Christos Begleris : And just to add, I mean, this is Christos. I mean the reason we have said that 11,000 is because we have for 55% of our debt interest rate swaps at an average of 46 basis points. Now for the remaining 45% of the debt, the base rate is up, and therefore, this slightly pushes our overall breakeven rate. What is good is that in the last, essentially, two years, we have managed to refinance approximately 60% of our total debt close to $800 million, saving tens of millions in the spread interest cost without losing a lot of the interest rate swaps that we did back in 2020 because essentially, those swaps, the majority of those were done on the holding level of Star Bulk and therefore, were not affected by the refinancings.
Operator: Our next question comes from the line of Omar Nokta with Jefferies.
Omar Nokta : Just wanted to maybe follow up on Amit’s first question and the discussion you guys had. I wanted to just think maybe a big picture about how you’re thinking about Star Bulks positioning at the moment. You have plenty of cash the scrubbers, obviously, giving you outsized earnings — critical mass. And so just wanted to think or ask you, given the slowdown we’ve been seeing here recently and potentially continuing here for the near term. Any changes on how you guys are thinking strategically about the business or financially?
Hamish Norton : Well, let me say a few words and then maybe Mr. Pappas might have a few words to say. But look, we may be moving into a period where the market is weaker, and that could lead to some nervous ship owners. And nervous ship owners are the source of deals. And so we will try to get deals done, as I said, we’re very happy that we’ve been able to refinance as much debt as we’ve refinanced that pushed maturities out until 2024 for the earliest maturities. So we’re pretty comfortable, frankly, with the debt level, which is around 1/3 of asset value and we’re pretty comfortable, frankly, with our cash buffer, which is quite large. And of course, whenever we pay the dividend, we’ve been able to build cash up from our minimum cash level for several weeks before the dividend gets paid. So the cash never actually gets as low as our theoretical cash reserve. So we’re pretty happy with the situation. Hopefully, we can take advantage of weakness.
Petros Pappas : Yes. And with 128 vessels under management, we have critical mass on every sector of the dry bulk business. So we’re in no great hurry. Now if there is any amazing opportunity, we will, of course, look at it. And as we said previously, M&A activity is always there. If the right project comes, we will obviously look at it very carefully.
Christos Begleris : And just maybe to add that, in this period, we are quite focused on improving the efficiency of our existing fleet, whether this has to do with fuel efficiency as environmental regulations are taking a central stage or whether this has to exploring other ways for decarbonization. So this is also central and core right now on top of our agenda.
Omar Nokta : Got it. That’s helpful. And I guess maybe I think Petros, earlier you had made a comment about acquiring assets. And if you were to do so, you wouldn’t issue equity below NAV to do so. Just thinking about that, what about if you were to pay cash for a vessel? Would you commit to paying cash if your shares were below NAV? Or does the whole component of growth have to come from a premium valuation to.
