Lewis Hart

They're different terms, but all those are going to be covered.

Yes.

Frustration of voyage.

And so this is, you know, demurrage is a common term.

That's when the merchant is slow to load a vessel or slow to discharge a vessel.

This is something a little different because this is essentially a war zone.

The ships can't leave.

And so...

It has happened historically, but it hasn't happened in a long time.

And I know everyone is sort of looking at the contract, figuring out what the losses and costs are, and then figuring out who's responsible for what.

It's not a single answer.

It's case by case.

But first you're looking at the collateral.

Then you're looking at, does my client have enough capital to withstand this?

How many months, days, hopefully years could they withstand if this actually never opened?

We operate under the principle that you don't put all your eggs in one basket.

Supplier diversification is a really important part of commodity risk underwriting.

And that means if a client has 100% of their supply coming from one region, you might get a little anxious about that credit and say, maybe not for us.

So typically there's enough diversification that a single ship or series of ships that are stuck in one place doesn't cause the company to kind of seize up.

You know, there may be some of that out there, but we're not seeing that with our clients.