You can sort of tell when the BJ analyst finally clicks over...

You can sort of tell when the BJ analyst finally clicks over that demand is going to be strong for a few years before any new supply arrives...



OperatorWe have a follow-up question from [ Sam Wick ] of Barrenjoey.

Sam Wick I might follow up that question as well. If it's 3 years lead time to you, I'm just trying to get a sense of -- on the Slide 8 that you've provided. Obviously, it's a different cycles in this industry, but expecting rates to go materially higher. I mean demand, it feels like we're setting up for a pretty extraordinary sort of period in FY '24, '25, '26 and beyond potentially. And when 3-year lead times seem incredibly -- really incredible, we get this market pretty tight. So what's your expectation on pricing sort of over the next 6 or 12 months to the extent you've got that kind of visibility?

David Ross You're pretty much on top of it there, Sam. I mean we have limited growth on the supply side, demand increasing in offshore wind in oil & gas. This whole sovereign security around gas around the world is a real driver to that. I don't see that going away in the short term.Rates, as you say, on Slide 8 and the index are continuing, but we haven't got back to '14 peak as yet, and we haven't got anywhere near December '07 type peak. So this market, in our opinion, has got some length to run here.Where it actually ends up, where that final destination is, we're not 100% sure, but we do feel that we've got the fundamentals of both supply and demand certainly in our favor as a vessel owner at the moment.