Investing in modern, energy efficient vessels, Nasdaq listed Euroseas Ltd. has recently taken delivery of its M/V Terataki, an Eco EEDI Phase 3, 2,800 teu feeder containership newbuilding from Hyundai Mipo Dockyard Co. in South Korea. The vessel is equipped with a Tier III engine and other sustainability linked features including installation of AMP (alternative maritime power). The acquisition was financed with a combination of own funds and a sustainability-linked loan provided by National Bank of Greece S.A.
Following its delivery, M/V Terataki commenced a thirty-six to forty months charter with Asyad Lines. Aristides Pittas, Chairman and CEO of Euroseas commented: "We are very pleased to have taken delivery of M/V Terataki, the second vessel from our nine-vessel newbuilding program which includes four additional 2,800 teu and three 1,800 teu units, all modern fuel-efficient eco-design vessels with Tier III engines.
M/V Terataki has already started a charter that is expected to contribute in excess of $42 million of EBITDA (or, about $6 of EBITDA per share) to the company over its duration. “Our newbuilding program is a component of our strategy to grow our company by investing in modern, energy efficient vessels with minimal carbon footprint. In that respect, it is noteworthy that M/V Terataki and the rest of our newbuildings are 40%+ more efficient than previous generation similar size non-eco ships. We look forward to the delivery of the remaining of our newbuildings and continue to monitor the markets to identify accretive opportunities to take advantage of for the benefit of our shareholders.”

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In prioritizing its efforts to be close to its core clients, Waypoint Port Services established WAYPOINT PORT SERVICES (PHILIPPINES) INCORPORATED, a local head office based in MANILA. This new investment emphasizes the importance the company gives being close to crewing and ship management companies, considering that they perform over 3 crew changes per hour globally daily.
Edgar Bauyon, the seasoned Country Manager with over 30 years of local and international port agency experience, has undertaken the responsibility from the Manila office to grow the company’s business in The Philippines, mainly by supporting local crew and their managers globally.
Angelo Cachia, Managing Director of Waypoint Port Services, stated, "As a global port agent dealing with thousands of crew changes annually, it is only natural that we establish our owned offices in The Philippines to serve not only local clients that have entrusted their crew to us for many years, but also new business partners."
Edgar Bauyon, Country Manager Philippines, commented, "As a native of this country, it is my obligation to support Filipino crew both locally and especially abroad, through our global presence with the help of the other Waypoint offices in various parts of the world. Similarly, I will ensure that every vessel entering The Republic of the Philippines receives the same quality service our company is renowned for."
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Focusing on the progress of the decarbonisation path in the shipping industry RINA’s Hellenic Advisory Committee (HAC) met once again to discuss regulatory emission targets, alternative fuel solutions and RINA’s achievements in 2022. International shipping and domestic navigation represent 3-4% of global greenhouse gas emissions, and decarbonisation is one of the biggest challenges for the industry today. The HAC brings stakeholders together to facilitate finding answers for the future that both reduce emissions and provide shipowners with practical, workable, sustainable solutions that can be implemented today.
In his opening remarks, the Committee Chairman, George Youroukos, owner of Technomar Shipping Inc., highlighted some of RINA’s significant achievements in 2022, such as the doubling of RINA’s fleet at the Piraeus office to more than 19 million GT and at the same time strengthening the team with more employees and experts, offering 360 services to clients.
Ugo Salerno, Chairman and CEO of RINA, also referred to RINA’s corporate achievements in 2022, highlighting the organisation’s revenue targets for 2024 of Euro 875 million well ahead of Euro 664 million in 2022.
Paolo Moretti, CEO of RINA Services, announced that Spyros Zolotas was now RINA’s new Senior Director of the South EMEA Region. Additionally, Moretti shared key achievements in RINA’s marine business, including 70.5 million gross tonnage of Classed ships, a fleet of 8,029 classed vessels, and an order book totaling 3.6 million gross tonnage.
The HAC focused on three main areas of decarbonisation: Biofuels, carbon capture and storage (CCS), and hydrogen. Alongside RINA experts, speakers included Mauro Risi, Head of Sustainable B2B Opportunity and Definition at ENI S.p.A., presenting ‘Energy Transition of the Maritime Sector’ with key information about using HVO as an already available, premium alternative to fossil fuels, and Epaminondas Mastorakos, Hopkinson/ICI Professor of Applied Thermodynamics and Director, Rolls-Royce Cambridge University Technology Centre on Combustion, who presented ‘The Energy Penalty of Alternative Marine Fuels.’ Antonis Trakakis, Technical Director at RINA, said, “While we have many challenges to overcome, this is also a time of opportunity for shipping. Sustainable solutions not only need to reduce environmental impact, but they also need to be technically and financially viable and provide shipowners with options for today and tomorrow.”
For vessels near the end of life, biofuels offer a virtually ‘drop-in’ solution. Biofuels sourced from taking carbon dioxide already in the atmosphere and using renewable energy resources for processing produce net zero emissions, although there will, of course, be some emissions generated from well to tank due to processing and transportation needs.
However, tests are showing that these fuels are viable, can meet regulatory emissions targets, do not damage fuel systems, and can be used without the need to reclassify vessels.
Longer term, hydrogen is widely acclaimed as being a key strategic ‘new energy’ to reduce global emissions. It offers numerous benefits as a marine fuel, including its non-toxicity, low risk of explosion, high compression ratios, high thermal efficiency, and favourable combustion characteristics. However, there are some aspects that need to be addressed including the low energy density of the fuel-air mixture, and small ignition energy which presents the risk of pre-ignition.
Although infrastructure and availability of green hydrogen require investment, there are options for shipowners to use hydrogen today by using a gas reformer to generate hydrogen onboard from LNG. LNG already offers lower emissions than HFO but, when combined with using increasing percentages of hydrogen to fuel the vessel, a dual fuel LNG/hydrogen propulsion arrangement can meet IMO CII obligations by using increasing percentages of hydrogen over time. Furthermore, carbon is captured directly from the LNG molecules, providing a straightforward carbon capture solution. So, while hydrogen is widely seen as a longer-term solution to decarbonisation, it also offers a practical solution for shipowners wanting to invest in newer vessels today.
Spyros Zolotas, Marine Senior Director South EMEA RINA commented, “For sure, the decarbonisation pathway for the maritime industry is a journey and will take time, but by taking steps today and investing in technology for the future, the industry is making significant progress. Decarbonisation is one of the core pillars within RINA, and we are working on multiple fronts to support the industry to meet its goals. Networking and information-sharing events, such as the HAC, are vital to ensuring we continue on the right path and consider all aspects of sustainability, viability, and safety for the future of shipping”.

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PCT (Piraeus Container Terminal), in a landmark moment in its history, welcomed one of the largest container vessels worldwide (mega container vessels), on its maiden voyage. OOCL PIRAEUS - owned by Orient Overseas Container Line Europe, a subsidiary of COSCO S HIPPING Group - received its name in recognition of the important role played by Piraeus container terminal as a hub for international freight transport.
PCT welcomed the ship in a special ceremony organized at Piraeus Sailing Club in the presence of government officials, media representatives as well as representatives of OOCL, honoring this special occasion for Piraeus and the shipping community.
Mr. Zhang Anming, Managing Director of PCT said during his speech: " We are proud that one of the largest container ships in the world bears the name of the largest Greek port and will travel its glorious name around the world. For the last 13 years, PCT has been systematically investing in the main pillars of a modern, attractive and competitive port: people, society, infrastructure and technology. Our constant priority has been to not only meet, but also exceed our clients' expectations by providing them with high-caliber professional services in terms of security, timeliness and efficacy. It is worth mentioning that in 2022 OOCL’s volume at the Port of Piraeus reached more than 250.000 TEUs, a 400% increase compared to 2017, when OOCL joined the COSCO SHIPPING Group family. This is not only a good omen, but also a significant gesture showing that COSCO SHIPPING, OOCL and Piraeus port will further deepen their bond and jointly lead win-win results”.
Mr. Dean Russel, Third Party Agents Manager OOCL Regional Office (UK) stated during his greeting "I am very happy to be here today to mark this occasion and our strong partnership with PCT and OCCL’s commitment to the Greek Market. The OCCL Piraeus and her 11 sisters exemplify OCCL’s commitment to green shipping, reduced environmental impact per TEU, using eco friendly and intelligent technologies. We are very grateful for the support our customers here and around the world. OCCL will continue to deliver superior container transport and logistics services and deliver more value to our customers, employees shareholders and partners into the future. Piraeus has long been a strategic port in OCCL’s global network and we are looking forward to serving more customers here".
Captain Wang Jihang, Executive Deputy Managing Director of PCT pointed out: For us in PCT, this naming fills us with pride and content. It stands as an international recognition of Piraeus’ rising course towards the most important container terminals in the Mediterranean and Europe. At the same time, the naming comes as a reward of PCT’s hard work, through which Piraeus reached a position worthy of its strategic location and rich history. The Port of Piraeus was selected to enter this vessel’s route due to the exceptional quality of services offered by PCT, coupled with the port’s favorable prospect as a gateway to international sea trade.

The impressive OOCL PIRAEUS:
With an overall length of 399.9 meters and a molded width of 61.3 meters, the “OOCL PIRAEUS", built in 2023, has a nominal container capacity of 24,188 TEUs and is one of the largest container vessels in the world. The newly built vessel incorporates latest technology, and is equipped with advanced smart systems and upgraded green design, such as low resistance lines design and an energy-saving bulbous bow.
OOCL PIRAEUS has joined OOCL 's LL3 route since June calling at 13 ports on an 84-day round trip connecting South East Asia with North West Europe. It is the second ship, after OOCL SPAIN, which called at Piraeus in April this year, of a series of 12 mega container vessels ordered by OOCL and built in China by Dalian COSCO KHI Ship Engineering Co. Ltd. (DACKS).

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Members of Stephenson Harwood recently hosted a shipping, finance and wealth preservation seminar, and a panel discussion in Piraeus, Greece.
Partners Chris Vartzis, Emily Osborne, Jon Cripps, Kirsty MacHardy, Menelaus Kouzoupis and Rania Tadros from the firm's Piraeus, London and Dubai offices led presentations and a panel discussion.
Nigel Bowen - Morris, managing partner of Stephenson Harwood, Piraeus office, provided the welcome address, which was followed by a series of presentations and a panel discussion which explored a range of topics. These included:
“JOLCOs as alternative source of financing in shipping";
“New buildings, trading and beyond – common issues in a rising and falling market and sanctions concerns";
“Lessons from TV – what 'Succession', 'Billions' and 'Downton Abbey' can teach one about preserving one's family wealth"; and “Enforcement of arbitration awards in the Middle East".
Panelists included: Iraklis Tsirigotis, director of origination at Neptune Maritime Leasing; Michael Burgess, associate director at Ascension Finance; Michael de Visser, global head of shipping & intermodal at NIBC Bank N.V; Nikolaos Papanestis, senior representative officer at DNB Bank ASA; Ruby Chen, vice president at Chailease Finance Co. Ltd. and Vangelis Nomikos, CFA, director lending at ABN AMRO Bank N.V.
"We were pleased to welcome more than 120 representatives from across the shipping industry to this seminar in Piraeus" said Chris Vartzis, partner, Stephenson Harwood. "With experts present from a range of industries - shipbuilding, shipping finance, banking, investment, private equity, dispute resolution, tax and wealth management – including those involved in the Greek shipping market, we were able to attain our objective of initiating insightful and comprehensive discussions on key pertinent topics. We are proud of the seminar's success, the insights it has provided, and hope to host future sessions that will attract leading representatives and explore key issues and developments."
Stephenson Harwood is recognised as having one of the world’s leading shipping practices. With offices in key trading hubs, the firm offers comprehensive, specialist shipping advice across ship finance, marine insurance, maritime litigation and arbitration, corporate and tax services.

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The Union of Greek Shipowners (UGS) supports the ratification of the International Maritime Organization’s (IMO) Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC), by the governments of Bangladesh, a major ship recycling state and Liberia, one of the largest ship registries.
“As strong advocates of global regulations for our sector, we are especially pleased that the long-awaited entry into force of the HKC is now becoming a reality”, the President of the UGS, Ms. Melina Travlos stated. “This development is a major breakthrough, which the shipping industry has been promoting consistently and tirelessly”, she added.
With the HKC in effect, safe and environmentally responsible ship recycling practices will be guaranteed all over the world. The next step should be the revision of regional relevant regulations, such as the EU Ship Recycling Regulation. This will help remove any unnecessary hurdles in creating a global, unified set of health and safety standards when ships are recycled in HKC compliant yards globally.
“Shipping is indeed part of the solution in addressing environmental challenges. As an indispensable sector in the global supply chain, it abides by international ship recycling standards and practices to effect real environmental change without distorting competition”, Ms. Travlos concluded.

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The “Pireas 2023” two - day event included remarkable gatherings, the 8th Global Shipbrokers Forum under the title “Constant Challenges and Adaptive Industry” and the Gala Dinner on Thursday 29th June 2023 at Peace & Friendship Stadium.
Ship Owners, Ship Managers, Charterers, Shippers, Agents, Insurers, Banks, Lawyers, Brokers, Shipbuilders, Administrators Ports, Oil Suppliers, Telecommunications, Service Providers & Equipment, Charter and Sales Brokers met, exchanged views, strengthening existing collaborations or expanding into new professional horizons.
The Hellenic Shipbrokers Association hosted for one more time the World Maritime Community, as traditionally organised every second year since 1995 but this year’s event was co-hosted by the Baltic Exchange.
The forum opened with a welcome speech by Mr. John N. Cotzias (President of H.S.A.).
Mr. John N. Cotzias (President, Hellenic Shipbrokers Association), Mr. Charalambos Fafalios (Chairman, GSCC), Mr. Mark Jackson (CEO, Baltic Exchange), Prof. Angelos Pantouvakis (Dean, School of Maritime and Industry Director, M.Sc. in Shipping Management, University of Piraeus), Mr. George D. Pateras (President, Hellenic Chamber of Shipping).
Mr. Charalambos Symantonis (President of EENMA) and Moderator Mr. George Xiradakis (XRTC) discussed during the 1^st session the issue of Maritime Associations and Organisations and how the leading maritime organisations and associations ensure that their collective and individual voices are heard in a world of challenging and ever-changing regulations.
A Keynote Speech / Presentation followed by Mr. Yiannis Kourkoulis – Vice President (S&P) at Best Oasis.
The 2^nd session with speakers Μrs. Maria Livanou (Managing Director, Nilimar SnP), Ms. Foteini Mega (Partner, EY), Ms. Amalia Miliou-Theocharaki (Deputy Managing Director, TEO Shipping), Ms. Irini Mylona (Best Oasis, Commercial Executive Greece), Ms. Elpi Petraki (President, WISTA International), Ms. Katerina Stathopoulou (Exec Director, Investments and Finance, principal Co-Organiser The ESG Shipping Awards) and Moderator Mr. Martin Crawford-Brunt (the Baltic Exchange’s Carbon Lead) spoke on the issue of New Environmental regulations and the commercial impact on shipping.
The next session dealt with Dry Bulk Shipping: Dry bulk Shipping Outlook.
Moderator was Mr. George Alexandratos (CEO/Apollonia, Vice-president NEE) and speakers Mr. Stephen Aitchison (Senior Freight Assessor, Baltic Exchange), Mr. Tom Beney (Chief Commercial Officer, Suisse Atlantique), Mr. Andrew Benjamin (Delta Corp. Shipping, Executive Vice President), Mr. Kerry Deal (Head of Business Development & Institutional Sales, Freight Investor Services), Mr. Vassilis Mouyis (Director, Doric Shipbrokers), Cpt. Nikos Pentheroudakis (Honorary president HSA, Chartering Costamare), Mr. Aristidis J. Pittas (Chairman and Chief Executive Officer, EuroSeas).
The final session of the day discussed about Tanker Shipping and if Tanker markets are looking good after such a prolonged period of a near flat line of earnings.
Moderator was Mr. Matthew Cox (Head of Benchmark Production, Baltic Exchange) and speakers Mr. Stavros Dimitros (Head of Commercial Operations Interorient Marine Services Ltd.), Mr. Pankaj Khanna (CEO, Heidmar Inc.), Mr. Thanassis Kossidas (CEO, Aerio Shipmanagement Corp), Mr. George Lazaridis (Head of Research & Valuations, Allied QuantumSea), Mr. Ioannis Psarros (CCO and Deputy CEO, Signal Maritime Services)
Mr. Eddie Valentis (CEO, Pyxis Tankers).
The “Pireas 2023” two - day event was concluded with an exciting Gala Dinner on Thursday 29th June 2023 at Peace & Friendship Stadium.

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The DNV-Jotun-Kongsberg Joint Norwegian Workshop, held under the auspices of the Norwegian Embassy in Greece, brought together industry stakeholders on Tuesday, the 4th of July 2023, at Istioploikos in Piraeus. The workshop provided an insightful and productive platform for addressing emerging technologies, market trends, and regulatory changes impacting the maritime industry.
The workshop offered diverse presentations and engaging discussions, offering comprehensive coverage of the key topics affecting the industry's future. In particular, the event highlighted the collaborative efforts necessary to drive innovation and sustainability in the maritime sector. The insights shared and discussions will undoubtedly contribute to advancing sustainable practices and operational and technological innovation in the sector.
The agenda encompassed presentations from notable speakers, including: Ms Lajla Brandt Jakhelln, H.E. the Norwegian Ambassador to Greece and Cyprus, delivered the Welcome Speech, expressing her gratitude for the participants’ presence and setting the stage for the discussions.
Jason Stefanatos, Regional Decarbonization Director at DNV Maritime, delivered a thought-provoking presentation on navigating the Seas of Change in the Maritime Industry, emphasizing the importance of decarbonization initiatives and their impact on the sector.
Tom H Evensen, M.Sc., Regional Category Manager for Hull Performance at WESCA Jotun, presented Jotun’s Clean Shipping Commitment, and outlined the company’s dedication to environmentally friendly practices and technologies.
Oskar Levander, Vice President of Strategy & Business Development, Integration & Energy at Kongsberg Maritime, addressed the upcoming fuel transition, shedding light on the challenges and opportunities associated with this significant shift.
The event concluded with a discussion panel, moderated by George Teriakidis, Area Manager for the East Mediterranean & Black Sea at DNV Maritime.
Following the stimulating discussions, attendees had the opportunity to network and establish connections during the cocktail party, fostering new collaborations and partnerships within the maritime industry.

Photos: George Savvoulidis

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GRM (Global Risk Management) and Baseblue are thrilled to announce the successful conclusion of the “Navigating the Seas of Change” conference held in Piraeus on June 28, 2023.
The event brought together an exceptional gathering of industry experts, analysts, and professionals, resulting in valuable insights and empowering discussions surrounding the global oil market, energy transition, and maritime sector.
Kicking off the conference, Dr Leo Drollas, Independent Energy Consultant and former Chief Economist at CGES (Center for Global Energy Studies) delivered a captivating keynote address, shedding light on the intricacies of the global oil market, with a particular focus on OPEC and Russian supply dynamics.
Drollas highlighted the strong recovery of Brent oil prices in 2021, driven by improved oil demand and measured output response from OPEC. He also discussed the price turbulence experienced in 2022 due to Russia’s invasion of Ukraine and the subsequent restrictions on Russian oil exports. Despite severe sanctions by Europe and the US, Russia managed to increase its oil exports to countries such as China, India, Turkey, and other destinations. Drollas emphasised the significance of continuous investment in the oil and gas industries to combat natural decline and ensure future sustainability.
Continuing the momentum, Arne Lohmann Rasmussen, Chief Analyst and Head of Research at Global Risk Management provided a comprehensive analysis of the demand view of the global oil market. Rasmussen’s presentation addressed the Chinese reopening and the potential global recession risks, imparting vital knowledge and perspectives to the audience. Participants left equipped with a better understanding of market trends and their potential impact on their businesses.
Furthermore, the conference shed light on the maritime sector's crucial role in the EU ETS (Emissions Trading System). Dennis Lysemose Andersen, Head of Sales at Global Risk Management, presented the process of purchasing EUAs (carbon allowances) within the EU ETS.
During the presentation, it was emphasised that the EU ETS aims to reduce overall emissions by 55% compared to 1990 levels, with a specific target of 62% sector emissions reductions by 2030 (from 2005 levels).
The responsibility of surrendering the allowances lies with the shipping companies operating within EU waters.
Each country’s legislation and interpretation may vary, but the responsibility is believed to be on the ship owner, the ship (technical) manager, or the bareboat charterer.
Companies operating in EU waters will be obliged to comply with EU regulations. They must surrender the allowances to their local authorities. The EU is expected to publish the list of responsible companies by February 2024, providing clarity and transparency for the industry. Attendees gained practical guidance on when, how, and where to buy EUAs, empowering them to navigate the evolving landscape of emissions trading effectively.
The “Navigating the Seas of Change” conference provided industry professionals with an unparalleled networking and knowledge-sharing platform. The results were profound, with attendees leaving the event equipped with actionable insights and fresh perspectives. The connections made, and the knowledge gained during the conference will undoubtedly contribute to fostering innovative approaches and driving positive change within the energy sector. GRM and Baseblue would like to extend their heartfelt gratitude to all the speakers, attendees, and partners who contributed to the success of the conference.

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On June 26, 2016, thousands of people observed the beginning of a new era for the country with the inauguration of the Panama Canal expansion. 
The new locks gave way to the transit of the container ship COSCO SHIPPING PANAMA, marking a before and after for the movement of cargo around the world, while the Canal fulfilled its mission to bring greater benefits to the country. 
The Canal Expansion became the largest enhancement project undertaken since the Canal's original opening in 1914, allowing the waterway to provide shipping lines, retailers, manufacturers and consumers with greater shipping options, better maritime service, enhanced supply chain reliability and sustainability. 
The expansion also opened the waterway to 90 percent of the global LNG fleet for the first time in 2016, offering significant time savings for LNG producers in the United States and Latin America when exporting to the South America West Coast and Asia. 
Additionally, it increased the route’s emission savings for customers by allowing them to transport even greater amounts of cargo in less voyages, reducing time, fuel, and emissions significantly. 
As a result, it has caused a ripple effect on the local and global economy, impacting shipping and trade, as ports worldwide expand to accommodate larger ships, and benefitting those across the supply chain in every region the Panama Canal serves.  
Consistent with its commitment to its customers, until the first week of June, over 20,600 vessels have safely transited the Neopanamax locks since their inauguration in 2016. 

Expansion figures 
The Neopanamax Locks were initially expected to serve vessels with a maximum of 12,600 twenty-foot equivalent units (TEUs); however, the Panama Canal team quickly managed to exceed this threshold, thanks in part to the experience they gained operating the locks and their close collaboration with customers.   
Their ability to support larger vessels such as the Zephyr, which has a total capacity of 16,285 TEUs, enabled the Neopanamax Locks to accommodate 53 percent of the total Panama Canal tons that transited the waterway in FY2022. 
The Neopanamax Locks continue to account for more than 50 percent of the Canal's total tonnage, with more than 270 million Panama Canal tons (PC/UMS) between June 2022 and last May. 

Connectivity  
Given its privileged and strategic geographic location, Panama and the Panama Canal offer unsurpassed advantages to the world’s maritime commerce.  
Ships from all parts of the world transit the Panama Canal daily, and 13 to 14 thousand vessels transit the Canal every year. The waterway serves more than 180 maritime routes, connecting 170 countries and reaching approximately 1,920 ports in the world. 
Transiting the Panama Canal considerably reduces voyage time for vessels traveling from the U.S. Gulf Coast to markets in Asia.  
Sailing from the US East Coast to Asia through the Expanded Canal takes 20 days, compared to 35.6 days for voyages through Cape Horn, 31.6 days through Cape of Good Hope, or 29.5 days if transiting through the Suez Canal. 

Green Route  
The Canal’s all-water route requires fewer cargo movements compared to freight transportation via air, truck or rail. Given the shorter traveling distance and larger TEU capacity it offers, the Canal reduces fuel consumption and therefore emissions, having a positive impact on the reduction of global greenhouse gases compared to other routes.  
The waterway is more than a shortcut. In addition to offering safe, reliable, and efficient service, the Panama Canal offers unmatched environmental advantages to its customers.   

Water and climate challenges 
This seventh anniversary comes with important challenges on water and climate.   
The Panama Canal is closely monitoring the development of weather events affecting water availability in the Canal Watershed, which according to forecasts, could worsen with the arrival of the El Niño phenomenon. 
Due to the extended drought, in advance, the Panama Canal informed its customers that based on the current and projected levels of our water reservoirs to enforce maximum authorized drafts in the Neopanamax and Panamax Locks. 
In response, the Canal is enforcing water saving measures during the rainy months to aid water recovery throughout the surrounding lakes and, thus, guarantee resources for human consumption without affecting transits. Although, current estimates indicate that the economic impact is unavoidable. 

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