To answer that, you have to look at the global order book. The order book? Yeah, that's the pipeline of new ships currently being built at shipyards in Asia. For tankers, there are some worries about new vessel orders increasing. That's a real risk. But the dry bulk side is different. The dry bulk order book looks entirely different, and it provides a massive margin of safety for them. Yeah.

It means that almost one-fifth of the global fleet is nearing mandatory retirement age. They have to be scrapped soon. And virtually no new supply is being built to replace them. Why aren't they building more? The reason the order book is only 6.5% is because major shipyards in South Korea and China are booked solid for the next few years, building high-margin LNG carriers and massive container ships. Oh, they just don't have the space. Right. A dry bulk owner literally cannot get a shipyard slot right now, even if they wanted one. This creates a very firm floor for dry bulk rates because the supply of ships is structurally constrained, regardless of geopolitics.