Stewart Andrade: I don’t think it’s that binary, Omar. I think that, you know, there – opportunities arise at different times. We always are evaluating opportunities for investment, whether that’s in one vessel, a fleet of vessels, or what have you. So – yes, so our view is that it’s not that binary, and we’re always looking for ways to do deals that can create value, and we will continue to do that. Our – guess, our message is that we are being disciplined and we’ll only do deals that we think will create shareholder value.
Omar Nokta: Yes. Thank you. Thanks, Stewart. That’s clear. And yes, I’ll turn it over. Thanks again, Kevin.
Kevin Mackay: Thanks, Omar.
Operator: Our next question is coming from Ken Hoexter with Bank of America. Your line is open.
Nathan Ho: Hi, this is Nathan Ho dialing in for Ken Hoexter. Congratulations on the great results. I guess, I just wanted to follow this train of thought on the long game that Teekay Tankers is playing here. I mean, like – many times over the call, it’s been referenced that rates are currently historically strong. And you know, with Afra and Suez rates here in the 70s and the 80s, I guess, I just – I’m curious as to what management is thinking about spot exposure over the long term. As in, I understand that the spot fundamentals are still very much intact, but are there any considerations and bring that 96%, maybe down into say, like the 80s or the 70s? Maybe talk a little bit about demand for longer-term charters from some of the charterers out there?
Kevin Mackay: Sure, Nathan. It’s a good question, actually. At the moment, we’re 96% exposed to the spot market. We’re confident that the fundamentals are there for this spot market to continue at these sorts of levels we’ve been seeing this year. So, really, in our view, it makes more sense to be more spot exposed, say, than to start locking in time charters. If you look at the forward order book, that supports the longer view. You know, that’s why we want to be, you know, incrementally more exposed to the spot market. Having said that, and I’ve said this almost on every call, every quarter, is we always, on a daily basis, keep our eyes open on the time charter market, both to out-charter or to in-charter. And if we see opportunities where a customer is willing to give us fixed rate employment for a year or a number of years at rate levels that we find so attractive, then we will deploy that ship to that customer and do those deals.
Similarly, if we find an owner who is willing to give up a ship at a rate where we feel we can make a margin by trading that ship into our fleet in the spot market, you’ll see us take ships, as we’ve done with the eight-ship fleet that we’ve in-chartered over the last 18 months. So it’s not a mathematical equation. It’s more of a sense of where we think opportunity lies. And at the moment, we feel that the – having a higher percentage of our fleet in the spot market is where we’re going to generate the most value. But as I said, that gets evaluated on a daily basis and it could change as we move forward. A lot depends on the opportunities that get presented to us.
Nathan Ho: Great. That’s really helpful. Thanks, Kevin. I mean, yes, like the $21,000 – $22,000 per day charter-in, that was very well done. Just to follow up a little bit more on the sale-leaseback side of things, clearly, interest rates are rising, which I’m sure was an offset, but maybe, Stewart, could you just remind us again on the financing benefits from the repurchase this quarter, as well as the one in 1Q ’24? Thank you.
