Katherine Gates: And I think, Lucas, as you know, we’ve seen over the last year and 1.5 years, a significant amount of coke supply come off the market. So that factors into this as well.
Lucas Pipes: That’s helpful. And is this additional demand translating into desire for longer-term contracts? So could we see that 3.6 million number creep up or is there downside risk? Because some glass furnace operators still look to growth in — on the EAS side. How do you think about that 3.6 million contractual level over the coming years? Thank you.
Katherine Gates: Well, I think — I mean we’re certainly pleased with the contracted coke that we do have, and it provides us the steadiness of our cash flows and otherwise that you’re seeing, and you’re seeing that come through here as we increase our dividend. But we’ve certainly also benefited from our merchant coke sales. And so we’ll just continue to look for ways to most profitably put our coke out there into the market.
Lucas Pipes: Thank you. I appreciate that. And then my recollection is that most of the coke spot sales are out of Jewell. Is — do I remember that right? Or has maybe something shifted within your portfolio? Thank you.
Shantanu Agrawal: Lucas, I mean, Jewell is where we are producing most of the foundry. The spot sales are coming mostly out of Haverhill and a little bit of combination, a little bit extra from Jewell. So Haverhill and Jewell kind of act as our combined spot coke, including foundry and then spot blast furnace.
Lucas Pipes: Okay. And — that’s helpful. And then if you export, is it down through the Gulf or off the East Coast?
Shantanu Agrawal: It’s down through the Gulf.
Lucas Pipes: Typically?
Shantanu Agrawal: Yes.
Lucas Pipes: Got it. Okay. Yeah, a breakdown would be super helpful, just kind of a rough breakdown of export volumes. I appreciate you don’t want to give exact numbers, but a rough breakdown would be very helpful on the export side. The 650 is obviously a good number. And if it’s…
Shantanu Agrawal: Yeah. I understood on that, Lucas. But again, due to the commercial, right, I mean, we have talked about foundry markets being so small. There are not a lot of players there. So if we break down one, the other one becomes very apparent. So I understand and — your concern. But at this point of time, it’s very difficult for us to do that.
Lucas Pipes: All right. I appreciate the color and yeah, keep up the good work.
Katherine Gates: Thanks, Lucas.
Operator: Thank you. [Operator Instructions] We have our next question comes from Nathan Martin from The Benchmark Company. Nathan, your line is now open.
Nathan Martin: Thanks, operator. Good morning, everyone. Congrats on the quarter. Thanks for taking my questions.
Katherine Gates: Thanks, Nathan.
Nathan Martin: Maybe I’ll start — let’s see. All foundry coke sales for the year finalized, substantially all noncontracted coke sales finalized for the full year as well now. I understand full half to go, but at least to me, you appear well on your way to potentially exceed full year adjusted EBITDA guidance, not just [Technical Difficulty] guidance at this point? Are there any potential headwinds you’ve seen this second half? I think, Katherine, you mentioned some volatile market conditions. Maybe you could elaborate on that. Thanks.
Katherine Gates: Yeah. Absolutely, Nathan, and appreciate the question. As I did say, the commodity markers — markets are weaker and certainly more volatile. And I would actually say that that’s not just for our logistics volumes, but it’s actually for price as well on the remaining uncontracted blast coke merchant tons. So we have to keep that in mind. I expect that we’ll have some benefit actually from the API2 price adjustment in the second half, but we’re not going to see that at the same level that we saw at the first half of the year. And as you saw on the slide, our corporate costs were actually lower in the second quarter. So we expect those to be higher. This was all timing. So we expect them to be higher in the second half.
