Basel 4

In fact, my opinion is that it will follow exactly the same rules as in the past for all the other regulations.

For example, for the banking sector, we've got At the start, it was the Far West, and after we've got Basel I, Basel II, Basel III, and now Basel IV.

For the compliance, it was exactly the same thing, and now we've got a global and international regulation about the anti-money laundering.

If we speak about Islamic finance, we have used Zeta Work during 20, 30 years, and after you've got Sheikhtaki, Osmani, and a lot of Shuyukh, that have made some fatwa and said, finally, the Tawaruk is not allowed, it's not permissible.

All those innovations would not have been possible without this wave of financing that came towards the industry.

And despite the fact that we had a fear that Basel IV is going to restrict the flow of money to the shipping industry.

It didn't actually, it actually accelerated if anything else.

So the market dictate the terms of financing at the end of the day.

You mentioned, obviously, touched on the geopolitical volatility and the unpredictability in the market.

So, obviously, that presents one of the challenges which has been talked about extensively today.

But turning to some of the other challenges, such as regulations, and regulations such as Basel IV, like you mentioned, fuel EU, ETS, sanctions packages.

So perhaps turning to a different aspect of this subject.