Kevin Mackay: Yes. I think, at the moment you could see Canadian crude backing out, some of the long-haul [Arab] barrels, which they’ll displace those barrels and they’ll have to go somewhere else. So that’s what’s really exciting about this development. It’s going to impact primarily and initially the Aframaxes, but it could have knock on effects into other areas as well, which is going to be interesting to see how it develops and to be able to react to that.
Ken Hoexter: Thanks for that, Kevin. So I guess the follow-up, Christian talked about rates earlier to Jon’s question. But Afra’s seem to be getting hit, I guess relative to your quarter date rates that are booked, right? So going from call it $48,000 to $44,000 a day, while Suezmax is up flatter at $47,000 to $45,000. I guess just is the market not anticipating or adjusting for that potential Aframax tightening yet, or is it just too early to react to TMX at this stage?
Kevin Mackay: I wouldn’t read into such a small differentiation on the rate, especially at rates in the mid-40s. We haven’t seen these rates in 20 years. So I think it’s a function of the elasticity of the fleet moving up and down. And I think the U.S. Gulf market is probably one of the most volatile, you can have rates propping to $30,000 a day and within a week’s time they could be back up at 65. So I think we’ve got to look at – or if we are trying to look at what patterns develop, I think we’ve got to look at it over a much longer period. I wouldn’t read into it too much in the short-term. And I think the market isn’t going to front run the rates in anticipation of the cargoes. We have to wait until the TMX volumes come in and they come in at the levels that the pipeline owners have indicated. And when we see the volume, that’s when I think you’ll start to see the impact on the Afra’s.
Ken Hoexter: Yes. So gradually, right, even though, it’s not all just once you open it up in May as you get those volumes coming online through the year. So you noted tougher discussions on charter-in rates or even your thoughts on charter-outs. How about the purchase price of new vessels and Kevin talked about, I’m sorry, Stewart talked about the fleet renewal process. What are your thoughts on entering that low order book? Or are rates just uneconomical given where, I mean, I guess if you’re talking mid-40s, when does it become economical?
Kevin Mackay: Yes. It’s certainly an interesting challenge to think through because we have to acknowledge that both secondhand pricing and new build pricing is high. But as you said, so is rates. So I think all I can speak to our thoughts on that, Ken, is that, as of today, we haven’t ordered any new ships at these pricing levels. And if we are going to do anything, I think you’d probably see us chipping away at secondhand market first. Just to replenish the lost spot exposure from the sale of the two ships that we had in December and January. And if we do sell two more, you’ll probably see us in the secondhand market trying to replace those because you really – if you’re paying these kind of prices, you want to have those ships earning from day one and you want them earning $40,000, $45,000 a day, like we are today. So it would be more prompt purchasing than looking towards more the longer term replenishment.
Ken Hoexter: Great. Appreciate the thought. Thanks Kevin.
Kevin Mackay: Thanks, Ken.
Operator: And with no other questions holding, I would like to turn the conference back to the company for any additional or closing comments.
Kevin Mackay: Thank you for joining us and we’ll speak to you next quarter.
Operator: Thank you. Ladies and gentlemen, that will conclude today’s call. We thank you for your participation. You may disconnect at this time.
