Welcome to the Avance Gas Holding Ltd's second quarter 2021 earnings conference call. At this time, all participants are in listen-only mode. After the speaker presentation, there will be a question and answer session, you will need to press star and one on your telephone. Also,can send your questions to your webcast online If you require any further assistance, please press star zero. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kristian Sørensen. Thank you. Please go ahead. Thank you very much. Hi, everyone, and welcome to this Q2 presentation. As mentioned, my name is Kristian Sørensen. I am the CEO of the company. I'm joined today by our CFO, Randi Navdal Bekkelund. I'd like to start with presenting some of the highlights for this quarter. If we go on to slide number 3, please. We experienced solid export levels this quarter from the U.S., but high domestic LPG prices in the States closed the spot arbitrage opportunities, which we need to ignite the U.S. Gulf freight market. The other engine in the market, which is the Middle East exports, were on the lower side and slightly underperformed compared to what we had anticipated. Even today, it's mainly the Indian charterers who keep up the pace in the spot market, while activity on the conventional AG Far East runs is pretty limited. The combination of lower activity in the Middle East, combined with limited arbitrage opportunities from the U.S. Gulf to the Far East, has had a damping effect on the freight market, which turned out slightly weaker than what we anticipated if you asked us six months ago. As you can see, we reported a TCE per vessel day of $27,730. As Randi will show you, we continue to experience certain operational issues linked to COVID, which in turn is reflected in a higher OpEx in the first half of the year than budgeted. Our EBITDA was $18.1 million, with a net profit of $1.5 million and earnings per share of $0.02. Given our solid cash position and market outlook, the board has decided to pay 100% of the net profit in dividends, equaling the said $0.02 per share. Other key events from the quarter, which should be well known to all of you, are our private placement of $65 million back in April. Late in the quarter, we got Avance Gas's first sustainability-linked bank loan in place. Randi, I leave the word to you, to go through the financials. Thank you, Kristian, and good afternoon to you all. I will now walk you through the financial highlights of the quarter on slide 5. Looking at our chartering results, we recorded a Time Charter Equivalent earnings of $30.7 million, down from $47.8 million previous quarter. The second quarter was impacted by this extreme cold in the U.S. leading into first half of the quarter. We also finalized the scrubber installation on the last vessel, Breeze, in May, which was a good timing as the market picked up again in June. The TCE per vessel day came in at $28,774 in accordance with our guidance, and as the market was stronger in June compared to March, we had a negative load to discharge adjustment of $1.2 million and reporting a TCE per vessel day of $27,730. Operating expenses were $11 million or $9,300 per vessel day and are still impacted by the pandemic, affecting our crew change, especially in Asia. Freight of spares and equipment is significantly higher as the container and air freight market went for the skies. In total, the COVID-19 and freight costs impacted our OpEx of approximately $1 million or $800 per vessel day in the second quarter. Administrative and general expense were slightly higher than last quarter due to personnal expense and is expected to come down to $1.4 million next quarter and going forward. This leaves us with a reporting operating profit or EBITDA of $18 million. Depreciation expense were $12.3 million, slightly higher in the second quarter and first half as we reversed the impairment Q4 last year and started depreciation of dry dockings and scrubber installation now fully completed. We will come down to $11.5 million next quarter and going forward. Finance expense is on par with previous quarter and down $2 million for the six months ended compared to last year and is driven by lower average debt and a lower margin on the debt financing, combined with a decline in the floating LIBOR interest rate. With that, we recorded a net profit of $1.5 million or $0.02 per share for the second quarter and $20.4 million or $0.29 per share year to date. Turning to the next slide 6, we have an overview of our cash flow during the first half 2021. We had a cash position of $108 million as of June 2021, up $32 million from year-end. Driven by cash flow from operations of $50.6 million and net equity raise of $64 million, offset by interest payment of $8.9 million and capital expenditure of $34 million, mainly related to our new building program, and two cash dividend payment of $17.7 million, and debt repayment of $22 million. Looking at our estimated cash breakeven level on the next slide 7, we have revised our cash breakeven levels for the financial year 2021 a bit down to $22,700 per vessel day, as the LIBOR floating interest rate curve is down for the second half for the financial year 2021. A few comments on our financing profile. Our outstanding secured bank loan amounted at $398.7 million as of June 2021, with no maturity before June 2024. We have a diversified pool of bank lenders consisting of seven banks and one new bank coming in on our new sustainability-linked financing to be drawn upon delivery of the two first new buildings, Avance Polaris and Avance Capella, scheduled for delivery within the next four to six months. The facility has a maturity at the earlier of five years from delivery of the second new building and June 27. With a profile of 18 years, this utilized the cash breakeven level of approx $19,500 per vessel day, decreasing the average cash breakeven level for the fleet with $300-$400 per vessel day. The facility has an annual sustainability margin adjustment linked to the company's ambition to reduce and outperform the carbon intensity targets set in the Poseidon Principles. The dual fuel new buildings will lower our operational carbon footprints and the sustainability link financing further demonstrates our commitment to the decarbonization of the shipping industry with support from the bank syndicate in this facility. I leave the word over to you, Kristian Sørensen, for the market update. Thank you. We can go on to the next slide, please. Like I mentioned initially, we had robust exports from the U.S. despite the lack of spot arbitrage opportunities, and this has continued into the third quarter. In Middle East, however, they are not really firing on all the cylinders, but we expect the AG exports to increase on the back of reversed OPEC cutbacks. There is a lot of focus on the congestion around the Panama Canal, and rightly so, because it is very unpredictable logistics now that the LNG and container vessels are prioritized. The waiting time for LPG carriers varies from five-10 days and even up to 14 days on the north as well as the southbound transits. In the short picture, ship owners are facing increased waiting time on their accounts on the ballast leg in to the U.S. Gulf. In the grander scheme of things, it's obviously absorbing capacity from the fleet. It's not unlikely that more ships will be heading around South Africa and Suez to and from the Far East. All in all, the market is quite well balanced at the moment and with continued LPG stock building in the U.S., increased congestion in the Panama Canal and more vessels likely to trade around the Cape of Good Hope, we see signs of an exciting winter market. Next slide, please. Looking a bit further ahead, we maintain our fundamental positive view for 2021 and 2022. The latest figure is showing a continued increased demand for LPG in Asia, with the two most populous countries, China and India, showing robust demand growth. LPG is a clean energy source. Countries around the Indian subcontinent like Pakistan and Bangladesh, as well as in Southeast Asian countries, are reporting a demand growth as the need for clean residential fuel is high on the agenda in this part of the world. Next slide, please. Exports from the States are also being revised upwards for the period towards the end of 2022. We see increased utilization from the newly expanded terminals such as Targa and Nederland in the U.S. Gulf and Marcus Hook on the U.S. East Coast. The U.S. LPG market is extremely dynamic. We can see that the stock build continues towards the winter season, which under normal circumstances should pave way for increased spot activity with lower domestic LPG prices in the U.S., which in turn will allow for the arb windows to open up. Next slide, please. The order book is something we are not particularly happy about. Throughout the second quarter, we saw a flurry of new buildings being contracted. Especially in 2023, the number of deliveries is high. Although there are some mitigating effects in stricter environmental regulations, especially hitting the older part of the fleet, we are not naive and we are working on several measures to take down the risk towards 2023. Looking beyond 2023 and towards 2025, we are hopeful that we will see more of a 2-tier market where ships with the smallest CO2 footprint will be preferred and eventually less preferred vessels being phased out from the conventional trade routes. Looking towards 2025, it's not an unlikely consequence, as far as we can see, that the large order book of dual-fuel new buildings will accelerate the green transition in the VLGC segment, as the supply of more environmental-friendly tonnage automatically sets a new standard. Next slide, please. To summarize, we reported the TCE for the second quarter in line with our guidance and are happy to announce another quarter where we return value to our shareholders through dividend payments. We are looking forward to what seems to be an exciting winter market and maintain our positive view on the next 18 months ahead. We are very proud of having secured our first sustainability linked financing, demonstrating the green profile of our new buildings. On that note, I would like to open up for questions. Please go ahead. As a reminder, to ask a question, you will need to press star one on your telephone. To withdraw your question, please press the pound key. To submit a question using the WebEx console, please type it in the Q&A chat panel on the bottom right-hand side of your screen and click the send button to submit your questions to the queue. As a reminder, to ask a question, please press star one. There are no further question at the phone line. We will now take questions from the webcast. We have received one question, and that's have you sold a vessel? To that, the comment is that we are working on various opportunities to offload some of our older units in a market where they are priced at a good level. When and if we have anything to announce, it will be announced through the stock exchange. Okay. Any other questions? No question at this time. Please continue. We got one more question from Petter van der Bilt. Has Petredec made their intention clear with their stake build? Well, the reply to Petredec stake build is obvious that we welcome all shareholders to Avance Gas and are very happy to see that they, as an industry specialist, believe in the market and in the company. As we can see, it's a sign of untapped potential in the company. Apart from that, I don't really have any further comment to that question. That's all I can say at the moment. Any further questions? We got one more question from the webcast, from Ola Sødal. Do you have any thoughts on M&A opportunities? I would like to say that we are exploring all M&A opportunities out there which we find attractive. I think it's natural for any ship owner that you want to look at expanding the exposure when you believe the time and the price is right. M&A opportunities is obviously a part of this. We are obviously exploring opportunities, but so far there have been no firm opportunities arising. Okay. Please take a note that you can ask questions through the webcast, and you're welcome to have any questions. Currently, we don't have any further, but we can wait a bit. Let's see. Here's one more. We have another question here. What is Petredec's intentions? That is unclear to me. We have no further comments apart from what I commented on earlier, which is that we obviously welcome them as an even bigger shareholder in the company. Apart from that, I can't really comment any more. Okay. Another follow-up question on Petredec came in. Will you co-work with Petredec LPG? Yeah, obviously. Petredec is already a well-established client of ours, and we co-work in the business with Petredec in the market on a frequent basis. The answer to that is yes. We have already an well-established client relationship with them as so today. Okay. There are no further questions at this time. Thank you for dialing in and listening to Avance Gas Holding earnings conference call, and we wish you a nice day. This concludes today's conference call. Thank you for participating. You may now disconnect.