Hello, and welcome to the International Seaways' Fourth Quarter and Full-Year 2021 Results. My name is Katie, and I will be coordinating your call today. [Operator Instructions] I will now hand over to your host, James Small, General Counsel to begin. James, please go ahead.

Thank you. Good morning, everyone, and welcome to International Seaways' earnings release conference call for the fourth quarter and fiscal year 2021. Before we begin, I would like to start off by advising everyone with us on the call today of the following. During this call, management may make forward-looking statements regarding the company or the industry in which it operates. Those statements may include, without limitation, the following topics: Outlooks for the crude and product tanker markets; changes in oil trading patterns; forecasts of world and regional economic activity and of the demand for and production of oil and other petroleum products; the effects of the ongoing coronavirus pandemic; the company's strategy; the anticipated cost savings and other synergies and benefits from our merger with Diamond S; any plans to issue dividends; our prospects; purchases and sales of vessels; construction of new-build vessels and other investments; anticipated and recent financing transactions; expectations regarding revenues and expenses including vessel charter hire and G&A expenses; estimated bookings and TCE rates for periods in 2022; estimated capital expenditures for periods in 2022; projected scheduled drydock and off-hire days; the company's consideration of strategic alternatives; the company's ability to achieve its financing and other objectives; and other economic, political and regulatory developments around the world. Any such forward-looking statements take into account various assumptions made by management based on a number of factors, including management's experience and perception of historical trends, current conditions, expected and future developments, and other factors that management believes are appropriate to consider in the circumstances. Forward-looking statements are subject to risks, uncertainties, and assumptions, many of which are beyond the company's control, which cause actual results to differ materially from those implied or expressed by the statements. Factors, risks, and uncertainties that could cause International Seaways' actual results to differ from expectations include those described in our forthcoming annual report on Form 10-K, and in other filings that we have made, or in the future may make, with the U.S. Securities and Exchange Commission. Now, let me to turn the call over to our President and Chief Executive Officer, Ms. Lois Zabrocky. Lois?

Thank you very much, James. Good morning, everyone. Thank you for joining International Seaways' earnings call to discuss our fourth quarter and our full-year 2021 results. As we hold this call this morning, Russia continues its invasion into the Ukraine. All of those affected by the violence, and all of those in danger's way are in our thoughts this morning. Turning to Seaways' results, 2021 was a pivotal year for International Seaways. As we strengthened our market position, we enhanced our ability to capitalize on an improving tanker market this year, and to create enduring value for our shareholders. Oil demand has returned. Projections [technical difficulty] for refinery runs to increase by four million barrels per day, from March to July of this year. This increased pull from demand feeds our optimism for an improved tanker rate environment. Our ships are employed in top-performing commercial pools. With our significant operating leverage, we will take advantage of favorable market developments. Inventories are now at the lowest level, since 2014. And oil demand, as we mentioned, is recovering. Inventory draws have continued. Oil production is expected to increase in 2022. OPEC has affirmed their April cuts will unwind at 400,000 barrels per day. This pace should continue for the remainder of 2022, with 400,000 barrels per month. Non-OPEC United States, Canada, Brazil, and Guyana, should add supply in 2022, at about 1.7 million barrels per day. Please turn to slide four, where we summarize our momentous year. This is highlighted by substantial return to our shareholders. The completion of our transformational merger and our success optimizing the fleet is strengthening our balance sheet and our capital structure. Since becoming an independent tanker company, over five years ago, we have built a track record, executing an accretive and balanced capital allocation strategy in…

Thanks, Lois, and good morning, everyone. Let's move directly to reviewing the fourth quarter results in more detail. Before turning to the deck, let me just quickly summarize our consolidated results. In the fourth quarter, we generated an adjusted EBITDA of $11.9 million. And net loss for the quarter was $34 million or $0.68 per diluted share compared to $116.9 million or $4.18 per diluted share in the fourth quarter of 2020. However, excluding the impact of the disposal of vessels including impairments, loss on extinguishment of debt, write-off of deferred financing cost and merger-related cost aggregating $5.1 million, the net loss would have been -- was $28.9 million or $0.57 per diluted share. Now if you turn to slide eight, this slide summarizes the year-over-year results of our business segments for the fourth quarter located in the top half of the slide and full-year at the bottom half of the page. The decrease in Q4 and last 12 months revenue and EBITDA primarily resulted from the impact of the lower average blended rates in both crude oil and product sectors. Now if you turn to slide nine, we provide a fourth quarter review and first quarter 2022 earnings update as of this point. For bookings in Q1 thus far, we booked 64% of our available spot days for VLCCs at an average of approximately $12,400 per day, 77% of our available Suezmax spot days at an average $12,800 per day, 68% of available Aframax/LR2 spot days at an average of $12,800 per day also, and 73% of available Panamax spot days at an average of approximately $22,800 per day. Turning to product side, we booked 68% of our first quarter MR spot days at an average of approximately $12,700 per day and 72% of our handysize spot days at…

Thank you, Jeff. On slide 15, we detailed Seaways internal highlights. Seaways continues to execute our disciplined and balanced capital allocation strategy, which enables us to create significant and enduring value for our shareholders. Since our spin-off in 2016, we have transformed the company into the largest U.S. based diversified tanker company. We've been acting decisively to capitalize on attractive growth opportunities, complementing the $900 million of vessels that we purchased at cyclical lows, which was completed without issuing any equity. Our merger with Diamond S last year doubled our net asset value triple our fleet size and significantly enhanced our scale and our earnings power. Returning capital to shareholders remains a central component of our balanced approach to capital allocation and we're proud to have returned $95 million to our shareholders over the last two years in dividends and repurchases. Our commitment to upholding best-in-class ESG standards is another of Seaways key differentiators. We believe that the diversity and the independence of our board, our commitment to the environment as demonstrated by our dual-fuel VLCC newbuilding order, and our status as the first shipping company to secure sustainability linked financing, provides significant benefit to our customers, our shareholders and our lenders. We have been ranked in the top three in the weather research ESG rankings for the past four consecutive years, supporting both our ESG initiatives as well as our focus on meeting the exacting requirements of leading energy companies is our hybrid operating model focused on safety first and flexibility. At the core of this model, is an unrelenting commitment to adhering to stringent safety and environmental standards, which is made possible by Seaway's dedicated seafarers. We rely on our seafarers to ensure the safe, reliable, and efficient transportation of energy cargoes for our customers. Amidst the global…

[Operator Instructions] We take our first question from Randy Giveans from Jefferies. Please go ahead.

Howdy, Lois and Jeff. How's it going?

Very good, Randy. How are you today?

Hey, Randy.

I'm doing well. First question, just around current rates, right, we're seeing some crazy jumps in the headline average rates, but most of those are being skewed by just a couple of kind of Black Sea routes. So, are you doing any cargoes in or around Russia, Ukraine? And I guess for INSW, more specifically, what levels of rates are you booking vessels at today for your various asset classes?

Okay. So, let's just take the first of your questions, Randy. And since Russia invaded the Ukraine on the 24th, so for the last week, at International Seaways, we have not booked any fresh cargoes loading any Russian ports. And this is a very fluid situation. You're seeing sanctions and trading change every day. So, first and foremost at Seaways is, number one is safety, and then making sure that we're navigating the legal labyrinth out there. For sure, you have to make sure that you're able to receive payments. And we understand that there are cargoes now where the Euros are trading at, in the Black Sea, a $20 discount, and some of these cargoes are going wanting. So, we are simply monitoring this situation extremely closely with each of our pools. Of course, all of our ships are effectively working. And we have seen -- if I take it kind of from the top, we have seen an increase in VLCC rates, and you're looking at trade somewhere around $25,000 per day, on that sector. When you come down to the Suezmaxes and Aframaxes, this is where you're starting to see a much broader differentiation between those that are potentially trading in the Black Sea, and those that are not, but even on non-Russian cargo trade -- Derek, what would you say, I'm going to have Derek Solon, our Chief Commercial Officer to share a little bit of what you're seeing, and one thing Randy, I just wanted, you know, before Derek jumps in there and shares, we're seeing this change on a daily basis, and realize that, some of the high levels that you see it's very thin trading. So, I think it's just very important to keep in mind that they're highly changeable situation. Derek?

Thanks, Lois. So, Randy, can you hear me?

Yes, I can.

Okay, go ahead.

Thanks, Randy. So, yes, I mean as Lois touched on, I think the uncertainty in the market, the risk in the market, because of the Russian aggression in Ukraine, has led to all the markets coming up from their low levels from prior to the invasion. Like Lois said, fixtures out of Russia have seen the real, real toppy rates, kind of these headline grabbing rates. But even on the back of that, like Lois said, the VLCCs have come up to around $25,000 a day, the Aframax is in and around the Mediterranean are earning a lot more money today, right, $30,000, $40,000, and that's impacted the Afra sector across the board. Same with the Suezmax sector, right, that's coming up at that sort of pull of that, that Russian risk has, even though the West African markets coming up to around $20,000, $30,000 a day, whereas before, we were fixing kind of four-digit numbers. So, this is kind of giving a lift to all [ships and doing] [Ph] the clean side.

Okay.

Does that give you some clarity?

Yes. So, we're definitely seeing some strengthening, which is understandable. But clearly, we can't just use -- Oh, average Suezmax at 80, well, that's because Black Sea is 200, so, of course, the rest of the world is going to look more elevated. Okay. That's fair. And then I guess, following up on that, just the bigger picture question. In terms of disruptions from Russia, Ukraine, clearly, you said yourself have not loaded any cargoes in and around that region for the last a week or so, any thoughts on potential implications, if this conflict persists, right, for weeks, if not months, what would be the kind of impacts to the tanker trade in your view?

I think we're starting to see it. WTI had been discounted to Brent, like $4 or $5 per barrel, which was kind of a reestablishing of that. And now you see that blowout, you see Brent this morning at $113, and WTI at $112. So, I think you start to see demand for Western-based barrels, just really spiking. And it's going to up, and trading patterns were -- we like in the U.S., if we can come along with another million barrels a day this year, and let's say that, this looks something like 300,000 barrels a day per quarter, where those barrels go, and I think you're going to see Europe fighting for them. And we've also seen the reemergence of some of these longer haul trades, which had really been missing from the market for some time. So, you start to put in efficiency into the marketplace. And all the crude trading and the product trading is a bit up ended, and you start to see trades reemerge, that haven't been there for some time. So, we look at it that, I do believe it can strain the oil supply, but at the same time, it incentivizes everybody in non-OPEC, and even -- you know, this, Saudis OPEC+ came out and said they're going to do their 400,000 barrels per day, I do believe there will be pressure to increase those volumes.

Yes. All right, that's fair. And then, yes, I certainly don't want to make this call about Russia. So, to finish on a more positive note, your balance sheet is in great shape, it keeps getting better. I guess, what is the plan for some incremental liquidity either from additional vessel sales, or what is now and should be profitable rates in the coming quarters? I know, you mentioned debt repayments, so that's a priority, and then obviously, great to see the ongoing share repurchases. Is that also likely to continue as your share price clearly remains undervalued here?

Yes. So, for sure, returning capital to shareholders remains a priority, Randy. I definitely -- you know, we're having the constant conversations around looking at the fleet, and when you start to tip into a market that has the type of volatility that we're seeing right now, these turn into real cash earners in the fleet. So, we will very carefully -- we still continue to look at pruning vessels, but now the scales may tip the other way, where you're really making a lot of cash on these ships. So, I would say that from both the priority of return of capital to shareholders, as well as the vessels, and then I would turn to Jeff to see if you want to add any other comments.

No, I just underscore what Randy mentioned to you. And you just said we did a tremendous job expanding the fleet last year. So, we aim to do including the merger with Diamond S to fuel newbuilds, so we feel really good about how we have allocated enough capital to the fleet growth that's at the bottom of the cycle. Not to say there's not the occasional really attractive deal to come up, but the priority is going to be debt repayment, as you said, that's kind of taken care of in our schedule, amortization profile, and then returning cash to shareholders. At this point, there's nothing more accretive that we could do that's been buying shares. So, that remains a very high priority.

Great, yes, I would agree. And I'll conclude my interview there, sorry for all the questions. Thank you.

Thanks, Randy.

We'll take our next question from Omar Nokta from Clarksons Securities. Please go ahead.

Thank you. Hi, guys. I thought Randy asked a pretty good series of questions covering everything. But I appreciate that comment. Yes, I'll go back to the queue. But I did maybe just a couple follow-ups. Maybe first, clearly, we've seen, as you mentioned, lowest rates of spikes here over the past several trading days. But your performance at least thus far into the quarter from your slide on the LR1 to the Panamax is 22,800 is pretty substantial. What was driving that that led to such a big increase in earnings power there?

That sector, Panamax International Joint Venture, as you know, is something of a differentiator for us. I mean, that's why we're particularly proud of picking up this opportunistically, the Seaways, Eagle, and then flipping out in MR of one year older, and we also picked up over the course of Q4, Q3, Q4, three time charter ins to really kind of bolster our position in that fleet. Those vessels tend to trade a lot of fuel oil, as well DTP in North and South America. And that particularly trade, the Caribbean was probably the stronger basin, to what you've seen on the bigger sister ships, the Vs and the Suezmaxes were under more pressure. And I think the Caribbean performed better in the first quarter, and Ecuador has come back on with more barrels in January, where they had been kind of affected negatively on their volumes in Q4.

Any Ecuadorian barrels are staying closer, staying within the hemisphere, as opposed to going increasingly on bigger ships, Trans-Pacific, so that's helped the Panamax now.

Thank you. Thanks for that and the different topic Randy, asked this. Just about the liquidity clearly, you've tapped into a bunch of different new sources of capital and that the big sale leaseback on the VLCCs has unlocked a lot of cash, I guess, how do you feel, I guess at this point, clearly, you're in a much healthier and stronger position, I mean you have generally been in a good position but now even more so, and with earnings now coming up, potentially even stronger liquidity. But do you feel there's more to do on unlocking liquidity/doing more debt refinance? And then, the second, I guess, would be related to that is any thoughts about the FSO joint venture, any discussions there? I know it's brought up quarterly almost, but that with that contract starting up soon, that 10-year contract starting up soon, any securitization of that revenue stream on the horizon?

So, before Jeff jumps in there to answer that, I would start with, we noted it on the call, and the remaining CapEx payments or newbuilding payments on the three VLCCs are fully funded at this juncture. So, I think that's one thing we have no unfunded newbuilding payments on our horizon. So, that's one thing that just one of the things the team did in 2021 to really kind of set us up for 2022. And then I'll turn to Jeff to answer the question about, is there more to be done on debt and refinancing? Go ahead.

Yes, sure. Well, just to give you a little window, on the way things work, I mean, what we did is immediately post-merger, like July of last year is to say, what we selected a program of financings and refinancings that would add the dual benefit of diversifying our sources of financing, which is important because as great as our banks are, and we really appreciate the support for an additional shipping banks, we know you have to source more financings from these to build relationships there and it also enhanced all liquidity when we, just another those financing at a higher loan to value. So, we had, we picked it probably, we selected a program and we basically executed the program. So, we've got two, I think small transactions and smaller ships that sort of remain. They'll probably have the announced in the next quarterly call, but if that's sort of the completion of the program MR, so it doesn't mean we're not always looking at thinking as or something else. Or we certainly can look at optimizing our balance sheet, whether that's the secure log. So, as we have, there's always things that can be done. Just to make things a little better. But basically, we put in place a program and we execute the program. So, I think we're pretty satisfied with where we find ourselves now. And on the FSL, I'll say is this the same as last quarter, and the quarter for that is that it's under a close evaluation with our partner and it's a very good asset that gives very good cash flow to us and our partner, but if we can find an appropriate monetization, that, that will benefit our shareholders and fully flex the correct value. We expect to do that, but I can't tell you more than just it continues to be a priority of our [indiscernible] along with our partner. So, stay tuned.

Thanks, Jeff. Okay, we'll stay tuned. Thanks, Jeff. I appreciate the color there, and thanks, Lois. I'll turn it over.

Thank you.

We have a question from Ben Nolan from Stifel. Please go ahead Ben.

Hi, Jeff and Lois. You guys, the releases are very helpful, sort of highlighting a year into -- close to a year into the Diamond S transaction, with the effective synergy [indiscernible] real money is going out. My thesis into the deal was very constructive on it and thought that hey, more liquidity, more free flow. It was really going to help close the gap from relative basis with respect to your peers. So, far, that hasn't really helping at least as much as I thought it would have. I don't know if you can take it Monday morning quarterback and look at this and say okay, well it did not happen yet. Or how are you thinking about sort of that, that thesis now that we're a year into the transaction.

So, Ben I think that, I would go with that. It's starting to happen, and the market is starting to happen. So, I think that once the tanker market heads into recovery, everybody, investors take a much closer look, and then start to differentiate and get interested in a tanker stock. So, I think that we are just starting to see those types of benefits that will come through in 2022.

Absolutely, Lois, and just would say this way, then take a look at the average daily trading volume. That's step one, it was in the 300,000 shares a day level more or less pre-merger is over 500,000, depending how you measure it.

Yes, yesterday it was a million.

Well, yes, okay.

[Multiple Speakers]

But I'm talking not just the last couple days, but that's like 30-day average. So, that comes up in my ass. So, that's step one. There is more liquidity in the stock and then I've always said this as well, we've just said, you don't get a rewriting your stock typically at the bottom of the market, you know, so what we would expect, and then I based on this, doing this for a lot of years, what I would what I would say to expect is that when all the stocks move significantly, a stock like ours that is substantially more highly discounted than, in our opinion, luckily you're saying the same. Thank you. We'll move -- we will logically move forward, but it's easier to get that rewriting that that closer move to in this case because that's going to happen more easily when everybody's moving. That could well be the case pretty soon. So, which type of [indiscernible] that I think the thesis is we're still we're still bullish on the merger and the benefits of the merger and one patient.

All right. Well, I mean, clearly, from a profitability standpoint. There are benefits [indiscernible] recognize, and then I get it. Let's say, I think you guys both make good points there. Switching gears a little bit, my second question, is just something that occurred to me, we were talking about earlier Lois you are recycling the Panamax have done a number of those already. Although, are effectively overseeing the process yourself, the sound of it which making sure that all of the environmental restrictions and regulations and everything are done as they should be. Just out of curiosity, is there a big monetary gap between doing that and then sort of doing it? May be less scrupulous way? Of just telling it to somebody who maybe doesn't follow those same standards?

Ben, the yards that are Hong Kong compliant are all in India. And that is where we have been selling the vessels, there is a differential it is $50 per ton probably, may be a little bit more than that. And we think that's well worthwhile to make sure that the hazardous materials are being taken care of properly and disposed of with the quality vendors, and that there's a floor underneath these guys when they're working and disassembling the vessels right. So, for that, we think that actually the Hong Kong convention is driving actual change in safety on the ground and increased certifications to actually improve the conditions of the recycling of these vessels.

I agree. Thank you guys then. I agree, it's well worth it. I mean, literally saving people's lives. So, but just didn't know how that's putting some context to that. It's helpful. I appreciate it.

Yes, yes.

That's it for my question. So, thanks a lot, guys.

Thank you, Ben.

Thanks, Ben.

The next question comes from Magnus Fyhr from H.C. Wainwright. Please go ahead.

Yes, good morning, Lois and Jeff. Just a couple of questions, the vessel OpEx jumped in the fourth quarter. I know you had a very busy drydocking quarter. Can you provide some breakdown on what was capitalized versus expense? I know you had laid out the drydock and expense versus the CapEx?

Yes, you're clearly Magnus you're looking at the appendix and indeed in the fourth quarter, it was a very heavy drydocking and ballast water installation period. And you'll notice we've given you the also 2022 where in this -- what had been -- very low rate environment in Q1 and into Q2, that's where we have our heavy drydock in CapEx. As far as what is actually capitalized. I think I might have to have Jeff take that on an offline to give you an exact breakdown of that unless you're able to do that to bring.

Well, I mean, we have a certain amount that all drydock and CapEx are capitalized that's that part of CapEx, so before you break them out, and then later depreciate it, but so there was no change. I think Lois --

Ballast water is capitalized over the remaining life.

Exactly. So, I think all you're seeing is just a heavy CapEx period in Q4 and there were some expenses in the quarter that you get on a quarter-by-quarter basis, sometimes. I hope a little variation in expenses, but I don't think anything is systemic Magnus.

Yes, right. Now, I just wanted on the OpEx, should we just assume that the difference there was mostly drydocking or the jump in OpEx? I mean, you provided guidance for 2022, which was significantly lower than the OpEx in the quarter.

Absolutely, we're going to hear from Bill Nugent.

Yes, there are some of the spares that we consume during the drydock periods, our practice has been to include those in OpEx and I think with the number of dockings that we saw in the ships coming into the fleet you'll see a popping OpEx as we get some of the practices and policies between the two organizations as we merge cleaned up, right, so you'll see a little bit of a jump there. I really think that's where the OpEx pop came from, but it's short-term.

All right. And you laid out the 2022 drydocking schedule, they also painted pretty bullish picture of the market, I guess the 3Q drydockings, how do you feel about them, and also how you think about the seasonality this year playing out as far as the market recovery? I know there's a lot of moving parts, but what's going on now, but just get your thoughts on that.

Yes, lots of moving parts on the market recovery, but I think the number that I gave there of refinery runs increasing by four million barrels a day from March to July, I think is really tells the story where this is a year where you're just seeing the demand increasing. That was the number that came from right our projection. And I think that's just very significant where you are just seeing that demand pull coming. So, you had your seasonality, and you're in a year where demand is increasing each quarter. And I think that is what is going to really drive the tanker market recovery. I guess that's kind of where I would leave that.

All right. And just last question, follow-up on that, you've been very busy with your fleet optimization program. And I guess are you pretty, it sounds like you're pretty happy with the fleet. Now you have significant operating leverage through the vessels that you have working in the spot market, any thoughts on chartering in vessels or do you think you're pretty happy with the operating leverage that you currently have?

I mean, we like to opportunistically bring in vessels into the fleet. And that's where we really did that is where you saw us dispose of those older Panamaxes. We load to see them go. And then we were happy to bring in three time charters as well as purchase that Seaways Eagle right. So, really just kind of filling back in there in that pool and a place where we have high confidence that we're going to have differentiated earnings.

And just one last question, if I may, on the merger, you're more than half a year into it, and what's your most positive surprise, the negative over the last six months? And where do you think you can improve on that?

I think our most positive I wouldn't say a surprise, but just really pleasurable is integrating the teams and to see the high level of quality from the commercial, operational, Investor Relations, all across the finance space, and just really accounting, I mean bringing these teams together and knock on wood External Auditor said, the smoothness of this merger they have not seen in their career, which is a multi-decade. So, that just really pleases us very much. I think negative surprises. I mean, there's always things that end up being more challenging or it's hard work, it's hard work is I would that's what I would say, it's hard work. That doesn't surprise us in and we kind of like hard work, so that works for us.

You know what is great is we're here at the office. We're in New York, all our offices opened up and expanded basis including what we call Legacy Seaways, people and Legacy Diamond S employees here, right together, literally for the first day. And it's just super, it's just really, really good to see the fruits of this integration, bringing people together under one roof here in New York, so we're really pumped.

All right, great. That's all I had. Thank you.

Thank you.

Thanks.

The next question comes from Liam Burke from B. Riley. Please go ahead, Liam.

Thank you. Good morning, Lois. Good morning, Jeff. Lois, understanding there are lots of moving parts as we stage first quarter through this for the second-half of 2022. In terms of your fleet, do you see any more need for any kind of adjustments in the fleet as you see the recovery in the second-half of '22?

Let me pick that, Liam. Really, no; we feel really good about the fleet as it's come together across the various sectors. We have strength in large crude; VLs and Suez are pretty interchangeable commercially. So, we have a strong position there. Obviously, we have a very strong position in MRs now with the legacy Diamond S fleet. And the niche LR1 Panamax fleet that we discussed on call. We feel really good about it. So, I think that -- and most notably the augmentation we will have on the LNG dual fuel newbuilds that are coming basically year from now, but it's going to be soon. So, we feel it doesn't mean we won't find other moves to make. We are always looking, always open. But, we feel that we've put ourselves in pretty good position to take advantage of this tanker recovery and rally that's coming.

Just to touch on that, Jeff, I mean you talked pretty specifically about your capital allocation. But when you are talking about you can make the moves if you see them, what do you see out there? I mean are there potential opportunities?

Look, there is always something so that's why we are always looking. But, I would note that vessel asset values are significantly higher now than they were a year ago, that's why it was important to make the moves that we made and when we did. The cost of the dual fuel LNGs, for example, was $96 million each. That today would be 15% higher. So, that's the challenge in looking at other asset today is you going to have to really scratch to find the kind of return that we found by doing this earlier. That said, you get the opportunities like the one where the lowest part of the Eagle that's going to into that Panamax International pool, the returns cancel out for that one, especially being able to do a swap where we take one in and send one out at the same time. That's particularly creative transaction we think, but by and large, we will evaluate -- I mean the calls come in. Derek is very busy [indiscernible] call. There is always something to evaluate, but we are pretty happy with where we are.

Great. Thanks, Jeff.

Thanks, Liam.

We have no further questions. I'll hand it back to our speaker team for any closing remarks.

We'll just say thank you very much for being with us here on our first day back in the office. And we look forward to speaking with you the analysts and investors and potential investors in the quarter and the years to go forward. Thank you very much, Operator.

Thank you for joining. This now concludes today's call. Please disconnect your lines.