We see a clear upswing in the market now. We have recently fixed three ships at rates ranging from USD 40,000 to USD 55,000 per day with a duration from 30 up to 70 days.

A large part of our fleet is operating in the sort term spot market.

Based on current rates, NAT would generate more than USD 200 million on an annualized basis above and beyond the daily operating costs of USD 8,000 per ship.

In this scenario, NAT can become debt free in a year or two, just as it has been in the past.

Dividends have been paid for 97 consecutive quarters and will always remain a priority for NAT.

It is our obligation to provide our investors with relevant information.

We expect the upswing to continue.