If and when our vessels move back into the Red Sea and you have shorter travel distances, we expect to see a reduction in operating expenses because one of the effects of the trading where many vessels that used to go through the Red Sea now go around Africa means that these vessels have had to run at higher speeds through the sea.

Nov 11, 2025 / CEO / receipt, needs a key / Ole Jaftakoff, CEO | earnings call 2025-11-11 | transcript ab5580e5-1705-41c7-9b9d-105abacc33c7 | chars 18883-19216 | segment 19