Friday, May 15, 2026

UK

Babcock Runs Into Costly Rework Issues in Type 31 Program

HMS Venturer, one of the two affected ulls, rolls out in preparation for launch (Babcock press handout)
HMS Venturer, one of the two affected ulls, rolls out in preparation for launch (Babcock press handout)

Published May 14, 2026 11:35 PM by The Maritime Executive

 

On Wednesday, British defense shipbuilder Babcock told its investors that it would be taking a steep charge due to rework on the first two hulls in the Type 31 frigate class. The Type 31 is a much-needed replacement for the Royal Navy's aging Type 23, and Babcock said that the extra effort is interfering with productivity. 

In a regulatory filing, Babcock said that it is experiencing higher than planned amounts of rework, and at a later stage of construction completion - when such work is more costly and complex to carry out. The excess rework is design-related, the company said, and affects only the first two hulls in the series. Vessels three and four are still in the early stages of construction, and are not affected by late-breaking design modifications. 

Babcock said that the rework is impeding its efforts to raise yard productivity on the program - and since the contract contains fixed-price elements, the added costs from the extra work will affect its bottom line. The firm says that it will cost about $190 million over time, including extra labor, materials, and provisions for additional program risk. An engineering maturity review is under way. 

The affected ships, HMS Venturer and HMS Active, have already been launched and are undergoing outfitting. The UK's national shipbuilding strategy of 2017 envisioned a 2023 in-service date for the first hull; this was later pushed to 2027. Timely delivery is essential, as the service's previous Type 23 frigates are in deteriorating condition and are rapidly aging out of service - just when their capability is needed most to deter an increasingly active Russian Navy.

The design change Babcock cited on Wednesday may relate to the confirmed selection of the Mk41 VLS cell system, the ubiquitous American design for launch of air defense interceptors and cruise missiles, according to British defense media. Several VLS options were proposed earlier in development, but in 2023, then-First Sea Lord Ben Key confirmed that a 32-cell Mk41 package would be aboard the Type 31. 

The Mk41 units may be a "fitted-for-but-not-with" capability at the time of delivery of the first hulls, earlier reporting indicates. The ships are built to carry the cell modules, but the modules themselves might be installed during future maintenance availabilities, the service told Naval Technology in 2024 - thereby prioritizing the vessel delivery timeline.

 

IMO Maritime Safety Committee Convenes in London to Discuss Safety and Security

International Maritime Organization
International Maritime Organization Secretary-General, Arsenio Dominguez

Published May 13, 2026 4:54 PM by The Maritime Executive


[By: International Maritime Organization]

IMO Secretary-General Arsenio Dominguez opened the 111th session of the Maritime Safety Committee of the International Maritime Organization today, which brings together IMO's 176 Member States to discuss issues related to the safety and security of international shipping.

Key items on the agenda (18 to 22 May) include the adoption of the first non-mandatory Code to regulate autonomous ships, enhancing maritime security, updates on piracy and armed robbery against ships, and efforts to develop a a safety regulatory framework for alternative fuels.

The Committee will also discuss the impacts on shipping and seafarers of the situation in the Arabian Sea, the Sea of Oman and the Gulf region, particularly in and around the Strait of Hormuz.

Opening the session, Secretary-General Dominguez highlighted the ongoing challenges in the Strait of Hormuz, including 38 verified attacks on international shipping, 11 seafarer fatalities with around 20,000 still effectively stranded. IMO has developed an evacuation plan for vessels and seafarers, to be implemented once it is safe to do so. 

"These seafarers are facing sustained security threats and severe psychological pressure. This is an unacceptable situation for a civilian workforce.... The longer this situation persists, the greater the risk of a serious maritime incident," he said.

The meeting runs from 18 May to 22 May. 

  • Browse photo galleries of the MSC 111 opening + press event
  • Download a recording of the press Q&A with IMO Secretary-General
  • Download b-roll
  • Read Secretary-General's full opening statement
  • IMO incidents page Strait of Hormuz

The products and services herein described in this press release are not endorsed by The Maritime Executive.

SWEDEN

E-Methanol Producer Liquid Wind Enters Bankruptcy Administration

Ovik energy plant
A combined heat and power plant in Ornskoldsvik, Sweden, one of Liquid Wind's proposed project sites (Press handout image courtesy Ovik Energi)

Published May 14, 2026 9:36 PM by The Maritime Executive


In a blow for green shipping, the e-fuel maker Liquid Wind AB has entered bankruptcy administration and will be sold off, raising questions about the future of its methanol plant project pipeline. The industry already faces a supply shortage, and it is as-yet unclear where adequate quantities of e-fuels will come from in order to power shipping's green transition. 

Liquid Wind is a specialist in e-methanol, an energy storage process that takes renewable energy and uses it to create a physical commodity - a liquid fuel, suitable for running an internal combustion engine. It is particularly suitable for hard-to-abate industries like shipping, where high energy density and long endurance between refueling stops are fundamental requirements. 

The process requires a source of CO2; if the CO2 is derived from biomass combustion, the resulting product is fossil-free and net carbon-neutral. Liquid Wind has six different combined heat and power projects in its sights, each offering a plentiful stream of biogenic CO2 which could be captured and turned into methanol (using plenty of electricity, clean water and a bit of chemistry). It had hoped to have 10 projects under way by 2030, each producing about 100,000 tonnes of green methanol annually; given the low gravimetric energy density of methanol, the output of each plant would be enough to run one ULCV container ship for roughly 125-250 days of steaming, depending upon speed.    

On Monday, Liquid Wind was declared bankrupt, and its management was handed to a court-appointed trustee. The entirety of the business is up for sale, including its Finnish and Swedish subsidiaries. The firm did not provide further details. 

The bankruptcy comes despite many notable successes - partnerships with major industrial brands like Alfa Laval and Siemens Energy, a successful $44 million equity raise, project sponsorship from the Swedish Energy Agency, and financing from big names like Samsung Ventures and Uniper. 

Just days before the announcement, Liquid Wind had submitted its environmental permit application for a project at a combined heat and power plant at Ornskoldsvik. The new e-methanol facility was designed to take biogenic CO2 from a biomass-fueled powerplant on the waterfront, output e-methanol, and provide district heating to nearby buildings using the waste heat from the process. The fuel for the powerplant comes mostly from forest industry waste products, and the electricity would come from nearby renewable-energy projects.

"With strong local collaboration and integration with Ovik Energi’s CHP plant, we can deliver locally produced volumes of sustainable eMethanol—especially in sectors where alternatives are still limited and reliance on imported fossil fuels remains high," said founder and then-chief executive Claes Fredriksson on May 5.

 

Hapag-Lloyd Calls Q1 "Unsatisfactory" While Warning of Uncertainty

Hapag-Lloyd containership
Hapag-Lloyd points to considerable uncertainty and highly volatile markets based on freight rates and the conflict in the Middle East (HL)

Published May 13, 2026 7:29 PM by The Maritime Executive


Hapag-Lloyd was the latest carrier to report dramatically lower first quarter financial results. Reporting that the company swung to a financial loss for the quarter, management called the quarter’s performance "unsatisfactory" but maintained its financial outlook for the full year.

The world’s fifth-largest container carrier, which is poised to leap forward with the pending acquisition of Zim, said the near-term outlook remains subject to “considerable uncertainty due to highly volatile development of freight rates and the conflict in the Middle East.”  While sounding cautious over the challenging, volatile market environment, management told investors the second quarter of 2026 was seeing some improvements. It said the company was experiencing stronger cargo volumes and "healthy" forward booking trends.

“The first quarter of 2026 was unsatisfactory for us, with weather-related supply chain disruptions and pressure on freight rates leading to significantly lower results,” said Rolf Habben Jansen, CEO of Hapag-Lloyd. He cited a nearly one percent decline in volumes while reporting the average freight rate fell 9.5 percent on weaker demand.

The company also pointed to operational disruptions during the first quarter. It said bad weather conditions in Europe and North America had caused disruptions in terminal operations and supply chain issues. Like all of the carriers, it also experienced issues with geopolitical issues and specifically the blockade of the Strait of Hormuz. In late April, the company said it still had four vessels stuck in the Persian Gulf. One ship, however, was able to make the transit during one of the lulls in the fighting. One other ship had come off charter while waiting in the Persian Gulf.

Hapag reported an 18 percent decline in first quarter revenues to $4.8 billion for its shipping segment and $4.92 billion for the group. The company also swung to financial losses on both an EBITDA and group profit level, reporting that overall profit went from $469 million in Q1 last year to a loss of $256 million this year.

Volumes, however, remained stable during the quarter at approximately 3.2 million TEU, which the company noted was largely on par with the year ago. Further, Jansen said the Gemini network (partnership with Maersk) had proven its resilience even under difficult conditions, helping the company to maintain a reliable service offering. The financial results were also helped by the weaker U.S. dollar, which contributed to a reported six percent decline in costs. Costs would have increased 4.6 percent if adjusted for currency.

While a smaller portion of the overall group, Hapag’s terminal operations helped to offset the pressures in ocean shipping. Revenues from its terminals were up for the quarter, in part due to the first incorporation of its acquisition of India’s JM Baxi into the results. Hapag also said it had strong volumes in both Latin America and India.

While Jansen expects the markets will continue to be highly volatile, he said Hapag was moving forward on its strategy while also maintaining rigorous cost controls. 

Hapag maintained its financial forecast, which projects group EBIT in the range of a loss of $1.5 billion to a profit of $500 million for the full year. 

 

CMA CGM Pledges $800 Million Funding to Kenya’s Mombasa Port

Mombasa, Kenya
Mombasa, Kenya looks to expand its port capabilities with the CMA CGM investment (KPA)

Published May 12, 2026 5:41 PM by The Maritime Executive

 

CMA CGM has announced an investment of $800 million in Kenya’s Mombasa Port. The deal was signed on the sidelines of the Africa Forward Summit in Nairobi early this week, co-hosted by France with President Emmanuel Macron in attendance. 

The investment will go into upgrading two Mombasa Container Terminals at a time when the Kenyan port is seeing increased cargo flows. Last year, Mombasa Port handled 2.11 million TEUs, recording a growth of 5.5 percent from the previous year.

With these record cargo levels, Mombasa port is said to be operating at almost its full capacity. This has prompted the Kenyan government to introduce some reforms, including transitioning the port into a landlord model. In April, the National Treasury said that it had opened up several Kenya Ports Authority (KPA) assets to private investors. These include Mombasa Port Container Terminal II (berths 20-22) and Mombasa Port Container Terminal (berths 23-224).

The CMA CGM investment is likely happening under this arrangement, as the company has pledged to reinforce its logistics and maritime capacities in East and Central Africa. Mombasa Port is a trade gateway for East Africa’s landlocked countries, including Rwanda, Uganda, and South Sudan.

While Mombasa Port attracted the French deal, Kenya’s greenfield port of Lamu also celebrated an operational milestone this week. The port received MV Baltimore Express, the largest containership to ever dock at any port in East and Central Africa. The Post-Panamax vessel, measuring 369 meters in length, arrived from Oman’s Salalah port. The vessel is operated by the German shipping line Hapag-Lloyd. The vessel is at the port to restow some of the dangerous cargo onboard. In 2025, Lamu’s cargo volume rose by over 900 percent, from 74,380 tons in 2024 to 799,161 tons last year. The growth can be partly attributed to the port’s rising transshipment role. 

CMA CGM added that its funding for Mombasa port development follows its recent opening of an African regional office in Abidjan, Côte d'Ivoire. In the past few years, CMA CGM has become heavily involved in port upgrades on the African continent. In Nigeria, for instance, the company is part of the 100 percent electric barge project at the Lekki Deep Sea Port. In Egypt and Morocco, the company has also invested in container terminal infrastructure. 

 

A startup confronts water shortages by pulling it out of the air


Stock image.

The large metallic white box sits in a Southern California parking lot, looking unremarkable until water starts flowing from a hose attached to it. Peer inside, though, and it’s nearly empty but for some wires, tubes and a container of light-colored material. 

The water isn’t being conjured out of thin air by magic but by MOFs— metallic organic frameworks. MOFs are nanocrystalline structures engineered at an atomic level to attract specific molecules. In this case that’s H2O and the machine made by startup Atoco is silently harvesting molecules from the surrounding air and storing them in the material’s porous cavities that serve as microscopic water tanks.

Atoco founder Omar Yaghi shared the 2025 Nobel Prize in chemistry for pioneering MOFs and on an April morning he gave Bloomberg News an exclusive demonstration of the commercial prototype of its atmospheric water harvester in the lot outside the company’s Orange County laboratory. 

In the wake of the Iran war, interest in the technology has risen as the giant desalination plants that supply water to tens of millions of people in the Middle East have become military targets. “There’s a new realization of the vulnerability and security risk of centralized water systems,” said Samer Taha, Atoco’s chief executive officer, who is based in Irvine, California.

Set to go into production later this year, the shipping container-sized machine will produce up to 4,000 liters (1,057 gallons) of water daily and can be installed at data centers, hospitals and other critical infrastructure. An off-the-grid model that operates on ambient sunlight and produces less water can be deployed to communities where water must now be trucked in. 

“This becomes absolutely essential in alleviating the problems we are facing on our planet in terms of water scarcity,” said Yaghi, 61, a University of California at Berkeley chemistry professor who started Atoco in 2021.

Climate change is only intensifying those risks as drought and heat waves dry up rivers and reservoirs, with half the global population experiencing water shortages, according to the United Nations. In the US, Colorado River flows that supply water to 40 million people are declining dramatically amid record-low snowpack. Communities across the country are battling artificial intelligence data centers that threaten to drain already depleted aquifers while nearly a million Californians lack access to safe drinking water  largely due to agricultural pollution. Some 500,000 people in Corpus Christi, Texas, face running out of water next year from a lack of rain.

“You’re going to see more Corpus Christis around the world,” said Wendy Jepson, who researches water security at Texas A&M University, adding that crumbling infrastructure and poor policy decisions are exacerbating the water crisis.

Those cities have few options to acquire water. One is to build plants to desalinate seawater, a multibillion-dollar, years-long undertaking that requires enormous amounts of electricity and harms marine life. 

“You have societies and economies that are highly dependent on desalination with few backups and alternatives,” said David Michel, a senior associate for water security at the Center for Strategic and International Studies. He said atmospheric water harvesting is unlikely to replace desalination in the near term but “seems very well placed to extend the water supply.”

Atoco’s technology, which can operate in arid climates, promises the advent of a new decentralized water source, just as solar panels and batteries have allowed homeowners and businesses to tap the sun and insulate themselves from an increasingly unreliable power grid. 

For instance, in Ethiopia, where many residents have sporadic access to water, an off-the-grid Atoco atmospheric harvester could supply about eight households in a village. It would take around a dozen of the machines to service a water-efficient data center in California.

Yaghi, the son of Palestinian refugees, grew up in Jordan in a one-room dwelling shared with nine siblings and the family’s cows. The house had no electricity or running water and his task as a child was to fill as many containers as he could find when the government delivered water to his village every week or two. 

“We want everyone on our planet to have water independence where you’re in control of your own water,” said Yaghi. “We’re showing this today to show the power of being able to harness an infinite resource of water that is the air.”

The unassuming appearance of the water harvester prototype belies its mind-bending physics. Largely constructed of common elements such as carbon, nitrogen, hydrogen, copper and aluminum, an ounce of MOF material can contain the surface area of a soccer field. (Imagine crumpling up a sheet of paper. It’s now a fraction of its original size but contains the same surface area within the folds.)

After the MOFs invisibly gather H2O, the harvester rumbles to life to apply heat to the material to dislodge the molecules. A condenser converts the water vapor into liquid, which starts pouring from a slender tube. Yaghi fills a glass for Taha and then grinning, drinks from the hose before handing a glass to Gray Davis, Atoco’s legal advisor and a former California governor. 

There’s so much water in the atmosphere – more than all the world’s lakes and rivers – that’s constantly being replenished that harvesting H2O wouldn’t disrupt that cycle, according to Atoco.

Atoco expects to make and sell 200 harvesters in 2027. The company isn’t taking orders yet, but it said it has more expressions of interest in purchasing the machines than current production capacity. Samer said the company has been testing the machine with partners around the world, including in the desert southwest of the US. Atoco hasn’t disclosed pricing though it notes the production model will be capable of supplying water for a few cents a liter, which is more expensive than desalinated water.

But since the MOFs only attract H2O molecules, the water is free of PFAS, microplastics and other contaminants often found in the water supply. Atoco and competitor AirJoule Technologies are targeting data centers and semiconductor plants, which need pure water for cooling and manufacturing but often seek to operate in water-stressed communities.

“They’re under all kinds of pressure for water,” said AirJoule Chief Executive Officer Matt Jore, whose company expects to begin production later this year of a MOF-based atmospheric water harvester that can produce 2,000 liters a day. He said the company, a joint venture with GE Vernova, is testing its technology in the Middle East and has seen a spike in interest from the region since the Iran war. 

 In the US, atmospheric water harvesting could help alleviate water strains from the AI boom, according to Jepson, the Texas A&M professor. “If this kind of technology can be integrated into data centers, you’re offloading the pressure on water systems for people, which potentially is a really huge gain,” she said.

(By Todd Woody)

 COAL

Sandvik Ground Support inks deal to establish local US manufacturing joint venture


Sandvik Fasloc resin capsules. Image supplied.

Sandvik has signed an agreement to form a joint venture with Alpha Metallurgical Resources (NYSE: AMR) through which it will establish local manufacturing for its ground support business in the US market.

In addition to the joint venture, in which Sandvik will hold a 51% stake and Alpha 49%, the setup also includes a long-term exclusive supply agreement with Alpha.

“Re-entering the US ground support market with a local manufacturing presence is strategically important, and this initiative will allow our ground support business to strengthen customer relationships, shorten lead times and build a scalable platform for long-term growth in North America,” said Mats Eriksson, president of Sandvik Mining.

“Creating this joint venture with Sandvik is a step in securing our supply chain by manufacturing more of our mining materials here in Central Appalachia,” said Andy Eidson, chief executive officer of Alpha Metallurgical Resources. “We are excited about the expected benefit to Alpha and, more broadly, to West Virginia.”

Production is planned at a new 100,000-square-foot facility in West Virginia, primarily focused on rock bolt and resin capsule manufacturing, but with potential to expand the product offering over time.

In addition to the long-term supply agreement with Alpha, the joint venture will also support sales to third-party customers.

Alpha is a leading US-based producer of high-quality metallurgical coal, which is a critical component in traditional steel production. With a portfolio of mining operations primarily located in Central Appalachia, Alpha serves a global customer base across North America, Europe, South America and Asia.






POTASH/FERTILIZER

Family offices build stake in niche miner after stock soars 900%


Millennial Potash Corp. is advancing the Banio project, a large-scale potash development along Gabon’s southern coast. Credit: Millennial Potash Corp.

For decades, the risky world of early-stage mining ventures was the playground of institutional funds and commodity trading houses. But after a more than 900% rally in a little-known Canadian potash developer last year, a new class of investors is moving in: family offices.

Millennial Potash Corp. has attracted a group of ultra-high-net-worth clans that are increasingly bypassing traditional funds to take direct stakes in critical resources. Potash, a potassium-rich salt, is a fertilizer for crops ranging from cereals to potatoes, helping boost yields and plant resilience. The Vancouver-area miner is developing a potash project in Gabon and has no other revenue.

“We have actually seen very unusual interest coming from family offices,” said chairman Farhad Abasov. “Usually, we don’t see a lot of this capital coming into the junior mining sector.”

The investment push is led by The Quaternary Group, a Singapore-based investment entity representing Ross Hamou-Jennings, the former Asia chairman of Cargill Inc., the commodities and agriculture giant. Quaternary owns roughly 25% of the potash miner, and Hamou-Jennings is using his industry knowledge to bridge a valuation gap he identified in the company. He views potash as an essential, $30 billion niche market where global powers like the US and China lack self-sufficiency. The US added potash to its list of critical minerals in November, boosting Millennial’s shares.

The Banio project plans to use the deep-water port at Mayumba, along the west coast of Africa. That will allow shipments to reach major markets like Brazil while bypassing traditional choke points, according to Millennial’s website.

Despite a pullback after last year’s 900% surge, the company has a market value of about C$313 million ($228 million). SCP Research rates the stock a “buy,” banking on Abasov’s proven track record at Potash One and Allana Potash to drive the next phase of growth.

Millennial Potash shares rose 1.5% in early trading in Toronto Wednesday, trimming losses this year to 20%.

Another backer is Hong Kong’s Cavendish Investment Corp. This multi-family office, which generally invests between $5 million and $50 million, views fertilizers as strategic assets critical to navigating increasingly fractured global supply chains.

These firms are part of a growing club of private wealth that prefers direct ownership over managed funds. Colombia’s richest man, Jaime Gilinski, has repeatedly increased his stake in independent oil and gas producer GeoPark Ltd., seeing it as a vehicle to enter Venezuela’s recovering energy sector. Similarly, the heirs of Swedish tycoon Adolf Lundin spent nearly C$40 million in March to boost holdings in copper and diamond miners amid supply-chain squeezes.

Beyond Quaternary and Cavendish, Millennial Potash’s investor list is populated by family offices operating just below public disclosure thresholds. The company has attracted investments from a Canadian family office, a US-based office and another wealthy family from the Persian Gulf, all holding just under 5%, according to Abasov. He is talking to family offices in Hong Kong and Singapore to drum up more investor interest.

Jean-Sebastien Jacquetin, managing partner at Cavendish, notes that families are increasingly moving beyond passive investments.

“Sometimes families aren’t just managing wealth – they are active operators in sectors like mining, healthcare, or renewables,” said Jacquetin. “Given the current geopolitical environment and the war, people are going back to fundamentals.”

Many of these family offices, including Quaternary and Cavendish, already have a niche background in commodities.

Hamou-Jennings said he prefers to own large, direct stakes in bottleneck resources. Apart from Millennial Potash, he has invested in P2 Gold Inc., a Canadian precious metals explorer, and Surge Battery Metals Inc., another penny stock based in the Vancouver area.

“It is clearly happening,” Hamou-Jennings said of the rising interest from family offices in the natural resource space. “It seems to be increasing in Asia; I think it was more common a year ago in North America.”

He notes that many families wait too long to pull the trigger on these early-stage companies. “They shouldn’t think they can wait for the project to de-risk at a higher valuation and still get a private placement, because at that point, the company just won’t need the money,” he said.

Cavendish, the multi-family office run by the former chairman of a Hong Kong jewelry company, is heavily involved in commodities and metals. In August, the firm told Bloomberg that it was allocating roughly a third of its portfolio to the physical gold trade.

(By Diana Li)

 

Cameco halts Saskatchewan uranium operations after floods

A view of the area around Cameco’s McArthur River mine. (Image courtesy of Cameco.)

Canada’s Cameco (TSX: CCO)(NYSE: CCJ) has temporarily halted production activities at its Key Lake mill and reduced activity at its McArthur River mine after flooding damaged transport infrastructure in northern Saskatchewan.

The uranium producer said its sites were not directly affected by flooding, but the collapse of the Smoothstone River Bridge disrupted the primary route used to move supplies to McArthur River and Key Lake. Restrictions on an alternative road have also limited Cameco’s ability to reroute deliveries.

Cameco said it will not resume full operations until normal deliveries of critical operating materials can restart. The timeline remains unknown.

“If the Key Lake mill is down for a full month, McArthur River would almost certainly be forced into a total production halt,” Uranium Equities analysts said. They estimated the direct production impact could be about 1.5 million pounds of uranium.

The analysts said McArthur River’s slurry tanks and mobile truck containers can hold only about seven to 10 days of full production.

Cameco said the Cigar Lake mine continues to operate and its consolidated annual production plan remains unchanged. The company warned, however, that prolonged road restrictions and continued disruption to deliveries of critical operating materials could affect the 2026 production outlook for the McArthur River/Key Lake operation.

Any production shortfall may force the company to buy or borrow uranium to meet commitments, potentially weighing on free cash flow, BMO analyst Alexander Pearce said in a note.

Disruptions at McArthur River — one of the world’s largest uranium mines and a major contributor to global supply — could further tighten an already undersupplied uranium market and support spot uranium prices, Pearce added.

 

Kazzinc says its Zinc plants are running at reduced capacity after blast


Furnace operators at Glencore’s Kazakhstan precious metals refinery. Image: VisMedia

Mining company Kazzinc said on Tuesday that its zinc and lead plants at the Ust‑Kamenogorsk metallurgical complex in eastern Kazakhstan were operating at a reduced capacity after an explosion last week.

Three people were killed and five others injured in the explosion at Kazzinc’s zinc plant in Ust‑Kamenogorsk. The company, Kazakhstan’s largest producer of zinc, lead and precious metals – owned by Glencore – did not disclose how output has been affected.

Kazzinc said clean-up operations at the site and an investigation into the incident were ongoing.

(By Maiya Gordeyeva and Maxim Rodionov; Editing by Andrew Osborn)