Lewis Hart

That's a lot of working capital.

So doing some rough math, that's tens of billions of dollars.

Maybe it's more than 100 billion, but it's a massive number.

And when all that gets trapped and you have potentially margin calls related to hedges on those inventories, that can really strain your liquidity if you don't have the right financing structure behind you.

And that's why in these situations, you need a bank that understands your business.

So-

If you were going to load an Afromax, which is like typically 700,000 barrels of oil, that's the capacity of an Afromax vessel.

Before February 28th, the cost of that might be $40 million, $45 million.

Today, it's more like $70, $75 million.

And so overnight, the cost of your single shipment went up a significant amount.

And how do you finance that?

Back to the earlier point, you need a bank that can be flexible enough to write a line of credit that allows you to do financing under a certain guideline.

Yeah.

So I think going back to COVID and then Russia-Ukraine, first you had this huge supply chain disruption.

We all remember images of container ships off the coast of Long Beach.

Two years later, we had the Russian invasion of Ukraine and this huge disruption in natural gas flows from Russia to Europe.

people didn't forget about those things.

So companies went out and raised more capital so that they were ready for the next exogenous event.

So I think- Sorry, when you say companies- Commodity merchants.

Okay.