EGLE Eagle Bulk Shipping

Gary Vogel Chief Executive Officer
Frank De Costanzo Chief Financial Officer
Omar Nokta Clarksons Platou Securities
Randy Giveans Jefferies
Liam Burke B. Riley
Gregory Lewis BTIG
Call transcript
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Greetings, and welcome to the Eagle Bulk Shipping First Quarter 2021 Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions].

As a reminder, this conference call is being recorded. to Officer; call Chief and of Bulk like Vogel, to Financial now Eagle Executive Chief Frank Shipping. would turn over the Gary Officer I De Costanzo, Mr. begin. may you Vogel,

Gary Vogel

not at to and that our statements. welcome quarter morning. is earnings our website supplement encourage I risks To remarks call. you, a of are participants discussion These Thank will I'd to XXXX everyone on Eagle access Bulk's that good to to first today, of would Please our and available part like performance forward-looking slide today include statements subject are guarantees future note inherently uncertainties. and presentation

You risks bearing on refer a may Commission and should forward-looking direct for these filings and have condition. undue detailed a results, operating and statements. our on discussion of Exchange financial uncertainties to more not that the Please with performance our place reliance our our the Securities

turn general more EBITDA, restocking rates put the certain and amounts historic to Our as and continued trade basis. and our discussion presentation or XX% a financial Securities to includes both inventories of first and filed information getting monetary the increase. $XX,XXX refer Thanks also earnings the quarterly TCE. ongoing representing and of today a measures release non-GAAP for $X,XXX and around Please increases Supramax to with stimulus and percentage economies to as adjusted to Slide one the both almost Baltic as most in on QX, The world. averaged up concerning in in the of Commission demand Please Index compared of best to the comparable of fiscal the dollar quarter, the well work effects significant unprecedented measures. financial X. measures the Drybulk upward in are GAAP as continued EBITDA reconciliation to appendix momentum Exchange non-GAAP including financial out QX reopening

prices old This an the as about values example, XX-year percent the followed Asset the XX last quarter. quarter-on-quarter in have represents highest up for are on Supramaxes third suit, years. whereas XX% increase

at first the bulk being beginning the super early The dry cycle. in two XXXX XXXX of

months, I it's sold, sale on this prices the well of back year. moving remain within last well. the by few run purchase potential largest implying on significant XX-year around Year-to-date, this upside transactions annualized increase the were the volumes a of values slide almost indicate would over the similar. amount the If transacted rates ships the a higher highlight are in maintained, an in important been on Ultramax have increase XXXX Supramax, ships. XXX over levels think prices Notwithstanding and bought to when Spot of spot be rate highs, of as chart vessels asset far dramatic would XXX to rates remains. discounted significant

Assuming levels, upside Slide a around values translate return in to course NAV. to we could see further XX%, X. which to XXXX of type hand turn increased would Please of second

for a XX% XX early pending and call, more the of basis last the vessels in averaging to for review transactions. are late the three deliveries, fitted ships, values level and November fleet of Eagle be age. Please recent expected which ships, now years Slide To our X.X between highest generated timed X totals we've current first As appear of XX well turn a for quarter net May for years. than we've mentioned on with of of purchased XX% total between These to date, scrubber and or February. June. our TCE Pro quarter. forma the overall of $XX,XXX delivery seven remaining earnings with deliver a late of million $XX average, acquisitions four taken around in to up these

to $XX,XXX in discussed over are calls, up happened. often months. rising explain market fixed that that's a to I'd few we've in advance. beat market of shot love And has we exactly a and percentage I've to challenging previous what said, days a beat as catch have it's a rapidly why As didn't

the ahead, Looking strong has into market the continued upward momentum in QX.

duration our trading Given active to management been our we've approach our short capture up. able this exposure to successfully and ships, move

days Please of today, about of quarter XX% turn per day. of to fixed had a second As Slide we $XX,XXX available our for TCE net X. the

a leverage over $XX.X increased to With generated financial inherent million will this improvement business. I terms operating who performance. Frank, the that, prior like significant review of really our In I'd representing now turn to in operating the over XX% of our performance, believe we EBITDA, performance quarter. call underscores the

Frank De Costanzo

and than first $XX the $X.X expenses to XX Please of in quarter XX% on per in in an most quarter totaling was the for growth quarter. Slide profitable short million our with charter in from XX quarter million a in more improvement quarter, The results. our market share $X.XX you, Gary. and Earnings in income hire at and drove million financial coming chartering increase at first for million first $XX.X both as million, of of basic improved a both compared our profile Net XXXX. or the of came summary $XX.X QX, prior Adjusted the diluted voyage for EPS net years. basis. turn in quarter quarter, $XX.X and the QX first to Thank our line prior duration EBITDA top revenue for the continued

year-end. million QX, million Let's $XX an on of the of was Senior principal result the the our of cash $X.X a cash now end representing The Debt credit in repayment $X.X primarily Total a the to turn and million $XX.X $X.X decrease sheet cash of revolving million overview and payment million compared decrease for XX of Super was the liquidity. the of as to facility, balance Ultraco for facility. at Slide restricted inclusive of

Ultraco million expected advanced strong vessels, $X.X at a revolving of the Total cash facility three of to XXXX. delivered Holdco and for quarter by the by acquisition undrawn Total for $XX.X total The end outlays be of drawn of provided the cash second Shipco million $XXX.X revolving from $XX of of comprised $XX at in further the vessels the we million paid million million plus million $XX.X liquidity addition, million were operating offset $XX In million credit liquidity on in is four on $XX.X availability million QX. activities credit $XX facility. and remained and on RCF. deposits

we vessel reported, restricted previously of acquisition have the with As cash. funded one

of we provided Total in and operations, these Slide of In depicted million $XX.X debt cash now of the new us. on secured assets against call, have flow intend quarter quarter blue we the acquired are six that strip vessels. overview $XX.X for variability for turn the newly the million between which delivered ops this to as drawn as have date highlights changes timing was to our addition, debt chart in of working vessels from liabilities, to three We facilities Cash QX. gross of XX debt as driven the flow And down on on numbers working the million excluding ships. capital. cash was an $XXX.X the charter increase the improving is reported Net of facilities introduces million was for drew repayment first by out totaling earnings capital $XX.X draw Ultraco The due we the by Super to operations costs hire million strong down million cash Debt operating are on of revolver. Facility the The blue facility, and XXXX. the to increase of our at difference million, Senior an $XX.X the of the end quarter. Please activities back repayments credit prior the cash bars, and in $X.X Ultraco principal issuance $XX operating which the million by rates. the light revolving from from dark bars on the $XX QX from primarily offset

and expenditure EBITDA which is $XX quarter. As bars balances a changes The first the at evens two This close The to time. revenue out XX positive turn the to for the the working QX lays adjusted look demonstrates largely the during numbers Please are operations. caused out is cash in operating volatility net over the these 'XX chart Slide walk. number. company's of cash chart by our simple capital million,

Super million vessel right, And the the $XXX,XXX. represents S&P $X vessel Senior incurred million revolving drew paid million We $XX improvements and acquisition $X.X Facility three for million principal the our additional the and revolver. facility costs credit million interest $XX down to The from of debt for we million in in Moving quarter. Debt $XX.X drydock we from Ultraco drawn pay $XX quarter. of $XX four paid vessels vessels in deposits of of the and for plus million

came our ship Slide what for day related review in acquisition nonrecurring breakeven per breakeven and day. certain Cash not to excluding Let's expenses XX ship expenses in at QX. for per came day first $X,XXX ship per vessel the cash per one-time $XX,XXX in per at sales quarter. Vessel per

day lodging changes. a in drydocks in ship turn expenses to prior ship quarter. $XXX to as will to at crew decrease which ownership pandemic, day at QX, in of than on repayments the our about in the costs the in is transportation face QX. payments debt Cash related $X,XXX G&A I ship days per interest per an to per $XXX only higher in paid annually per $XXX. We concludes to QX, incurring noting than higher day in decrease ship chartered $X,XXX the per our Norwegian back are on in our per marginally This Cash day worth increase at COVID-XX Debt, to calculation, in in the is tonnage. QX. is in were G&A quarter operating would in and per quarter. continue we completed call we Bond in higher amortization $XXX expense the principal It $X,XXX whereas higher Drydocking per related prior Gary. lower including on my which per and based chartered QX, the came include came The in QX Cash ship are and now comments. at days ship a came day semi operate our per If own G&A attributable by we decrease larger vessels, $X,XXX from in came in that down calculation per quarter. is number fleet, QX,

Gary Vogel

Please Frank. to you, Thank XX. Slide turn

call, As highest rates I indicated in are XX years. over the levels the at spot earlier in

in XX% Atlantic based, about market roughly outperforming averages. Africa ore shipments since coke increased During averaged the in the help broad Atlantic pet Pacific China, note historical is Supramax that over Pacific to interesting in grain from was but higher. it's markets $XX,XXX late QX, drive particular, and robust XX%, line recently, with to the manganese market long-term the strength the March from and More U.S., now Atlantic the outperforming West demand. been The

occurs outperformance Pacific it The time, this Although weaker robust in is phenomenon to that environment from tends be a time of a due confluence to rate we're during events. to seeing fact markets.

with how significant a I being imports Australian import trades. bring on Firstly, domestic still underscores Malaysia been in ban volumes Australian for it in Supramax and contributor. which With year elevated, is seaborne in reaching imports. Indonesia sub have and as strong not exporters quotas tonnage, within order to the And Ultramax Chinese multi benefiting, with think to Chinese and highs steam coal which ongoing, the demand prices loosened such region tend the positive trade effective Chinese participate imports is, coal

market result a supported of carried ship has container ships. the on as addition, spillover the typically by Pacific booming container trades, In been

recently we Guatemala, cargoes bag and China Peru fertilizer cement from such Chile. and to as example, to carried For bag

be to the routes world, front container in market the exports While a we for of to more higher positive expect so, represent next comes or back those for in factors become online month down market. increased Pacific notwithstanding, efficient slow helped These products. with South to the to do for spot Fuel over tend bulk robust push trend Atlantic prices which ships rates haul the on American market the prices export backhaul taking season the as these rates ships, dry above South is loading Higher grain Atlantic. demand as has fuel capacity American to turn Please XX. trades forecasted. to out oil levels of strengthen fully continue effectively to Slide

fuel can as the on prices between oil chart, high spreads between a around fuel correlation for very 'XX, per oil. underlying crude forwards with be addition, and spreads In Cal sulfur sulfur and low Current strong there's trading $XXX around and seen ton. XXX

Eagle. fuel mentioned earlier, our beneficial As fitted, is scrubber to particularly of so XX% fleet widening spread

pressure XX. upside slightly should both we increased to As to both beneficial prices economy Slide for the business. expect which turn in spreads, to our Net supply global of Please recover, continues further growth new fuel period, year-on-year. and of were XXX this, but QX, total quarter-on-quarter, down the a building total vessels period. about dry X% XX the delivered during XX% vessels up bulk of same scrapped offsetting during were a Partially be

growth, forward supply book now stands historic just terms of X.X%. overall the low bulk In dry at of a order

as For to would in of a stronger ordered at assumes XX net come quarterly XXXX, This roughly be tons XX during growth million bulk year. of by result down average XX% scrapping A is for rate were which compared XX% last as of than dry environment. roughly less to last bulk primarily a year, expected fleet total deadweight QX, ships dry the X.X%.

regulations, of and notable as which fleet be should higher such emissions In uncertainty and have mix factors to limit the future entered addition ordering supply. future previously, we've helpful two reasons cost of discussed financing, to

prices building million have new past for primarily increased the few due of ordering for of shipyard Chinese have starting and seeking lack months in delivery $XX quickly steel, XXXX inputs, to now Firstly, shrunk other Ultramaxes million shipping due rising meaningfully beyond. Prices in pace capacity with due mid to a the costs in increased to segments. that but to has also including $XX

estimating to the for ships longer over Slide than orders record XX past Global expectations build. vaccines considerably activity. our of for ships to a construct, and attractive Thanks XXXX. reflecting with a global impact have over X.X% been other just orders example, to in to The demand revised X.X%. announced combined by XXXX, Slide revised complex deadweight stimulus. months upward yards now to orders GDP with last Please XX. This, dual fuel as turn typically and increased by IMF the since contracted yards significantly to the Please estimated expected an more is and order which are large Drybulk with As such have normalization earnings and has more projecting to recovery well, books XXX and take helped call, as fill of million to hit large upward been vessels, for container turn X% has XX. now VLCCs ships in XXXX growth contracted totaling few growth is

as of remain the market turn significant and over lingering trade being now may For see in being compared have. XXXX, you questions forecasts and last are are year, a Operator? beneficiary that, any positive normalization world. with that from to notwithstanding continued indicating some to operator of trade demand stimulus the measures to which regions With like already call demand back put X.X% for in COVID-XX our challenges the and the we optimistic growth place around answer I'd uncertainty,


Clarksons line first [Operator from of Instructions] Platou. Our will Omar from Nokta question come

may You begin.

Omar Nokta

Thank morning, you. good Hey, and Gary. guys, Frank

Gary Vogel

Good morning.

Omar Nokta

fleet some tuning to about really at the active here results, Good just been obviously in maybe looks morning. the coming And at like Eagle, months, you've here. here up the definitely fairly wanted several nice quarter Yes, fine strong fleet. past for ask the and ones --

and of they're sold as done vessels. just older replacing ago, the you've and very think, timed, you spent to markets turned on vessels, under to out since, probably you considering some million those seven them been the those have $XXX with closer while a You newer be highlighted, $XXX the well worth And especially what I million. S&P ships

outside of acquisition the over still here be from fronts into like February. fleet? acquisitions. busy it or at of X -- you months? Do in our active from coming at pretty in quieted expect on and terms you're the least so moment the the down so, side looks And past fourth you are months the But quarter the on the kind the to you've Where in the

Gary Vogel

quiet. Yes. Well, feel last But haven't mean, since in we that. been acquired I right, don't funny, more thanks any we months. it's few for ships you're like we've February the

think the trailing really that the are remarks, push is thing current prepared And to continues As which based -- forward important values market. curve, for the on most in up. I in our we the said asset that

to moving XX to now close mid is and XXXX year XX. trading is Next up

So, get potentially considerable more the think as forward values we asset in market, confidence people have upside.

looking remaining as our are always we're three over So further do, are XX sales years we acquisitions. ships. candidates is have we comfortable with ships XX we that are generation We as But those the the fair Ultimately, only We where it's at in looking about where we feel ships old. cash curve. forward on those for think, value the in other older really ships based have our flow been. mind obtaining

very require will But basis. likely likely we're to will a be and there ships targeted So not monetized those yet. on ultimately ships continue

Omar Nokta

as Thanks. are it's much rates interesting, sense. there. more And makes liquidity FFAs earned and say, brought on trading $XX,XXX average given the fleet business, overall you liquid, under in like the that looks you a the of, up seeing an And XX, your FFAs, charter day, just the XX and bit results, so are cost That look more activity, you much we're it charter had over I I at stronger, market wide. spot think little a time but

have way Just average looking good about trading looks a in day gotten first it and a the at thing a in several the to for comparison, Maybe So first performance quarters of something of the that kind versus average is the TCN -- call $XXX a per is, the the that a rate fleet? past. off that X,XXX in think day the spread few question like just business? overall

Gary Vogel

on keep don't and that to market. in would you dynamic I includes keep hedge ships in we a because that based it it's away model, derivatives falling rising development, and you Conversely options obviously, longer. market, actually an to optional caution tend upward declare periods. and risk very market a Yes, And market use

I trying at a were I comfortable if ships would to I was the with think on to number percentage some that, of I the figure historic out specific margin. be that and look But apply and forward. premium, going of

I play. many that there's come variables too into think

Omar Nokta

guess, going you think piece Yes, that to much Do forward? because you you this start that do seeing business the that makes I for the ramp think liquidity do bigger become element in sense. And a is Thanks. are trading going that you'll market, all up? we Eagle think to of

Gary Vogel

looking risk derivative. reward, always about us, really see cargo to reward between a always using risk For it's about where trade. But value a that ship every potentially a position. of the We're it's physical we arb

So given it the is But as on, also I of the that. risk volatility, again, trade. there's more opportunities to profile said, depends what

back that So levels get hampered We're ships keeping was just And year, of not keeping was to last all it saw likely about in terms there think we'll when and yet. we pre-COVID. your cargo I charter still moving. own and really

but growth, I Ultimately, not based charter you just don't the see a benefit value all. some it's P&L from and our benefit know, to about think volume it's others -- know, on our I for net of we of fleet. listening, growth sake, will business at for you growth's gets for applied the but own that

value that for returns, it, people going we And we're not not above outsized own build it separate tonnage. on becomes, try Ultramax around can increase to own we're operating owning the because call overall that trade Supramax think index volume and build earnings that then but do of our over position. we to if doing Eagle vessels, and that owner we're of and arm and a we So an and only but our sake,

Omar Nokta

that, over. Thanks turn clear. Got it for it. That's and pretty I'll

Gary Vogel

Thank you. Great.


of from from comes Randy question next Giveans Our line Jefferies.

may You begin.

Randy Giveans

doing? gentleman are you How

Gary Vogel

Randy. morning, Good

Frank De Costanzo

Hi, Randy.

Randy Giveans

Good morning.

quarter-to-date XX, curve guess, being I guidance given you've on pretty robust. plus following pretty with at strong rate a that, XX high. up Obviously, forward year So, the

months XQ, medium-term to obviously XX% any then that to X there locked still forward For with those any were look the time or time of curve charters? will short-term maybe charts you for And in? XX elevated, do

Gary Vogel

chartering mix. of typically our don't our and all so It's book Yes, charter disclose we out. part

a that, we do lock before, to you. have a short then own voyage selling paid said that. on I've time what As on we'll vessels a Having for fair ship our said value versus stream, if charter prefer period and for revenue an we're rewriting of give if the as $XX,XXX. months operate X to FFA basis I'll minimum at about for instead mean, recently, to an the window it Pacific, you redelivery We Eagle I X of X to example, fixed ships But one. XX,XXX. it's minimum Singapore limit our a redelivers about try to in one and in

So do example, an portfolio give our our move. to our approach, not part relet you go of but ships it's as just to we

business, we've book mix curve, the at with an of time charter, But leave guidance in managing So But short the to definitely all quarterly quarter it's that, combination I'll cash flows. FFAs forward of this provided. within forward mostly are and the elevated a of voyage we those. point, and the beyond we're it walking certain that going

Randy Giveans

it. Got

then on And to Okay. debt. obviously added new the front, some balance improve, continuing sheet you've

that, is million closed on $XX I think, credit You've facility.

are So sheet more debt? this building net kind is ratio paying loan latter, balance you target? have solely if acquisitions? of down leverage point that at Or delever liquidity the kind any to kind the for to debt further or of looking do you And of

Gary Vogel

best mentioned, every at asking significant mean, ourselves, moment. allocation what's we for I cash well, as day answer positive you the given And come is Yes, the guidance, there's capital? the in flows the

leverage. that looking to an stance, I forward, I in of of what those measure we're LIBOR leverage that having be unencumbered was mean, to then go that is to and couple go thing that say and opportunities. one and delevering. into us powder We pandemic measures taking that think We through deemed going plus what the bank undrawn sense positive defensive is Ultramaxes dry we or stance So, assets, were having defensive we put at on, COVID. expensive, anything We want back against had onto on revolvers we at without I enabled put the with definitely as kind detrimental. appropriate XXX debt XXXX Ultramaxes. But extraordinary get a Unfortunately, to we

to But to we there's something opportunistically definitely upside and said, asset continue I values look we is in now and grow fleet. As renew do. delevering to the think we want

three last You we see not ships, look three always had, is the see long-term would but proxy I from -- think dry experience you'd long-term, our I did think to downside. assets, us pay that good bulk, think on in once access. with those we that you and that's so in revolver up end on which thing will unencumbered that have the in as something that unencumbered in that to And to brought aside you it's for respects. performing I think Ultramaxes, revolver would my on a a a note cash They're to depth And good many we sometimes essentially down. the traditional I have a surprises business

Randy Giveans

Yes. it Makes you. that's Thank Well, sense. me. for

Gary Vogel

you. Thank Great.


question of B. next the from Riley. Our Burke comes from Liam line

You may begin.

Liam Burke

Thank morning, you. Good morning, Frank. Gary. Good

Gary Vogel

Good morning, Liam.

Frank De Costanzo


Liam Burke

shift with Gary, the taking on that comments is Is bulk. you sustainable? offset or some your a cargo that positive meaningful container offsets there some mentioned prepared dry been had and that in

Gary Vogel

numbers ships even of fixing Yes. historically Well, that meaningful. $XX,XXX the market, quarter -- believe, a was the when at that's It's the they size, Having that like this into said definitely call the at arena. I'll you And I part. mean, East a start it with less. Atlantic think would players, the into question. container will those some that and our trade I good statement defer the believe comments to see other from from continue, [indiscernible] are I I fourth XX% in sometimes -- far saying it's the not that, our bladder

it's it's that elevated some I a you're in the examples is So, those. the of gave seeing to of Pacific total Atlantic, the market detriment that shift is simply the and not because positive

is So this I really the effect our I but of everything the that see on not an said, it container -- profound area, as but both container long that market, like a long I'm because our we but goes, how patterns. interested reader out sustainable think as regard, our also in of rates, and trading world that it's having comes dislocation in

Liam Burke

operating difficult mentioned Do that down some expenses, operating it's do to on to Great. once continue operating you costs. increases. -- COVID down manage know to correct, you was those And on Frank the those think see think I you related I But expenses? continue there drive

Gary Vogel

Well, ready of And hire a some incremental back run making it would has change it, incremental and days of crew of a because a much Having crew I and continue. unfortunately, to more day, now really expense terms an COVID issue on meaningful in most a off of is is holding are mean, ship meaningful, in of hour the half and roughly the for early -- the the go. couple day being I a tested the of but answer cost the than and not sure crew is $X,XXX some expenses is are a is ship. to yes. self fact, when of -- that they ships say, imposed an

ensure higher they're the which especially cost steps significantly means So, now because we're well. taking to generating of significantly that keep more, as moving, ships more

an yes, can cut output, most before, target that's We forward, it's important target. is number get safe, But ships a OpEx very is we're said and also I've imperative. going OpEx an thing a So compliant reliable. quickly. initiatives and to not run the to that taking to are

at we looking the on are leave OpEx it numbers. that. But to but -- So I'll improve absolutely

Liam Burke

you, Thank Gary.

Gary Vogel

you. Thank


[Operator will next line from come BTIG. Instructions] the Lewis question Greg Our of from

You may begin.

Gregory Lewis

creating is of that in in Asia? some -- Is little Southeast what on think disruptions, Thank I was a dislocations remarks the in you've of terms coal lot Hey. in India, prepared I slowdown the region around they're a headwinds around afternoon, and Gary, having, that I touched good bit and around morning, it mean, coal reading of of that kind in kind trade. your COVID. trade any has you of everybody. curious good issues the -- that we're clearly,

Gary Vogel

I well you getting answer Yes, little hear mean, a feedback is the here, can me?

Gregory Lewis


Gary Vogel

So all. QX, not at

on mile. haul, example ton so to coal an the carry participate being in that coal of mentioned we but trade, met it to actually in that that marks One China clearly be be coal a not China. we haul prepared a coal at it's terms fact, terms on an impacted shorter going crisis coal humanitarian we But it finalizing the consumption obviously But is there with us. will over expect volumes of that, we the now, yet. about for a the said trades. impact we measurable It's on pre-COVID QX from Gulf haul on trade. seen that doesn't it's don't way to interesting Pacific vessel, short from reduction a that we're But that's trade and The India in a is about we see the where Australian the trade, In thing same the trade, a trade levels. back there'll long one in general, extent. have the in impact that's absolutely Having same thing the would to haven't I So some U.S seen of was typically -- majority in coal coal numbers we and it what a have definitely we're in the XX% doesn't Ultramax benefiting have moment from right? expect

some the the in first seeing bulk not dislocations a -- to negatives. in all are moment they're time while not market and offsets We're for dry there in negative. at So the positive those

Gregory Lewis

then And as is tracking the everybody absolutely. we're Yes, just fuel I differentials. mean, quick, real

around any be sulfur that low fuel fuel that side is Have fuel is available, -- noticed economies off, be are going any issues IMO high sourcing sourcing open on available to reopen. guess going to sulfur stage side? I created be at this [indiscernible] to to started starting have there back the pre was, potential is now to there going days economies, problems as there Just has the you

Gary Vogel

Absolutely the no. is answer

And not. long the think continued of back, the particularly should to fuel pricing spread reversed year. we and has comes which likely spread air have believe XXXX crude overall We end travel as is aside that hedges -- at we widen our from international why I widen last and will travel then haul earlier

operational things standpoint, year So fuel But there's up. where next it's availability, XXX, around to XXX. think an issue are no But we we're whatsoever. that comfortable as around upside from open we today

Gregory Lewis

Thank day. Okay. great Have for you time. all the a

Gary Vogel

Thank you.

too. You


And turn the for the I'm closing back remarks. like any to over questions showing in any not queue. I [Operator call to the Instructions] further speakers

Gary Vogel

don't have right. All you, operator. further today. We anything Thank

a So everybody and day. like everyone joining for I'd just us wish to thank good


you concludes conference today's Thank for call. participating. This

You now disconnect. may