I guess, it’s in place there and it’s what it’s we’re using it the way that we had intended to use it. And we are going to we’ll continue to have discussions around when and how to use special dividend. So, at the moment, I would say that if there is capital allocation in addition to our fixed quarterly that it’s more likely to be in the form of special dividends than buybacks. The buyback program was put in place mainly to deal with if we thought there were sustained long-term dislocations in the market, which was affecting our share price, so we could act opportunistically. But I would say that as we did in 2023, special dividends are more likely use of returning capital in the near-term.
Operator: We will take our next question from Eirik Haavaldsen with Pareto Securities.
Eirik Haavaldsen: So just a follow-up. I was just curious because did I understand you correctly when you said that you don’t really have a limit as to how big your cash cost per share could really grow here because, of course, you’re already at very decent levels and at current markets, that’s growing rapidly. So, you don’t see swollen cash coffers as and there’s no limit basically to where we can be.
Stewart Andrade: So, we don’t have a number in mind that says once we reach this number that we would feel compelled to do something with that capital. Again, it’s looking at the opportunities in the market, the need for fleet reinvestment, our view on when those opportunities might arise, how much capital we would need to take advantage of those, and then making a decision around our overall capital allocation. So, where we stand today, we think that we will continue to build balance sheet strength, and we will balance that off against returning capital to shareholders via our capital allocation policy that we’ve outlined. And we can’t really look into the crystal ball and say, well, in 12 months from now, what will our decision be around capital allocation.
But where we are today is that we’re in the same place roughly that we when we announced our capital allocation nine months ago, which is our primary focus will continue to be on building financial strength, so we can make reinvestments in the fleet, balance that off against returning capital directly to shareholders. And when we if and when we get to a stage that we think that’s not the appropriate capital allocation policy and we should do something different, which could be investing that capital, it could be returning it to shareholders, whatever it is. Then if we get to that stage, we will definitely communicate that to the market and we’ll go from there.
Eirik Haavaldsen: But I think previously you said that newbuild prices weren’t really attractive or these lead times were not really compelling. So, does that change at all over the past six months?
Stewart Andrade: As I mentioned earlier, I mean, the new building prices are quite high. And as I said, I think one of the things we need to balance that off against and I think probably all ship owners are is the view of the market over the next few years and the strong cash flows that we could produce over that period and putting the context of or putting the cost of vessels in that context. There’s also M&A potential opportunities, there’s time charter opportunities. There’s a number of things or ways that we could deploy that capital and those are things that we’re always looking at and analyzing. So, there’s nothing specific to [indiscernible]. There’s no Nothing.
Eirik Haavaldsen: But finally, then, when you mentioned M&A and you, I mean, you do highlight shareholder value creation here in a number of times. But in terms of M&A, do you look at your price NAV? Do you feel your share prices is fairly reflecting where the underlying values are at the moment? Just curious.
Kevin Mackay: Yes. So, we’ve traded our shares have traded in a range over the last 52 weeks. Obviously, they’ve we started the year at the beginning of 2023 at $28 a share. We traded up to over $64 a share. So, it moves in a range. Sometimes we probably thought that, that range was more reflective of the underlying value of the company than others. But I guess our focus is on running the company as best we can, creating shareholder value and trying to illuminate our strategy and hoping that, that is reflected adequately in the share price. If we think that there is a dislocation that we can that gives us an opportunity to buy back shares, we have that available to us, which we can use. But again, our focus is on long-term value creation more so than short-term share price movements.
Operator: At this time, I would like to turn the call back over to the company.
Unidentified Company Representative : Thank you for joining us today, and we’ll speak to you next quarter.
Operator: This concludes today’s call. Thank you for your participation. You may now disconnect.
