Stamatis Tsantanis: You’re very welcome Tate. Thank you.
Operator: Thank you. Dear speakers there are no further questions. I would now like to hand the conference over to our speaker Stamatis Tsantanis for closing remarks.
Stamatis Tsantanis: Well, once again, I would — is there another question operator?
Operator: Yes. Yes. Excuse me. So, we have another question come from Tate Sullivan. Just give us a moment.
Stamatis Tsantanis: Of course, no problem.
Operator: Tate Sullivan, your line is open, please ask your question.
Tate Sullivan: Thank you. Thank you for letting me ask a follow-up. I think Rio Tinto yesterday guided to unchanged iron ore production for 2023. I’m not sure on the timeline for Vale to get 2023 guidance. But I mean, if Vale comes out and also keeps production guidance — production guidance unchanged at 2022 levels, would you view this as positive for the market or probably to — how do you look at those data points before?
Stamatis Tsantanis: Well, yes. I mean, first of all, 2022 iron ore production was below the initial estimates and I’m talking about the overall production globally. For various reasons, Vale underperformed once again, but if they manage to produce and export the same quantities in 2023, the key in the game will not be whether demand is going to be stable or it’s going to be a bit higher or a bit lower. The key in 2023 will be the fact that the supplier vessels, the effective supply is going to start to gradually reduce. Let me remind you right now that there is basically no congestion globally. So, the vessel turnover in all the major ports is very fast and very efficient. And right now, the rates — one of the main reasons why the rates are so low is because there’s no congestion and everything is operating with high efficiency.
So, the key for 2023, assuming the demand is going to remain the same, will be the beginning of the reduction of the effective supply of vessels. This is going to start to create a long-term effect on the rate — positive effect on the rates, which is going to last for years because that is going to have a progressive result. It’s not a one-off thing. So, very confident that once the new regulations start to kick-in in the beginning of 2023, we will start to see rates start picking up because the effective supply of the vessels will start to reduce gradually over the next quarters.
Tate Sullivan: Great. All right. Well, have a great rest of the day. Thank you.
Stamatis Tsantanis: Thank you, Tate. Thank you.
Operator: Thank you. Dear speakers, there are no further questions. Please continue.
Stamatis Tsantanis: Okay. So, I would like to thank once again everyone for joining our call today. Like I said before, Q3 has not lived up to our initial expectations. But nevertheless, Seanergy manage to perform much better than the Baltic average and we expect that the same is going to happen in Q4. So, thanks, everyone, for participating in our call and looking forward to catching up with various good news in the future. Thank you.
Operator: This concludes today’s conference call. Thank you for participating. You may now all disconnect.
Stamatis Tsantanis: Maria, thank you very much.
