“I do not think you will see full normalization this year. Once those issues are resolved, normalization will likely take into the early part of next year.”

In context

“Sanjiv Lamba (Chief Executive Officer): So starting with helium, I am really pleased with how the team has navigated these developments over the last many months. We have ensured reliable and safe supply to our existing contracted customers, and we have had positive feedback. Our teams have also signed up new customers with long-term contracts, leveraging our diverse sources in the helium supply chain, our asset base, and our logistics capability for tanks and shipping. Pricing has moved up, which is positive. With dislocation costs related to helium, the overall recovery does not fully show through in margins yet, but I fully expect improvements over the next couple of quarters. Looking ahead, we remain confident in our ability to maintain the supply chain despite recent developments in the Strait of Hormuz. Any change there and restarting helium production back in Qatar with alignment of tanks, shipping, and other elements will have a lasting impact for the rest of the year. I do not think you will see full normalization this year. Once those issues are resolved, normalization will likely take into the early part of next year. Regarding other markets, countries in Asia highly dependent on hydrocarbons from the Middle East have scaled back industrial activity; markets like India, some parts of ASEAN, Australia, and to a lesser extent China have felt that. Once there is a resolution, normalization will happen fairly quickly, but each country is managing the situation differently in the meantime.”