And with that in mind and taking into account the broader environment of several years of strong earnings, good pricing on asset classes, but also on charter rates, I'd like to turn to each of the panelists and ask, How do they see the current investment environment and how do they compare it to previous cycles as of today?

That's not an easy question.

I guess a very different cycle.

We started investing in 2011-12.

We just came out of the leverage cycle of the boom of the pre-GFC and it was entering into the more distressed cycle.

It's definitely not a distressed cycle.

It's more of an earning cycle.

But you know right now it's really challenging unless you have at least in my opinion a big existing fleet that you can add incrementally on the margins to and and the gentleman from oldendorf was saying new builds i mean one of the things we're seeing now and i think this is if you have scale is that you can do new builds that are two to three years out with contracts attached to them um if someone says they know exactly what the rates are going to be in 2028 or 2029 or 2030 then then i would have some doubt around that but you have to take bets and put them cautiously but but if you do have the Gusher of cash and you have more than exceeded what your initial expectations were on your returns and you have excess capital then then I think it creates irrationality but hopefully also creates diversification and and you know we were talking before the the call a lot of families are getting out of shipping like at some point you saturate the market with too much supply so uh as as perhaps on shipping like this comment is I think you know we've seen this in the past, the last thing shipping needs sometimes is oversupply not that we're facing that today, but if I were a private family with a lot of excess capital i'd be investing in other areas and just enjoying my cash flow.