Within our Investment Horizon Outlook, we maintain growth in seaborne metallurgical coal demand over the next 10 years. Current supply projections show operating capacity will meet demand until late in the outlook. Despite this growing metallurgical coal demand outlook, miners face risks at every corner with environmental, social and governance (ESG) pressures continuing to add complications to their operational and project investment decisions. The unique challenge for projects coming online over the next 10 years is not only to be cost-competitive but also environmentally competitive. The Russia-Ukraine war continues to bleed into metallurgical coal markets, impacting tradeflows still recovering from supply tightness during the pandemic recovery. We believe that these market deviations will persist through the length of our Investment Horizon Outlook.