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spk00: Thank you for standing by, ladies and gentlemen, and welcome to the Grinrush Shipping Holdings LTD conference call on the third quarter 2021 financial results. We have with us Mr. Martin Wade, Chief Executive Officer, and Mr. Stephen Griffiths, Chief Financial Officer of the company. At this time, all participants are in a listen-only mode. There'll be a presentation followed by a question and answer session, at which time, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. I must advise you that this conference is being recorded today. We now pass the floor to one of your speakers today, Mr. Wade. Please go ahead, sir.
spk04: Thank you, operator. Welcome, everyone, and thank you for joining our call on the third quarter and nine-month 2021 financial results. I'm going to ask you to turn to slide two. Let me please refer you to the forward-looking statement disclaimer. On this call, we will make certain forward-looking statements, including statements regarding our future financial and operating performance. These statements include information regarding future time charter contracts, outlooks for the dry bulk market, and other operating matters. These statements are based on the briefs and expectations of management as of today. Our actual results may differ materially from our expectations. Investors should read carefully the risks and uncertainties described in this live presentation and in yesterday's press release, as well as the risk factors included in our annual report and our other filings with the SEC. We assume no obligation to revise or update forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. In addition, during this call, we will be discussing certain non-GAAP financial measures. Additional disclosures relating to these non-GAAP financial measures including reconciliation to the most directly comparable gap measures, please see yesterday's press release on pages 24 to 26 of this slide deck, which is posted on our website and our filings for the SEC. Now, can I please ask you to turn to slide four for an overview of our third quarter and nine months 2021 financial highlights. During the third quarter and first nine months of 2021, Greenrod Shipping achieved stronger results when compared to the same period in 2020, taking full advantage of the robust market conditions and the earnings power of our expanded owned fleet, following the acquisition of the remaining portion of our IBS bulk subsidiary. For the third quarter of 2021, we generated record gross profit adjusted EBITDA, and adjusted net income of $62 million, $69 million, and $45.8 million, or $2.38 per ordinary share, respectively. The respective figures for the nine-month period of 2021 were $110.2 million, $131.5 million, and $68.5 million, or $3.56 per ordinary share. Our CFO, Steve Griffiths, will go into more details on our financials later on in this presentation. Executing under our share repurchase program, we acquired a combined total of 91,871 ordinary shares in the open market on NASDAQ and the JSC during the third quarter at an average price per share of $14.87. During the first nine months of 2021, we repurchased a total of 125,338 ordinary shares at an average price of $13.16 per share. As of September 30, 2021, we had cash and equivalents of $78.5 million and restricted cash of $6.6 million. Now please turn to slide five to look at our operational highlights for the third quarter of this year. As announced on September 1st, we exercised our option to extend the chartering period of the 2015 built Supra Max Dry Bulk Vessel IBS Pinehurst for a further 11 to 13 months at $10,000 per day, starting from approximately January 3rd, 2022. In addition, on September 1st, 2021, we announced the acquisition of the remaining 31.14% equity stake in IBS Bulk Joint Venture, and concurrent redemption of the IVS Bulk preference shares. Subsequently, on September 15, 2021, we amended one of our existing credit facilities to draw down an additional $23 million to partially fund the IVS Bulk acquisition. Subsequently, on September 16, 2021, we closed the acquisition and concurrent financing of the 2019 Japanese-built Ultramax Bulk Carrier IVS Phoenix. The vessel was already in the Grinrod shipping core fleet and originally chartered in for a minimum period of three years from delivery with two one-year extensions and no purchase option. We acquired the vessel for $23.5 million, which we believe reflects a significantly reduced price relative to the fair market value of the vessel due to the early termination of the prevailing charter agreement. The financing arrangement was with a separate third party in Japan on attracted terms for a net amount of $25 million. Now turning to slide six to discuss our recent developments. We are particularly pleased to announce the declaration of our first quarterly cash dividend of 72 cents per ordinary share, reflecting our new dividend policy and a capital return policy of returning approximately 30% of our adjusted net income to our shareholders through a combination of share repurchases and or quarterly dividends. The dividend is payable on or about December 13, 2021, to all shareholders of record as of 3 December 2021. Our key focus with the capital return policy is to create a simple, transparent, sustainable capital return policy that allows the company to retain significant cash flow to further strengthen the balance sheet and pursue growth while rewarding shareholders with material dividends and or share repurchases in times of market strength. Lastly, we recently exercised our option to extend the chartering period of the 2014 one-built Ultramax Bolt Carrier IVS Naruo for a further 11 to 13 months at $13,000 per day, starting from approximately January 21, 2022. Now I'll pass the floor over to Steve Griffiths, our Chief Financial Officer, who will go over the financial highlights and performance for the third quarter of 2021. Steve?
spk03: Thank you, Martin. Turning to slide eight, as Martin said earlier, during the third quarter of 2021, we achieved stronger results, taking full advantage of the robust market conditions and the earnings power of our expanded own fleet, following the acquisition of the remaining portion of our obvious bulk subsidiary. In this context, revenue increased to $135.1 million in Q3 2021, compared to 53.9 million in Q3 2020. Gross profit increased to 62 million in Q3 2021, compared to 1.6 in Q3 2020. Net profit attributable to owners of the company increased to 44 million, or $2.29 per ordinary share in Q3 2021, from a loss of 14.3 million, or a loss of 75 cents per ordinary share in Q3 2020. On the right-hand side of slide eight, we go over the first nine months of 2021. Revenue increased to $366.4 million compared to $221.1 million during the same period of 2020. Gross profit increased to $110.2 million compared to $10.5 million in 2020. Net profit attributable to owners of the company increased to $66.1 million or $3.44 per ordinary share in 2021 from a loss of $24.8 million or a loss of $1.31 per ordinary share in 2020. Turning to slide nine, the strong operational and financial performance of the first nine months of 2021 has allowed the company to strengthen its cash liquidity and reduce its net debt to $167.1 million from $227.2 million at year-end 2020, while simultaneously pursuing growth initiatives such as the IVS bulk transaction. We believe Greenrod is well-positioned to further pursue its expected growth and capital return strategies. On slide 10, we provide our bank loans and other borrowings repayment profiles at September 30, 2021. Limited debt maturities until 2025, combined with a conservative amortization profile, provide us with balance sheet flexibility going forward. Let's turn to slide 11. We will now briefly discuss results in the drywall business for the third quarter of 2021. 85 PCE per day was $25,919 from the three-month exit in September of 2021. versus 6,713 per day for the same period in 2020. Supermax Ultramax TCE per day was 29,934 for the three months ended September 30, 2021, compared to 10,831 per day for the same period in 2020. As of November 15, 2021, we have contracted approximately 1,274 operating days, at an average TCE of $30,220 per day for our handy sizes, and approximately 1,704 operating days at an average TCE of $33,341 per day for our Supermax Ultramax. The average long-term chartering cost per day for the Supermax Ultramax fleet for the fourth quarter of 2021 is expected to be approximately $12,890 per day. Now turning to slide 12, the rise in the dry bark freight rates thus far in 2021 is easily demonstrated versus our historical results. During the first nine months of 2021, approximately 90% of the fleet was predominantly trading either on index-linked cargo contracts, short-term time chargers, or in the spot market, leaving us exceptionally well positioned to take advantage of the strong freight rate environments. To put this into context, with every $1,000 change in TCE per day equated to approximately 2.7 million of TCE revenue during the third quarter of 2021, and that's for the core fleet. Now turning to slide 13, it shows the core fleet cash break-even analysis for the first nine months of 2021. Our own fleet break-even was 10,953 per vessel per day, Our long-term chartering break-even was $14,171 per vessel per day, and core dry-bolt break-even was $11,743 per vessel per day. The cash break-even rate per day includes operational expenses, net G&A, interest expense, and debt repayment. Turning to slide 14 for a breakdown of our fleets, With an average age of approximately seven years, our core fleet consists predominantly of ecovessels built in Japan, which is among the youngest and most efficient in the industry, with distinct commercial and operational advantages. Turning to slide 15, we want to provide our shareholders with more clarity on the value of our long-term chartering vessels and associated purchase options. And on this slide, we provide additional financial information on these contracts. Our dynamic and flexible commercial strategy of opportunistically chartering in vessels on both long and short-term time charters with extension options optimizes our ability to service our cargo contracts, and it enables us to maximize earnings and profitability, as all of these have been contracted at levels significantly below current charter market rates. Furthermore, we hold purchase options for five of our long-term chartered-in vessels all of which are now well in the money and below their prevailing market values, thereby presenting us with highly attractive options to grow our own fleet. The recent acquisition and financing of the RBS Phoenix during the quarter is a prime example of the advantages and benefits of this strategy. With that, I would like to turn the call back over to Martin.
spk04: Thanks, Steve. Thanks. Now please turn to slide 17 to look at the fundamentals of the dry bulk sector and how they have been developing against the new market environment. The dry bulk cargoes hit hardest by the global pandemic were coal and minor bulks, while iron ore and grains were far more resilient. Thus far in 2021, we've seen a material pickup in coal and minor bulk demand, which is closely correlated to global GDP. Global energy shortages, and particularly natural gas, will cause thermal coal demand to increase materially for power generation. Any sizes and supramaxes have been further helped by congestion in the container shipping business, which is leading to certain bagged cargoes and brake bulk, like steel scrap, returning to bulk carriers. Turning to slide 18, there's a slide that depicts the iron ore trade rebounded faster than expected in the first half of 2021. before starting to slow at the end of the third quarter due to Chinese steel production restrictions. Coal demand has exceeded expectation but remains below 2019 levels. Grain flows remained healthy in 2021 after a very strong 2020. Miner bolt demand has rebalanced significantly driven partly by the steel, forestry, cement, nickel ore and alumina trades. Now to slide 19. The chart on the left indicates handicide-soaked supermax charter rates rose over the course of Q3 2021, reaching levels last seen in 2008. Asset prices have increased considerably since the lows of late 2020, but remain below levels reached in 2010, despite higher comparative charter rates. Now turning to slide 20, the dry bulk order book continues to shrink to multi-decade lows, and is estimated at only 6.8% of the fleet, with approximately 16% of the dry-bolt fleet 15 years or older, and a further approximately 7% of the dry-bolt fleet 20 years or older, measured by deadweight. Despite strong market conditions, new ordering remains constrained by uncertainty relating to engine technology and emissions. 2021 and 2022 supply growth is forecasted to be 3.5% and 1.5% respectively, while handy size and supermatch order books are the smallest in the dry bulk fleet at 4.5% and 5.9% respectively. Finally, let's turn to slide 22 for our conclusions and strategy. Let's start with our achievements since the beginning of 2021. The strong dry bulk market conditions led to our best financial results in Q3 since our spin-off and listing in 2018, with the sale of all our remaining spot trading product anchors allowing us to focus on dry bulk at an optimal time. As mentioned, our acquisition of the remainder of IVS bulk was an attractive valuation. On the commercial side, the dynamic approach of the company that includes opportunistically chartering of vessels on both long and short-term charters in order to service our cargo contracts is very significant fruit. Our long-term chartering vessels were contracted at well below current market charter rates and all contained favourable extension options and or fixed price purchase options that are now notably below their current market values. This allows us the option to pursue growth at prices considerably below pervading levels in the second-hand and charter markets as evidence in the IBS Phoenix acquisition. In addition, we've been able to complement our core fleet with a number of short-term chartering vessels, which we hold a series of charter extension options at commercially favourable levels. Together with our own fleet, predominantly Japanese-built vessels, these options demonstrate the flexibility of our operating model. On the corporate side, having concluded a string of strategic and transformational transactions, we transitioned to quarterly financial reporting. In addition, we are pleased to reward our shareholders with the initiation of a quarterly dividend and capital return policy. Also, important to add here, that in the third quarter, we completed our first secondary offering, which has benefited shareholders through increased daily trading liquidity, a strong U.S. institutional shareholder base, and increased market float in the U.S., which has now reached over 30% of shares outstanding. as of October 2021. Now looking ahead. Tribal freight rates continue to increase in the fourth quarter of 2021, though have called moderately in the last few weeks. Freight rates have been supported by rebounding commodity demand and pricing in 2021 across a wide swathe of commodities, including grains, iron ore, coal and minor bulks. The smallest new building order book in decades supports market recovery due to constriction in vessel supply growth as demand continues to recover. Due to record amounts of new container ship orders thus far in 2021, even if dry-bolt orders were to pick up materially, limited shipyard spare capacity means that most new orders could not hit the water until 2024 at the earliest. To the extent that demand continues to grow even moderately, the lack of available supply growth leads to an attractive potential multi-year window for the dry-bolt market. In this environment with stronger market fundamentals, we are confident that Grinrod Shipping can reinforce its market position and create significant value for our shareholders. With this, I thank you all for joining our call today and looking forward to reporting further progress on Grinrod Shipping. With that, we'd like to open up the questions. Operator?
spk00: Thank you. As a reminder, if you wish to ask a question, please press star 1 on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, please press star 2. Once again, please press star 1 if you wish to ask a question. Please stand by while we compile the Q&A queue. And your first question comes from the line of Pofrat from Noble Capital Markets. Please go ahead. Your line is open.
spk01: Good morning. I was just wondering if you could highlight what's going on currently, Martin, and if you would highlight any changes that you've seen in the cargo book from either a volume or pricing perspective, and then sort of give us an idea of where you're booking right now so we can sort of get an idea of what the rest of the quarter looks like.
spk04: Hi, Poe. Good to catch up. Yeah, happy times. It's interesting because obviously the market's been great all year and basically hasn't really paused. And then what happened, there's no doubting that with China's announcement it was going to try and call its steel industry and, to a degree, coal prices. We saw a slight easing of demand from China. Although then when you look at the year as a whole, and especially the last couple of quarters, China hasn't had a stellar year with iron ore down, coal flat. What has actually happened is it's the rest of the world that's picked up the slack. And I'd say with the record steel production outside of China, it's been very positive. Now, obviously, China, they're cooling off a little bit, taking some of the heat out of the market. And there's talk about blue skies for the Beijing Winter Olympics. Yes, it has come off, as usual, with shipping. But also what's happened is that a lot of charters have taken the opportunity to pull back from the market and delay cargo or delay nominations. And we're starting to see this. We had a ship open last night in the South Africa area, and someone came open suddenly or had to fix a ship and needed a prompt nomination, and we had a ship for it. But the rate we got was what we would have got a month ago. So it's still very tight. There has been an easing. But I think a little bit of a game has been played, which I have no problem with Charter as doing. I mean, it's been a bit of a one-way street all year. The FFA's have come off. But fundamentally, at levels beginning with a two, we're only back to where we were in May, which was glorious. So, yeah, in some ways it helped me. But what we're enjoying is that the demand outside of China throughout the world is there and is increasing. And U.S. infrastructure gets going. It was quite amusing when it was announced that all the infrastructure ETFs and certain companies in America, that all this will benefit up 10%, 14%. But, of course, if America's going to do infrastructure, it needs steel and cement. And a lot of that's going to have to be imported. That's going to come on trips. So this is really very exciting going forward.
spk01: And then to follow up with that, Martin, you know, over the last couple months, you've said that the 2022 calendar FFAs were, you know, undervalued. You know, they're down a little bit from when those comments were made. Would you still stand by those comments and think that, you know, that 2022, there's, you know, the outlook looks still pretty good?
spk04: Very much so. I mean, if we could pick up, say, 58,000 tonners at 58,000 deadweight ships at the FFA rates for next year, well, I don't think we'd any be asked. There'd be a whole load of people doing that. It's physically impossible. And if we're seeing period rates now, I mean, the handy for a 33, if you want to take a 33 on one-year charter, it's in the low 20s. And for Supras, it's mid-high 20s. So it has called off. But the epiphase, as usual, I think they're underestimating. Is it sentiment? I don't think it's got anything really to do with the fundamentals. As we see that the paper comes off X thousand in a couple of days, then picks up again. And remember that there's a whole industry of day trading this, the masters of the universe and certain of the mining houses and grain traders to play this. So it's there. I mean, yes, it's a useful benchmark. Obviously, we watch it. But it looks very oversold at the moment, and I'd say that's the other alternative. If we can't take physical trips, not that we're doing, because we don't speculate, but you can just buy the paper, and it's vastly below, even now, what spot levels are.
spk01: I appreciate that. It's a pretty thin market, too. But I really appreciate the additional disclosure on the purchase options for your chartered inns. It looks like the nearest one would be the Pinehurst on roughly the first quarter of 2023. Can you talk about the Pinehurst and the Nauru and sort of how you're viewing that? And then also maybe talk about how you potentially might replace the Crimson Creek, which comes off long-term charter in the second quarter of 2022. Sure.
spk04: Well, the Pinehurst and Nuroa, the actual purchase options, we already have them. We've had the right to buy them for the last couple of years or two years on one and one year on the other. So they exist there. So now it is up to us when we declare those options and either take them in as core ships, which is what we will be doing, or, of course, we could just sell them into the open market and pocket the money. So both those ships now rest with us, and we can more or less do it any time during 2022 we want. Likewise, the next two coming up will be in the second half of 2023. So we have flexibility as whether we, you know, we have a couple or a number of older handies with very, very low leverage, so... if you can sell a 11, 12-year-old handy size and buy, exercise a purchase option on a 5, 6-year-old Ultramax for the same amount of money, it gets very interesting. It's nice to have. IBS Crimson Creek has been with us from our friends Marabeni for a long time, and as usual with our friends in Japan, there'll be discussions, do we want to extend it or not, that'll be a discussion, and the thing with all our relationships and friends in Japan, is once you have ships on charter, unless the actual owner wants to sell them, there's always a discussion, would you like to extend at whatever the market levels are, and we go forward from there. So hopefully we're not going to lose the Crimson Creek just yet, but my colleague Carl will be having that discussion in due course when Marabeni want to discuss, and likewise.
spk01: And if you wouldn't mind, I just have one last one. The You know, I was interested on slide nine when you were talking about the asset values versus the current rates, and you said that in 2010, you know, asset prices were, you know, higher, but rates were lower. And that's, you know, in contrast to today. Do you have a reasonable explanation for, you know, that contrast, Martin?
spk04: Well, of course, in the 2000s, it was almost... unknown levels, whereby I think that the previous market equivalent to that, so I'm reliably informed, was maybe in the 1950s. So I don't think there was anyone alive. And what happened in the 2000s, it kept on going up and up, was never going to end. But I think people forgot that shipyard capacity was being added on at a rapid rate to knots in China with all the greenfield yards. So there was always, you know, a big push to get ships on the water now. Now, obviously, we've seen a big appreciation in secondhand values this year, with the value being, can buyers get the ship now on the water and immediately be earning a lot of cash? But I don't think people have got carried away on that basis. And, you know, if let's go back even a month, you could fix a supermax out for a couple of years somewhere in the high 20s. If you're buying that same ship for somewhere in the low 20 millions, you're writing that ship down pretty quickly. So asset prices can go a lot higher. But even at today's levels, they are undervalued at anything beginning with a two in terms of earnings. And going forward... So I think this is it, that you just do the cash flow and you've got, obviously, there are people floated in London. It's the same thing. If you actually look at secondhand values, put them out for a couple of years, if that's your model, you pay down your debt pretty quickly. So I think a lot more can happen in asset values, especially with basically no new buildings coming. And as we said, the yards are full and who knows what you order in terms of technology and with ESG. So there's a lot more upside there to come yet. So we're very excited by that. Great. Thank you very much. Pleasure. Thanks, Pope.
spk00: Thank you. Your next question comes from the line of Randy Givens from Jefferies. Please go ahead. Your line is open.
spk02: Howdy, Martin, Steve. How's it going? Hi, Randy. Great. So, yeah, long-time listener, first-time caller. Congrats on the record quarter, the large dividend. I guess a couple questions. Following up on those options on the chartering vessels, all of them clearly deep in the money, likely going to remain profitable in the coming years. For the chartering options, how far in advance do you have to exercise those? Seems like just two or three months before expiration. Is that correct? And then for the purchase options, when do we have to make a decision on those?
spk04: It's that. In terms of the charter options, it's generally three months. And the purchase options, we have a window, and basically we've got to give the owner three or six months' notice. So there's a lot of flexibility there. So a very, very flexible model now. Now that a lot of these ships, the fixed-rate periods have ended, and now we're in optional years, that this is where we have the... know obviously talking to the owners a lot whereby when we cash the option and with our japanese friends we want to give them enough notice because obviously most of them have finance but uh yeah it's literally in our option with very limited uh uh time ahead to do it right perfect okay and then um
spk02: to distribute. And your shares are trading at pretty steep discounts and ads here.
spk04: Yeah, it's interesting that obviously we appreciate when you took up the research and you came out with an NAV of 22 without any insight obviously into which one of the reasons we've done it into our Japanese charter book and what goes on there because obviously there is quite a lot of value. And it is frustrating to be honest when you look at our EBITDA or earnings per share And the multiple we trade on is, what, if you take an annualized EBITDA, we're barely more than one, 1.2, 1.3. I mean, it is strange. And the dividend payouts, everything. So we perceive our shares, yes, and obviously as we've done in the previous two open periods, we have the mandate to do share repurchases. And obviously, without saying too much, it's something we're looking at because the disconnect between value on where we should be is huge.
spk02: Yeah, no, we clearly agree. All right, and then I guess the last question, just in terms of guidance for short-term chartering days for the fourth quarter and maybe if you have it for 2022, maybe that's a little too far in advance, but any guidance at least for the fourth quarter number? I know third quarter kind of came down a little bit from the second quarter.
spk03: Yeah, Steve, you take that, yeah. Yeah, I'll take that. Obviously, due to the short-term vessels, it's difficult to provide an exact number as to exactly what percentage we've got. But if we use Q3 days as a guide, we're roughly at 78% of the handies covered at that rate for Q4, and about 70 on the super-ultras. And that's just using the Q3 days as a guide. We've been fairly consistent you know, in the number of days through each of the quarters. So, yeah, it's a guide. All right. That works. It's 2022. No, we don't give any guidance on that. All right.
spk02: All good. Well, hey, thanks again, and keep up the great work. Thanks, Randy. Appreciate it.
spk00: Thank you. Ladies and gentlemen, as a reminder, if you'd like to ask a question, please press star 1 on your telephone keypad. We have POFAT from Noble Capital Markets next. Please go ahead. Your line is open.
spk01: Yeah, just a quick one on this. Steve, if you could give us an idea of sort of the chart of higher costs for the quarter. From my perspective, we're a little lower than expected. Can you give us an idea at this point in time what the fourth quarter chart of higher costs look like?
spk03: We've given, yeah, those are in the high 12 for a long-term fleet Again, it's pretty much been constant in the 12,000s, I mean, from all the time we've reported it. It's been a bit higher at some stages because of the Crimson Creek that's index-linked. And, you know, obviously, if the rate goes up, then that charter rate goes up as well. So, yeah, still in the 12,000s going forward.
spk01: Ian, I think you're looking at, like, 14,000 for 2022. No, no.
spk03: So that includes the G&A. Okay. On the actual charter rate, we're in the high 12, and that on the break-even graph, that includes the G&A expenses per day added to that.
spk01: Okay, great. And then, Martin, 2021 was a year, as you highlighted, huge achievements. You know, whether it's buying in the joint venture, whether it's buying assets everything else. Um, it's been a significant year. It's really transitioned you to a much more, much stronger, more investable company. Can you highlight your strategic goals for 2022? You know, how are you going to follow up on this?
spk04: Uh, interesting. Well, obviously a reduction in debt. Uh, I mean, that, that goes, what goes without saying, I think all of the listed companies and, uh, I always liked the Greek model of you have no debt, you survive irrespective, and maybe we can't quite get there. But to reduce, I mean, Steve will talk, you know, we have financing cost of $4,000. If we carve that, it then makes us a very, very competitive player going forward. And obviously, we have these purchase options at attractive levels. We have a number of older hounders with very, very little debt and, you know, a sharp rise in second-hand values, where, as I said to Randy previously, if we can sell some older Handys and literally cash them in immediately with brand-new, you know, five-year-old ships, Ultras, that would be one way of maintaining a very modern fleet, which is also key with EXI coming in, but also the flexibility. And we still, I mean, the way the market's... come off recently are there going to be some interesting charter deals out there you talked about the paper i mean physical ships it'll be interesting because there's always people looking for for cover um obviously we we are a cargo operator as well um and we are managing to those contracts now coming up for renewal at far higher levels and we always want to keep uh You know, there has to be some short-term period ships against it. We still have the benefit of the ships, the half a dozen ships we took last year with options. So they're very, very cheap. But it'll be dependent on the market to a degree. Now isn't the time to do anything stupid. We're now set and look to maximize it as we're doing. Taking cover maybe at some point, but that's the beauty of having cargo. We can kind of, excuse me, make that call. But at the moment, no, we're confident about the market going forward. And I think more of what we're doing, which, dare I say, is working quite well.
spk01: Yeah, you're really well positioned for 2022. Congratulations.
spk04: Thank you.
spk00: Thank you. I will now hand the call back for closing remarks.
spk04: Well, thanks, everyone. Much appreciated. And we look forward to... publishing our Q4 figures in February. Steve? Yeah.
spk03: Thanks. Thanks, everyone, for joining. And I'll lead into our results. Thank you. Thank you.
spk00: Thank you very much. Thank you for participating. You may all disconnect.
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