Good day, and thank you for standing by. Welcome to the Svitzer Interim H1 2024 Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kasper Nilaus, CEO of Svitzer. Please go ahead. Thank you very much, and welcome everyone to Svitzer's first earnings call as a separately listed company. We're looking very much forward to presenting our performance for first half of 2024. Just pay attention to the forward-looking statements on this slide. And then we have two presenters today, so it's myself, Kasper Nilaus. I'm the Chief Executive Officer of Svitzer. I've been in Svitzer since 2007, worked on different roles until 2020, where I took on the CEO position. So I've been in this, this position for a little more than four years. And I'm joined today by Knud Winkler, our CFO in Svitzer. He has been CFO in Svitzer since 2013. If we look at the agenda, then we'll start with a company overview. I will present that, then I'll go into the overall business performance before handing over to Knud, who will go into the details on the financial review. Finally, we'll have a Q&A session, and looking forward to answering questions on our business. All right, so if we start with the company overview, we thought since this, this is our first earnings presentation as a listed company, it would be good to just spend a little bit of time presenting Svitzer. For some of you who have been following our Capital Markets Day and our material, it may be a little bit of repetition, but, but we thought it was a good place to start as a relatively new company on, or very new company on the stock exchange. So, Svitzer is the global player in the towage market. We have exposure to both harbor and terminal towage that I will go into on the next page. In these numbers, you can see here our 2023 numbers. We had revenue of short of DKK 6 billion. We operate in 37 countries, the highlighted countries on the map, in 141 ports and 40 terminals. We have a fleet of 56 vessels and around 4,000 employees, so really the leading towage company. We operate in two business areas. They overlap. It's harbor towage. Harbor towage is just short of 70% of our revenue. It's a business we have we operate in 141 ports. We have strong position in those ports. We service the volume coming in. In half the ports, we're the only operator, in the other half, we have competition. Our customers are typically shipping lines or cargo owners. Our customer contracts are reasonably short, between one and three to four years, and in many cases, we have a license arrangement with ports, that we can operate in the port. It is so around 69%-68% of revenue and around 60% of EBITDA. On the other hand, we have terminal towage, which is very different in the sense it's the same assets, it's the same skills, but the contractual setup is different. We have, for example, when we operate in the Angola LNG terminal, West Coast of Africa, we have one contract for 20 years with Angola LNG. You win it through a tender process, and then you have a contract, as I said, for 20 years, where you are paid a fixed day rate every day for doing the services required in terminal. Prices are escalated, typically every year with inflation. So more or less the same assets, the same backbone that we use to run the operations, but the contractual setup is different, and it's a little bit also the margins are different. The terminal towage also, because it's newer assets, we have higher margins, which also means it's around 30-31% of revenue, but up to around 40% of EBITDA. If we just go briefly through the key investment highlights for Svitzer, then the first one is that we provide mission-critical port infrastructure services. The ocean-going ships that transport goods across the open seas, they, in most cases, they would not be able to go in or out of ports without tugs present. So completely critical service to keeping ports open and running and global trade flowing. We are the global and leading towage platform. We are in a growing resilient towage market. We are the biggest. We are the one that is truly global, and the towage market is fundamentally growing around 4%-5% every year, and it's a resilient market, as can also be seen when we look back in our numbers. It shows great resilience. We have a diversified exposure, which is something that is very fundamental to our business, that we are diversified across geographies. So we are many different geographies. We're diversified across customers, which also means our biggest customer, which is the Maersk Group, is only 11% of revenue, and end markets being in both harbor towage and terminal towage. And these three different ways being diversified has the effect that it reinforces a cyclicality. So you can have the port can go up and down every year in the performance, but when you're present in 181 operations globally, different markets, different customers, different geographies, then you have a portfolio effect where it often balances out, and we get this growing trend that we have seen over the last years. Then we're leading also. So we have flexible business models, we have stable margins, solid cash flow, well-invested fleet. And then we are leading the ESG in towage, primarily within decarbonization. So we're focusing on decarbonization, and we're doing it because we want to do, but we're also doing it because we see business opportunities in many cases. And some of the terminal towage contracts we have won recently, we have had a, an element of decarbonization in it that has been part of, the winning criteria. We have a clear strategy in place. We target growth, stable margins. We also want to pay dividends. We know what we want to do to constantly optimize the business we're in, and we also know what we want to do to constantly grow our business. And then we have a highly experienced management team. We have a senior executive leadership team of 11 people. All of us have been in the business for some time. Many of us have been in the business for a long time and worked in different geographies, in different positions. So we know the industry well, know Svitzer well. And just recapping what we have gone through this year, we have gone from being fully owned by A.P. Møller-Maersk, the listed company, to being separated, standalone, and listed on the Danish Stock Exchange in our own right. So Maersk announced on eighth of February the intention to de-merge and list Svitzer. We came out with an annual report end of February. We had our Capital Markets Day on the fifth of March, and I would just say that all this material is still available on our investor web page on svitzer.com, and there is a lot of fundamentals around the market and Svitzer, our history, how we make money, what our strategy is. But I would encourage you people to read it if they're interested. Then, on the twentieth of April, there was the extraordinary general meeting in Maersk, where it was decided and effectuated that Svitzer actually de-merged from Maersk and became its own entity. And we had first day of Svitzer, first day of trading on the Copenhagen Stock Exchange on the thirteenth of April. And now, talking to boarders, we've come out with our first half year report. If we then dive into our half-year report, and we start talking about the business performance, then we had a good, or we're very happy with our first half report. We had a very good progress, so 11% revenue increase compared to the same period last year in constant exchange rate and, and 15% EBITDA increase for the half year. So which we are, we're happy about. We are still doing the efforts, as I mentioned, the ESG decarbonization, so we're converting tugs to biofuel, Netherlands and Oman. On the other hand, we've also taken some tugs out of biofuel in the U.K., and we're constantly seeking the opportunities for decarbonizing at the right price and with the customers. We started up in Australia, a new operation on the Australian west coast in Port Hedland, the world's biggest iron ore export port. We have four out of five tugs already on contract for BHP. Then we have extended a critical contract in Australia with Smit Lamnalco for harbor towage in four ports. We have also been awarded a five-year contract in Panama Canal with two tugs that will start off in 2025. So good progress also on our commercial efforts. If we look at our contract wins, I mentioned the Panama Canal opportunity, a five-year contract, and the four-year contract with Smit Lamnalco. In addition to that, we have renewed all the terminal towage contracts that were up for renewal in the first half of this year, which is of course critical and something we focus immensely on, renewing our existing contracts. And of course, there is constantly in harbor towage, a constant churn of renewals and new contracts and so on. But notable is that we have grown also in Brazil, and we've also won a few harbor towage contracts, but it is a new terminal gas, which gas natural gas regasification terminals in Brazil. So also still good progress in Brazil. And maybe just spending just two words on how we do this, why we are successful in the commercial space. Well, as was also explained on the Capital Markets Day, we have very much a focus on what we call passion for customers, so putting customers in the center. What does that mean? It means that we work closely with customer and port authorities to identify their needs and the right solution for us to meet those needs at the right price, and we have seen really good traction on that, and it's something that is, I would say, fundamental to how we do business with, so that we keep the customer in the center. If we then move on to the key regional highlights, then we have seen progress in all regions. In Australia, our revenue increased by 11%, mainly due to tariff increases, also some of these terminal towage contracts I mentioned. We have increased CapEx by 42% for these, 4 out of these 5 tugs that we have so far delivered to our operations, the new one in BHP. Maybe just reiterating on Australia, we call it a region, it's also a country, but it is truly still, even if it's one country, it's still, very diversified approach. We have significant presence in harbor towage, but we also have significant presence in terminal towage. We operate with different customers in many of the ports under different regimes. So in a few ports, we have, very few ports, we have exclusive licenses, otherwise we operate on non-exclusive licenses. We also have a different crew set up, depending on if you are in terminal towage or harbor towage, or even some of the harbor towage port. So still, even though it is only one country, it's still, quite diverse. If we look at Europe, Europe is, still characterized by being the most competitive area we are in. It's primarily harbor towage we do in Europe, although we did start up end of last year a new terminal towage operation in Greece. Europe has also grown revenue due to primarily tariff increases. EBITDA has grown less, primarily due to still a competitive situation in U.K. with overcapacity still in the U.K. of tugs. So that is something we are working on, constantly working on improving our U.K. operation. If we move to Americas. Americas region is really growing well. We've seen revenue increase by 20%, very, or to a large extent, driven by improvements in harbor towage, primarily Brazil, but also Argentina, we have seen going better or actually well. We also had a few lucrative contracts here in the first half of the year that are, you can say, a little bit abnormal or not something that will continue, at least. So has given a little bit more of a boost in Americas than we would have seen if they hadn't materialized. But, but we, of course, always, except in addition to our fundamental business, we're always looking for, are there tugs we can deploy on, on higher paying opportunities in the shorter term, and we've been fortunate in Americas to identify one of these opportunities. If we look, which also explains the significant EBITDA increase we see. If we look at our Asia, Middle East, Africa region, it was our only terminal towage we do there, which is also explaining why we see a modest revenue increase. That, and then the fact that last year we had our Russia operation in on revenue for most of the first half year. We are completely out of Russia now. So that's why the revenue increase is modest. So, yeah, there is, I don't think there is a lot more to say about AMEA, but, yeah. So let's go to the next slide. And I will hand it over to, to Knud on the financial review. Thank you, Kasper. And thank you also, welcome from my side to this, to this presentation. I'll take a couple of minutes here to provide a little bit more color on what you've already read in the interim report that was, that was published earlier this, this morning. If we start out looking at the revenue, the overall revenue growth was 11%. It was composed by a couple of different items. You can say there's the underlying activity, which is the growth in harbor towage volumes, underlying growth in each of the ports and the effect of the entry in the new port in Brazil. That, together with the growth in terminal towage contracts, including the exit from Russia, that has provided 5.8% of the overall growth. And as you can see, most of that comes from the new terminal towage contracts that we've entered into. The other component is on the pricing side. There is the annual escalation on our terminal towage contracts. There's the tariff increases in harbor towage, and then also there's the elements that Kasper mentioned, the higher paying tug jobs in harbor towage, related to a few of these opportunities, primarily in Brazil. So that has pushed the pricing element up, and it's not all tariff increase. There are these special jobs that pull up a little bit more than just the tariff increases. How does this stack up against what we originally were thinking? As some of you will recall, in our Capital Markets Day presentation, we were alluding to the growth components, the growth in underlying number of vessels on the oceans, the growth in the size of the vessels. Those two will contribute to the activity, and then there's the price increases. And we said the first two components would be around 3%. We have seen a 3% growth in our harbor towage volumes in the second quarter of this year, so that matches quite well. Whereas the price increases, we estimated those over the six-year period between 2024 and 2030 that would be around 1.5%. And clearly, the high inflation that we've seen has also had an impact on our ability to push through price increases. So that was on the revenue side. If we move on to the Adjusted EBITDA, then that has increased by 15%. And I would say despite the continued high fuel prices, and I would say more unplanned maintenance than what we usually have, we've managed to increase the margin from last year. So it's now, for this year, 30.8%, for the first six months. If we look at how that is, again, how is that composed, the activity growth that we're seeing, and this is predominantly, again, the terminal side, has contributed by 7.5% growth, and out of the 15, and the pricing has been 4.1, and there's a few other items here that impact it. The Adjusted EBITDA, as you can also read in the interim report, the adjustment is for this quarter only related to the separation and listing cost. We have DKK 104 million in the profit and loss that we adjust for, and those are by nature, they are one-off costs. They, they consist of fees to banks, lawyers, auditors, and also, cost of setting up systems that were otherwise, systems that were provided by the A.P. Møller - Maersk group before the separation. It's clear that the, the running cost of such new systems, that is not included in this, that's going into the underlying, normal EBITDA. If we then move on to the cash flow, the increase in EBITDA, of course, would have an impact on the, on the cash flow from, from operations. The increase that we see is only DKK 50 million compared to last year, and that is because we have paid, taxes, more than, than the taxes that, that are included in the P&L, you can say. So there's a settlement of a tax base from previous years that's been done in the first half. The Gross CapEx is slightly higher this year compared to last year. It is very much related to the growth vessels that are being put into Brazil and Australia. But of course, there's also the continuous investments in dry dockings. We have sold some vessels during the half year. The biggest part of this is the proceeds from the sale of the four vessels in Russia. So, for this half year, the proceeds from sale of assets is higher than what it would normally be. So the net, the free cash flow, according to our definition, has gone from DKK 288 million to DKK 303 million in this quarter. Then looking at our, dividend policy and, and leverage target. So, we have a target to, retain a, or remain at, at a 2x adjusted EBITDA leverage ratio. And in this, in this report, you will see that we are currently at 1.9, so, so slightly below. The net interest-bearing debt, came down to DKK 3,541 million. We started out the year at, 3.745, so, so a reduction of a little more than DKK 200 million in, in the net debt. The debt, the gross debt today consists of the long-term facilities that we have entered into, the EUR 320 million term loan, the AUD 200 million term loan, and then our revolving credit facility of EUR 100 million. All of them have a tenure of five years. At the end of the quarter, we had drawn EUR 100 million on the revolving credit, and you will see that our liquid funds in the balance sheet is at EUR 800 million. That, of course, is something that we continuously work to optimize, to reduce the gross debt so we pay less interest. We maintain the target of 2x Adjusted EBITDA to make sure that we have sufficient financial flexibility to seize opportunities that may present themselves, whether that is investments in growth opportunities of organic growth, or it is investments in inorganic growth opportunities. Then, if we go to the outlook, and as Kasper mentioned, I think we changed our outlook in June, on the twentieth of June, and we upgraded it from the original outlook that was published with our annual report. So now, it is revenue growth 6.5%-7.5% in constant exchange rates, and we've slightly modified the wording around it. So we now expect to end up in the upper end of that range, so close to the, to the 7.5. Similarly, on the Adjusted EBITDA, we upgraded to DKK 1.775 billion-DKK 1.875 billion kroner, and we also here expect to end up in the upper end of that, of that range, which is consistent with an EBITDA margin, around the 30%, which is slightly higher than what it was last year. And this, again, is excluding the, separation and listing cost, as, as mentioned just a minute ago. When we look at the, the Adjusted EBITDA expectations for the year, we now expect the currency, the exchange rates to be flat compared to what we've seen in, in the first half year. So you might remember from early on that our original expectations for the year were a strengthening Danish kroner. We are now changing that outlook to be a flat development. When you look at the Gross CapEx, that is maintained with an outlook of DKK 900 million-DKK 1.1 billion. And in the first half of the year, we spent DKK 483 million, so roughly 50% of that, and we do expect that level to be the same in the second half of the year. Then just reiterating the key highlights, revenue growth 11%, EBITDA growth 15%. So that means an improvement in our, in our underlying margin, largely driven by the, the tariff increases, but also the slight change of, of mix, where we have a bigger part of our business now in, in the terminal towage. On the operational side, we continue, on the, on the decarbonization journey, finding more ports, more places to, to utilize the, the biofuel option. And, and we're also growing the business with the, the BHP operations in Port Hedland in Australia. Finally, we renew contracts, we win contracts, so we continue to, grow the business and maintain the, the underlying, customer relationships that we have. I think those were the words, and I think we are now ready to, enter the Q&A session. Thank you. As a reminder, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Please stand by while we compile the Q&A queue. Our first question comes from the line of Ulrik Bak from SEB. Please go ahead. Your line is open. Yes, thank you for taking my questions. First one is on the contracts that you've won in the Americas. You mentioned that they were good contracts and that they might be a bit abnormal to what you usually win. So perhaps just elaborate about what, what kind of contracts that it was, and you know, as you grow, that would it fair assumption that the margin should be diluted in the second? Yeah. Okay. So we've won the right to service two FSRUs. I think we won one last year and one early this year. FSRU, so these floating regasification and storage units for natural gas. And those contracts are run in a harbor tow setup. So it's not a terminal tow setup, but it's additional work for our harbor tow business, but it's good work we can do with our existing business. Those contracts will continue for a number of years. Yes, it's special one is a short-term standby charter. What we see in Brazil is we have due to those regulations that require trucks generally to be built in Brazil, there is a demand and supply balance in Brazil, particularly where trucks are a little bit difficult to come by. So you have these opportunities once in a while for short-term work at what we would call a very nice rates. And that is what we have seen, but it is truly short-term. And that contract where we had those better rates has already expired in the current format. So it's a little bit icing on the cake. It's not the explanation at all for Americas' good performance. Americas has a very good, solid, underlying performance, but it is this icing on the cake that we sometimes see in a short period of time. Understood. A question on your return on invested capital. I see that you increased it to 8.6% for the past 12 months, which is up 7.6% versus year-end 2023. Can you perhaps just provide the overall building blocks for this improvement and your assessment as to whether this is a sustainable level, whether there is upside or perhaps even downside, given your current contract portfolio and planned investments? Yeah. So the changes that make up the improvement compared to last year, that is the higher EBITDA margin rise. So there's improvements in profitability. We're seeing, I think, slightly less on the assets under construction lease. We have less vessels under construction during the year. We had most of our vessels delivered last year, so all of those vessels that were delivered in the second half of last year, they are now into operation and generate a return. Is this the long-term level? We like to think that 8%-10% is the range that we would operate within, so and hopefully in the middle of that range. But for now, 7.6 is a good step towards that level, 8.6. Yeah, sorry, 8.6, yeah. Okay, that's very clear. Then a question on these pricing escalation dynamics in your contracts. Because given also your margin development, it seems like you've been able to increase tariffs more and perhaps even earlier than you know the impact of cost inflation. So just trying to understand you know the timing of these price escalations and compared to when you realize these increased costs? Y eah. So in general, our biggest cost is crew cost, and they would normally increase once a year. Like, you know, most salaried employees get a salary increase once a year. It can vary a little bit which country you're in. And we would normally also increase our tariffs once a year, and those two dates are normally quite aligned. But crew cost is not the only cost element we have. We also have, of course, maintenance, we have bunker and so on. So, I think the timing, what we have tried to do since the world started moving into this high inflation scenario, is to be a little bit ahead of the curve. So trying to preempt some of the inflation we're seeing by being a little bit early on our pricing increases. But this year, for this, the performance we can see here, I don't think it's as much—it's not so much the timing, it's more the fact that we have been, you can say, good at explaining our customers and the ports we're operating in, what price increases we are seeing in our environment. We need to go out and do these tariff increases. So the tariff increase is one thing. As another thing is that some customers are also on contract where they are separated from the specific tariffs, and there you also need to go out and get the price increase through, which we have been, we have been quite good at it as well. So it is, the reason we can, we can do this and, and make it stick to this extent, is, is, due to, you know, a lot of work, hard work. First of all, we need to deliver the service of course, so the customers need to be happy. But it's also a lot of work from our commercial people, our customer-facing people, in explaining why is it that we need to increase the prices at the level we do, and then following up and ensuring that we kind of get all the contracts to that level. Okay. That's very clear. Then a question on your CapEx guidance. You reported H1 gross CapEx of DKK 483, meaning that there is around about DKK 400-DKK 600 left for the second half. Do you have a number already committed for CapEx at this point in time that you want to share? Yes, we do, and I think it's already in the report, in one of the notes. We have a number of vessels that have been ordered during the first half of this year, and there's a commitment to pay... I can't just find the note right here, but I recall DKK 600 million that is committed for the rest of this year, and then there's another DKK 300-something million for next year, and another smaller amount in 2026. So there's already some of that that is committed. On top of the committed payments towards the new building program, there is, of course, the ongoing dry docking that will occur, you can say continuously throughout the year. Okay, that's very clear. And then some housekeeping questions. So, your depreciation came in at DKK 450 million for the first half. Is that, given your current investment level, a fair run rate for the coming twelve months? It is a fair run rate level. I would say we will probably see it increase a little bit, not a whole lot, but a little bit, because we do see that the dockings that we are undertaking or have been undertaking this year, they, as you know, we capitalize that and depreciate over five years. So these dockings are somewhat more expensive than the previous dockings five years ago, so that will add to the depreciation. And then also, the vessels that we're taking delivery of are slightly more expensive than what we've seen in the past, right? Also because of inflation. So I think for the second half of the year, also with a few new vessels, additional vessels coming on, the depreciation would be a little bit higher than the DKK 450, but I mean, not much higher, but maybe DKK 460 or DKK 475. But a fair level to be clear. That's great. My final question on your net financial expenses. Could you perhaps split out what is financial income versus expenses, FX hedging, what have you? Just trying to understand what drove this high level for the first half. Yeah. So for the first half, the net financial items of DKK 202 million, I believe it is, there is a significant part of that that is related to FX impact in connection with dissolving the cash pools or exiting from the cash pools that we were in with Maersk. And going from a dollar regime to a Danish kroner regime, there's a slightly different way in the way you want to manage it. So that's one thing. The other thing is that during the from the first of January and until we settled everything with A.P. Møller - Maersk by the end of April, we had a significant loan from them. We also had significant balances on the cash pool. However, the loan had a slightly higher interest rate than the deposit on the cash pool. So we ended up with a net interest cost on that one. I would say for the second half of this year, I would expect the financial items to be to the tune of DKK 100 million-DKK 120 million, and that will be sort of the level going forward with the debt levels that we're seeing right now. Okay, perhaps just to follow up. So what are the FX dynamics going forward? So what should we look out for? What happens if, you know, dollar depreciates versus appreciates, to just get an idea? So the loans that we have, as you know, the biggest part of that is in Europe, the 320 and the revolving credit is in Europe, so there's limited FX exposure on that one. The other one, the Australian dollar, obviously, if the Australian dollar is strengthened, then that would mean in Danish kroner, the debt would go up, and that would impact our financial items with a negative number. We do use the funding to fund our companies internally, so that means we have loans to subsidiaries, and they are always in the currency of the receiving entity, right? So if we lend money to a dollar entity, then the loan would be in dollars, right? That's clear that any changes on that would then impact our financial items. But it would be within the group, and you can say the counter posting to that would be on the translation reserve on our equity. That's very clear. Thank you so much. No further questions on my end. Thank you. We'll now move on to our next question. Please stand by. Our next question comes from the line of Lars Heindorff from Nordea. Please go ahead. Your line is open. Yes, morning. Thank you for taking my questions as well. The first one is still on the pricing and the mix between price and volumes. We were asked a little bit about it. So those price adjustments that you have in the contracts, are they following the calendar year, or is it following the cycle of the contract whenever it has been signed? Yeah, that business, so in harbor towage, we typically increase tariffs at first of January. However, Australia is first of April. So that's in harbor towage. In terminal towage, then it differs. It can be September, January, you know, October. That's... There is no kind of fixed date for that because it normally differs, as you also allude to, with to be one year after the start of date. That's typically where you start, and start of date can of course be any time during the year. Okay. Because if I, at least in harbor towage, you've been so kind to provide the number of tug jobs, and if I calculate correctly, your revenue per tug job is up by around about 7% in the first half. Is that, does that sound roundabout fair? Yeah, it does. Yeah? Yes. Is that likely to continue through the second half at the same pace, roughly? Yeah, we think it is, right, Mads? Yeah. I think with the one caveat, though, that in the harbor towage revenue, you have these higher paying jobs in Brazil, right? So I would say the average revenue per tug job in harbor towage for the first half of the year is probably a little bit inflated if you were to look at the—you could say—the only the tariff increases, right? So if we don't have any of these attractive opportunities materializing in the second half of the year, then the growth might be a little bit less, or it will be a little bit less than 7%. Okay. And then, then because in total, and then you have the terminal towage, the increase there, appears also to be, because you had 2% volume increase in harbor towage. So then you must have at least, quite a bit, of the price increase in the terminal towage as well. And with a 15% year-over-year revenue increase in the first half, and I then take the guidance range that you have, the 6%-7.5%, and if I deduct, I take the high end of that, that would imply that you... Are you implicitly guiding for around about 4% revenue increase in the second half? Why is it when prices are going up as much as they are, and you have been adding some new contracts, that you expect that even taking the high end of the guidance range, that you only expect around about 4% revenue increase, down from 15% in the first half? So the terminal towage revenue growth comes with the addition of of vessels, right? And if we look at the the vessels that have been added since since first of January, it is not a lot, right? Most of the new contracts, they they were started up early in the second half of last year. So the terminal towage growth comes predominantly from adding vessels and not so much from the escalations. It's typically not a large number. And then on income from JVs, which you include in your, in your EBIT, DKK 65 million in the first half. Is that the run rate, which you expect going forward? 65 you say? I think, sorry. I was wrong. Sorry, my 72. In total, including a little bit of a gain. So I've got my share of profits in joint ventures and associate companies is $53 million for the first half of 2024, and that is the run rate. Okay. I'm not sure you're 70 where you get that. No, no, sorry. I was working, I was looking at wrong numbers. Sorry, my bad. Yeah, 53 plus the 2 that you have. And then can you or will you disclose how many vessels you have in your terminal towage by the end of the quarter? I don't think we have the number put it anywhere, but yeah, let's see if we can find that. Yeah, yeah. We had it in the first quarter market presentation last year, so we're there. Until we get back. That was it from me. Okay. Thank you. We'll now move on to our next question. Our next question comes from the line of Anders Christian Preetzmann from Danske Bank. Please go ahead. Your line is open. Yes, thank you very much, and hi, Kasper and Knud, and, thank you for taking my questions as well. Just moving back to the, margin and the performance in the different, geographies here. So, margins in Europe are down by almost two percentage points year-over-year, and, and you mentioned fewer tug jobs and, higher time charter costs, and then you also mentioned some, competitive situation in the UK. But how do you see this going forward? Do you, do you expect any improvement to the margin in Europe, for the remainder of 2024? So, if you look at Europe, you really, of course, as we all mentioned, it is really the U.K. where it's hard to improve the numbers. There is overall, you can say, a competitive situation in the U.K., where you simply have too many tugs in the market, and that of course affects, I think, it affects how many tugs you have to do per tug. On top of that, we've had, as we also pointed out, some increased M&R costs and some time charter costs to cover for vessels that are out of service, right? So all of that contributes to, say, the not so great result in Europe from a margin perspective. We are working hard to improve it. It's not something that goes away overnight when you have a competitive situation. It takes time for the market to settle, but it's something that is, a focus area for us. All right. That was very clear. Thank you. Then again, maybe the same question, but for the Americas, and I guess you already alluded to it, quite a bit. Americas are up three percentage points year-over-year on the EBITDA margin. And, if we were to look at maybe the normalized margin for the Americas, if we excluded the lucrative contracts you mentioned before, can you give an idea of where that would be maybe? I think that's difficult to do. There's a couple of different moving parts in those highly attractive opportunities. But it's clear that while these high-paying jobs have provided icing on the cake, the underlying profitability in the Americas region has grown, right? So it's somewhere between last year's margin and this year's margin, that's all the truth lies. Whether it is in the middle, we can't really give an accurate answer to that, but it's clear that the current margin is higher than what we would expect to see going forward. But there is an underlying improvement in the profitability, and it's not only Brazil, it is also Argentina, as Kasper mentioned. Okay. Yeah. Yeah, that is fair. And then to my final question, back to the full year guidance for 2024, and the implied margin implications for H2 based on your guidance. So, so you expect an EBITDA margin between 27-29.7% for H2 to reach the guidance, and now, of course, you point to the upper end of this range. But this still, of course, indicates that you expect to see a lower margin in H2 compared to H1. And can you elaborate a little on your assumptions here and why that's the case? It's because of there not being any special contracts in the Americas for H2 or where you're at there. Yeah, that's, that is, that's part of the, of the explanation, but there's also the fact that if you, if you look at I believe page seven in the, in the, in the report, you will see that the margin in the second half of the year is just historically, we don't necessarily see a lot of, seasonality in the business, but there is this, slight, decline in, in the margin in the second half of the year. So, so that's, that's what we're leaning on, on history to repeat itself. And, and we also see that there is, a, a few things that will, not be as, going as well in the second half of the year. Not, not anything dramatic, but we just see that the revenue and the profit is going to be slightly less in H2. ... All right, that was very clear. Thank you very much. Those were my questions. Thank you. Once again, to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We'll now move on to our next question. Our next question comes from the line of Chloe Fu from Citi. Please go ahead. Your line is open. Hi. Thank you for taking my question. So I see that the guidance for 2024 is 6%-7.5% revenue growth. Yet in H1, we had 11% revenue growth. So, if we maintain the current run rate, could there be a potential upside? No, I think as we have talked about a couple of times, the growth in the first half, of course, compared to the first half of last year, it contains a large number, a relatively large number of new vessels coming on contract in terminal towage. And that, of course, will not reoccur in the second half of the year, as these contracts were initiated or commenced in the second half of last year. So by nature, pure mathematics, the growth rate will come down in the second half. So we will not see that significant growth repeat itself in terms of percentages. And on the margin improvements, due to the increasing terminal towage portion, is that where we wanted to head in terms of a strategy to have a higher contribution from terminal towage, with winning more, like terminal contracts? We always have a range of growth opportunities we monitor. We are pretty diligent around which one to pursue, which one we don't. We are happy to pursue harbor towage opportunities, and we're happy to pursue terminal towage opportunities. It's not a strict priority that we go primarily for terminal towage, but it has just been the last, especially the last year, we won three big terminal towage opportunities. So it has expanded its presence in the portfolio. But we evaluate projects on their merits, opportunities on the merits, and not whether they're harbor towage and terminal towage as a decisive factor. My final question is, like following the separation from Maersk, so how has this relationship has developed? Have you signed any agreement with Maersk following the separation? Oh, thank you very much for that question. Yeah, so we have renewed contracts with Maersk since the de-merger. So it goes as we, you can say, we hope. That's also what we said before the de-merger, that Maersk is on market-conformed terms, and of course, as the biggest customer, they also have very good terms in places. And we expect that our good relationship with them as a customer will continue after the de-merger, which is what we're seeing. Thank you. Thank you. There are no further questions at this time, so I'll hand the call back to Kasper Nilaus for closing remarks. Thank you very much. Thank you very much for listening in. As I said, it is our first investor call and this, our analyst call webcast since since we listed. We're very happy with the results that we have performed so far in this year. So thanks a lot for listening in, and thanks for all the excellent questions. This concludes today's conference call. Thank you for participating.