We think air passenger demand will remain healthy and drive sustained revenue growth for airlines in 2025. Aircraft delivery delays and engine issues are likely to persist and could further defer some of our forecast heavy capital expenditure on new aircraft. Container liners and containership tonnage providers benefitted from much higher freight rates than we had previously forecast in 2024, due to ongoing Red Sea disruptions alongside trade volume growth. Normalization of earnings is expected in 2025 as significant new capacity additions continue to come online. We think earnings growth and financial policies will support continued ratings stability for our rated railroads in 2025.