Ameropa Paraguay was officially incorporated on 5th April 2022 and we went live in June. As part of our strategy to Get Closer to the grower, we took the decision in 2021 to establish an office in Paraguay for the purpose of importing fertilizers and delivering bulk blended products to fertilizer distributors in the country. We have been supplying the Paraguay market in the past but mainly on the basis of as and when we had available unsold cargoes on our vessels headed for Argentina. With the new operation in Paraguay we are able to make deliberate decisions of importing inventories to maintain a constant supply presence that will be valued by local distributors and growers. 
 
Our first year with local presence (2021) not only showed good results in terms of volumes but also allowed us to sell bulk blends, deliver cargo in trucks to final customers and obtain exclusivity agreements.  2022 has proven to be a challenge for the world, Paraguay in particular was hit by the 70% loss of the 2022 soybean harvest, however the decrease in volume allowed us to focus on setting up our office and learning about the market.
 
With the local set up we aim to continue to strengthen synergies under the overall Ameropa Conosur structure as well as increase cooperation with our Brazilian office.  We expect the import and distribution operation in Paraguay will be able to nicely leverage our extensive activities in Brazil and Argentina.