Peter Molloy

I've done very well out of the network I've gotten from the ICS, so I'm very happy to help out with it really.

Oh, that's very, very interesting.

For me at the moment,

There's a few concerning things that John mentioned there about the Red Sea.

Of course, we're looking at it possibly opening up, which is fantastic news from a human point of view.

It means we're moving in the right direction with these conflicts, but we have a lot of possible competition coming from the container sector, which has a lot of tonnage and capacity there.

we also haven't seen levels of demolitions we expected.

So, of course, there has been, with going around the Cape, there's been higher utilization.

We've seen some vessels that we thought would, especially on the general cargo side, would be starting to be phased out alive.

But also on NPVs you have to look at a huge range of specification and within, we're a niche trade and then within that there is several niches.

At the moment I would say it's kind of this year was interesting because we saw a lot of additional capacity being added on the general cargo side.

We're of the opinion that, AAL don't like us saying it, but that we do need more towards the end of the forecast period if we are to keep

balance in our rates, we'd need more project carriers.

Now, of course... More vessels coming on.

There's, but we, so when we balance our model, we put in an expectation, right?

So analytics is a bit of a, yeah, there's definitely a science and then there's a bit of an art, right?

Because shipping is such an interesting sector because of course there's the human factor, there's what people see, how they see opportunity.

So I'm trying to measure incentive, not exactly what... I'll see where the demand is, where the supply is, what the imbalance is, but at what stage the incentive would be to let someone kind of say, okay, I'm willing to take the risk.

Because there's a lot of risk for owners out there at the moment.

I mean...