Lewis Hart

Commodity merchants in this case, yeah.

Commodity merchants specifically went out as a result of the volatility in those two events, raised more capital.

So they're coming into this crisis well-funded.

And so, so far things are working okay, actually.

There's not evidence that things are breaking.

If this lasts for months and months and months, who knows where it goes?

But right now, the system is functioning well, actually.

The banks are supportive.

The commodity merchants are dealing with the liquidity needs.

They have enough liquidity.

We haven't heard of any

major issues yet, but it's a matter of time.

And if the Strait doesn't open sooner than later, then I think you could see, you know, big strains because there's so much trap capital there.

Yeah, so I think putting, if you're channeling your inner commodity banker, the first thing you're looking at is, is my collateral okay, right?

So if it's a shipment of oil, is the crew okay?

Is the ship in the right place?

Is it going to be at risk of being in a war zone and having impairments?

Once you sort of get over that, you're looking at the insurance, making sure the insurance coverage is there.

You're looking at what does the charter contract say between the merchant and the ship operator.

And that's going to govern sort of who pays for this detention, voyage, frustration.