Hapagloid finished its fiscal year 2016 better than many other competitors. Joining me now is Ralph Habenjanzen, the CEO of Hapagloid. Are you happy with the results? Well in the end I think if you compare our results with many of our competitors, our result is reasonable but on the other hand in the end it's still a loss so from that perspective it's not totally satisfactory. What do you expect of supply and demand this year? Well supply and demand are starting to get closer together because we see barely no new orders, we see increased scrapping and there's also fair amount of ships still being laid up so it is getting closer together but it will still take a little bit of time before it's really embellished. What else are the main topics in 2017? That's difficult to say, I mean 2017 has been off to a good start, certainly volume wise and now we need to see whether the market recovers further, there are certainly some encouraging signs but we'll have to see. We have to work hard like every year, continue to work on course, take care of the customers and then hopefully we'll see a better 17 than we saw in 2016. The oil price has risen, what does it mean for your business? Well for our business it means that the cost goes up which especially in the beginning is always a bit of a challenge because it takes some time before you can pass that on to the customer. In general I think to have an oil price that is not too low is actually good for our business because it also prevents people from doing irrational things. What are the advantages of the merger between HEPA-Gloid and the Arabian shipping company UASC? For us it brings a couple of things, it gives us access to the market in the Middle East, it allows us to reach again a fair amount of synergies, definitely over 400 million dollars, it gives us a better fleet because the fleets of both companies are very complimentary and it also further strengthens our shareholder base because we get two additional strong shareholders of HEPA-Gloid. There is a lot going on in your industry, there are still smaller and midsize shipping companies, do you expect more takeovers or bankruptcies in the near future? Well we've seen a lot of activity over the last 12 months, so it's difficult to see much more in the upcoming couple of quarters but I do think that there is going to be further consolidation but I doubt whether it's going to be in 17, probably a little bit later on that. Ralph Habenjanzin, CEO of HEPA-Gloid, thank you very much for the interview and thank you for watching.