Hello, and welcome to the Norden Q3 2023 Results presentation. My name is Elliot, and I'll be coordinating your call today. If you would like to register a question during today's event, please press Star followed by one on your telephone keypad. I'd now like to hand over to Stig Frederiksen, Head of Investor Relations. The floor is yours. Please go ahead. Thank you very much, and thanks for listening in. Before I hand over the word to Jan, just to remind you of our forward-looking statements, please read what we have written here, and then I will give the word to Jan. All right. Thank you very much, and welcome to this conference call. Norden delivered a strong financial result in the third quarter of 2023, with a profit of $99 million and a return on equity of 27%. This was based on high coverage in Dry Cargo and a continued strong Tanker market. We've seen a challenging Dry Cargo market during the quarter, where spot rates have been down, and that is due to a weaker global demand and a more normalized congestion situation. In Tankers, the positive market continued, even though rates are softer compared to the last quarter. During the quarter, we also had a successful start to the integration of Projects and Parcelling, where we realized both commercial and cost synergies. We have announced an interim dividend of 10 DKK per share for the third quarter, and also a new share buyback program of $30 million, and all that will bring the cash return to around $1.1 billion since 2020. When we look at the guidance, then based on the year-to-date profit and high near-term earnings visibility from the high coverage and also the de-risking of the portfolio, our profit guidance for the full year 2023 is narrowed to between $380 million and $420 million. I will now hand you over to Martin Badsted, our CFO, to go through some of the group financials. Thank you, Jan. We continue to deliver strong financial performance and in line with our expectations for the quarter, and we continue to build on our financial track record of delivering positive results that we've maintained since 2017. EBITDA in the quarter came out at $177 million. Of course, that was lower than the fantastic year of 2022 and was impacted by somewhat lower margins in Dry Cargo, lower spot rates in Tankers, and higher costs due to the fact that new term Tanker charters are taken in at the higher TC rates. As Jan said, the group profit was $99 million, and that is composed of $69 million from Assets and Logistics, and $30 million in our Freight Services and Trading business unit, which correspond to a margin around the historical average of $738 per day. We generated a decent cash flow of $109 million, which is before acquisitions and driven by a high cash conversion of the $99 million net income. Overall, that corresponds to a return on invested capital of 33%, which is supported also by the asset-light business model, leading to a lower invested capital as rates go down. Please turn to page six. We continue to focus on de-risking our portfolio by taking cover, mainly in Dry Cargo, but certainly also on the Tanker side. You will see from the graphs on the right-hand side that the red bars on top show how many net open vessels we have in Dry Cargo, and the blue bars show how many net open vessels we have on the Tanker position. It is obvious from the top graph that we have fairly limited net exposure over the coming quarter, four to five quarters, with a small short in the beginning, and a small long position towards the end of 2024. And that is in line with our market outlook, where we think the Dry Cargo market will remain fairly subdued in the near term, but we are quite attracted to it by the long-term outlook, where we see as soon as macroeconomic headwinds turn to tailwinds, the low orderbook will really have an impact in 2025 and onwards. On the Tanker side, we expect the market to remain strong, and the reason for taking cover here is, mainly that we often think that the upside is fully priced in, and it makes sense to de-risk the portfolio while still gaining a lot of the earnings that are available, in the market. Please turn to page six, and I will hand it back to Jan. All right. Well, the start of the integration of the acquired Projects and Parcelling activities have been successful, and we are seeing both commercial and cost synergies being realized. On the commercial synergies, we are seeing an improved capacity utilization of our own and charter fleet, and this is especially in the Handysize and Supramax segments. And we're also seeing on, for example, procurement of bunkers and on the IT administration area, we're seeing those as key drivers for the cost synergies that are being realized. And when we look at the numbers, then, Projects and Parcelling operated more than 30 charter vessels during the quarter and have reported an EBITDA of $7 million in Q3. If we turn to the next page... and focus on ESG, then, Norden continue to work on new initiatives to reach our ESG targets and help our customers decarbonize their supply chains. In the third quarter, the emissions on an EEOI basis have been reduced by 5% year-on-year, which is driven by higher fuel efficiency related to lower average speed and fuel consumption per tonnage miles. In August, Norden announced the investment of a minority stake in MASH Makes, which is a Danish engine biofuel scale-up. MASH Makes' first bio product is in late development stage, and Norden expects to conduct the first trial aboard a vessel in early 2024. Also, in the third quarter, Norden signed an emission reduction trade contract with the Canadian mining company, Teck Resources, where we are committed to reduce their emissions by 25%. If we move on to guidance, then, based on the year-to-date profit of $357 million, and the high coverage for the rest of the year, we are narrowing our guidance range to a full year profit of $380 million to $420 million. That means we are lifting the lower end of the guidance range from $360 to $380, and this includes the gain from sale of vessels. For Freight Services and Trading, expectations are that earnings and margins per day in the fourth quarter of this year will decrease further compared to Q3 2023, and also based on the current market outlook, margins for the first half year of 2024 are expected to be significantly lower than the historical average level for the last five years, which is $757 per day when we are excluding the full year of 2022. For Assets and Logistics, expectations are that earnings will continue at a high level in the fourth quarter of this year and stay elevated for the full year of 2024, and that is driven by the high coverage across Dry Cargo and Tankers. With that, let's move to the final remarks. Just highlighting, again, strong financial performance in line with our expectations and high level of coverage gives near-term high earnings visibility. On the market level, we expect a Dry Cargo market to perform in line with normal seasonality and lower growth in demand. On the Tanker market, we expect that to stay near-term positive, but exposed to high volatility and macro and geopolitical risks. Integration of Projects and Parcelling is off to a successful start, where we are realizing both commercial and cost synergies. Cash distribution to shareholders of $76 million announced here for the third quarter of 2023 through an interim dividend and a new share buyback program. And the profit guidance for the full year of 2023 is narrowed upwards to a range of $380 million to $420 million. And the third quarter builds to a track record of more stable earnings and returns, even in more challenging markets. With that, we are now ready to turn to our Q&A session. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you'd like to withdraw your question, please press star followed by two. When preparing to ask your question, please ensure your device is unmuted locally. As a reminder, if you'd like to ask a question, please press star one on your telephone keypad now, or alternatively, you could submit your written questions on the webcast. We'll pause for a moment to allow questions to register. All right. Well, if there are no questions, then we will conclude the third quarter conference call. Thank you for your interest in Norden. Thank you, and have a good day. Ladies and gentlemen, today's call is now concluded. We'd like to thank you for your participation. You may now disconnect your lines.