Aditya “Adi” Menon

Henk, how much of your cost model is logistics?

What percentage?

In terms of the overall

production and delivery price of a product is, on average, logistics?

Or is that a difficult question to answer?

Just so we can understand, because our assumption is it's X percent, for example.

In 2024, we took our first Super V-Class, which are 32,000 deadweight deck carriers.

Something very different for us.

And we've specifically built these ships for the offshore sector to take blades that are up to 150 meters.

So you've gone all in on one trade or?

No, no, no.

Actually they're trading all over the world.

A lot of it is Asia-US, but there's also Asia-Europe, which is huge.

We spoke to a number of clients that were in the offshore sector and we got their opinions because they know a lot better than us what's coming down the pipeline.

um and our transport engineers kind of took what they said and kind of developed these ideas um like the eco deck which just repositions pontoons along the port side um i'm curious uh john i mean i i saw those ships and i figured like okay very nice and and but also in the back of my head and now i'm just being curious

That's a really good question.

And that's the difference between what we're doing now, Hank, and what companies were doing back in 2004, 2006.

We're building a fleet to replenish the fleet we've got.

So we know that there's a life cycle on the ships we already have in the water.

So these ships are coming in not only to build a new market for us, but pick up cargoes that we haven't been able to get.