a strong freight market. And we see this on all type of vessels, on all the spectrum, from Ultramax, Kamsarmax, Capesize, all of second-hand price vessels arising by $3 million and $4 million in the last quarter or so. And the company is also using some of its older ships, as you have noticed, as cash — it’s cashing on those older ships to finance new acquisitions, namely on new technology Phase 3 — IMO Phase 3 vessels.
On the other hand, we have to say that the opportunity for fleet renewal is not unlimited, given the fact that most of the shipyards are now caught in bears in second half ’27 or even first half ’28. So, the opportunities are becoming less and fewer and fewer. So, you may find the old [berth] (ph) — if you have good relations with yachts in Japan, the old berth every now and then, and this is the opportunity one should not be losing when such a berth is available to take advantage and book the berth. That’s why we need liquidity, not only for share repurchase but also to take advantage of those opportunities when they arise. And I don’t think in the next six to nine months something will change. To the contrary, we believe that we are entering into a tighter market.
We know that the latest data from Suez Canal is that passages are 66% lower than now than they were in end of November, when the crisis began. We see that the strikes on the merchant shipping by the Yemen rebels is continuing. So, we don’t expect this to change anytime soon, which will add fuel to the present freight market. So, the company must be ready to make use of its liquidity, not only on share repurchase, but on other opportunities as they arise before all these opportunities are gone, because we cannot order a newbuild for 2028 delivery, you can understand it’s four years forward is too far away. And the cost of redelivery installments is very high. So, when the opportunity arise for early berths, we should be able to move quickly.
Climent Molins: Thanks for the color. I also wanted to ask about operating expenses, which increased quarter-over-quarter, although from a very low starting point. Could you provide some commentary on the forecasts you have for operating expenses for the remainder of the year?
Loukas Barmparis: Usually the operating expenses that we see in the first quarter a little bit more — a little bit increased. And the reason is that because there are substantial supplies of [spares] (ph) that will be used for the dry dockings. And so you may see, you compare the last quarter of the year and the first quarter of this year, we’ll see that it’s a substantial increase. However, we don’t expect in the annually you have a substantially different figure.
Climent Molins: Makes sense. That’s all from me. Thank you for taking my questions, and congratulations for the quarter.
Loukas Barmparis: Thank you.
Operator: There are no further questions in the queue. I’d like to hand the call back to management for closing remarks.
Loukas Barmparis: Thank you very much for attending this quarter — our quarter results webcast and we’re looking forward to discuss again with you in the next quarter. Have a nice day.
Operator: Ladies and gentlemen, this does conclude today’s teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.
