Alfa Laval Corporate AB

over the next few years. So we have estimated that the demand cycle could be relatively stable. But of course, that is also dependent that we are not seeing a race to extremely high delivery numbers in this year or next year based on ramping, but that we are rather containing global capacity somewhere north of 2,000 ships a year, but certainly not at the three. So I would hope that we see going forward, I'm leaving quarter aside right now, but My hope and expectations is that we will see somewhat of a less cyclical business, somewhat more stable, and with that we should see a reasonable but perhaps slightly slower growth than we've been at at the moment.

My last question is very brief. We had this pre-ordering situation for the pumps in the past couple of years and then the unwinding of it. Do you... currently notice a kind of a trend towards pre-ordering again, or is the order that you get the equipment that is actually needed for the next six months in the shipyards? Thank you very much.

Yeah, I don't see any... I wouldn't call what we see pre-ordering. What we do see is that some ships are contracted on speculation. And so we see some people entering into the market who are not long-term operators or ship owners in that sense. So from that point of view, the numbers are... or perhaps somewhat elevated. But with the current capacity, the current ton mileage situation on the global trade, we certainly don't feel that there is... And even with the current level, if we look at the age of MRLR tankers, specifically the aging of those fleets is normal. It's not exceptionally young. So we don't... Thank you so much.