Good morning and welcome to Edda Wind's quarter three presentation. Delighted to be here. My name is Kenneth Walland, CEO of Edda Wind, and I'm joined here by Tom Johan Austrheim, CFO, Edda Wind. Thanks for all listening out there and in the audience. We will touch a bit upon the topics mentioned here. The company and our position in the market. The market itself and the tremendous growth potential that's out there. The fleet we are building up. Yard prices and yard ordering. Also what we do on green technology or zero emission operations. Of course the contract situation in the fleet we are building up. Also, I should mention, and we will also mention it, as a subsequent event, the news we came out with yesterday, seven-month extension on the Edda Passat contract, which we feel is very advantageous. We will touch upon it later. Of course, also the ordering of another vessel from Gondan, making the fleet being built up to 10 vessels. A vessel that will be delivered quarter two 2025 or April 2025. Some of the highlights listed on the market itself and on Edda Wind. Welcome. The market huge demand for vessels, the type we deliver, CSOV and SOV, commissioning service operation vessels and the service operation vessels. Indicated around 250 vessels of that type required by 2030. We will also see the details a bit later. Also, we see increase in day rates for the vessels, also assisted by oil and gas tonnage exiting from offshore wind. The oil and gas market has picked up, and we see definitely the effect of that. Of course, the accelerated pace of development in offshore wind. Also, I would say unfortunately assisted by the terrible situation in Ukraine and sort of energy security discussions we have. On the Edda Wind highlights, we have seven vessels under construction that include the Edda Breeze that was delivered from the yard in May this year. She is now undergoing installation of the gangway system. Actually, the gangway was lifted on board yesterday in Poland, and she will then continue installation until her and, as mentioned here, Edda Breeze and Edda Brint will be ready for operation in January 2023 for charters. We have also indicated the sort of effect of the delay on the gangway system supplies. It's been a tough exercise for us. We have been working very hard to mitigate those consequences. Now we feel we are on top of that situation and can look sort of forward on those challenges. By that also indicate or planning for Breeze and Brint being in operation in January. We have a good fleet of vessels under construction and another one ordered at what we see is attractive delivery schedules and attractive prices. We have what we call a stable operation in the existing fleet. Close to full utilization in the quarter for the two Edda Passat, Mistral, and the chartered Edda Fjord. Edda Wind, we are a pure play offshore wind operator focusing on delivering the CSOV, SOVs to a very, very modern specification based on new build with high performance. Also including presently a very green technology and also a clear path forward to zero emission operation. Even as they are delivered today, they have a huge reduction in fuel consumption and by that also in emissions. We are growing up a contract portfolio, a mix of long or very long contract to medium, but also we want definitely to be in the shorter market for the CSOVs. We will see the sort of mix of long and short contract shortly. After the IPO, we are backed up by very strong shipping houses mentioned to the bottom left here, like Wilhelmsen, Østensjø, Seatankers, and Quantum. Of course, we also see the great advantage of being a part of stakeholders like that. Indicated to the right, we want to be in both the longer O&M market, operation maintenance, but also have capacity to take part of the sort of great opportunities that will be now in the commissioning shorter market going forward. Europe, our primary market these days, but we are also open to look at other regions and are working to approach other regions like mentioned here. Market, I think you know a lot of this market. Whatever way we see it, whether it's number of turbines being developed, FIDs for wind farms or number of wind farms, it all accelerate sharply both in Europe and elsewhere. We see that create a great demand for again the type of vessels that we operate. Indicated here for the various regions by number of thousands turbines and we see that Europe still will remain big. Taiwan is becoming interesting region. Of course, there are political challenges or geopolitical challenges with Taiwan these days that we should be aware of. North America or in particular USA is growing. Of course also areas of Asia and not to mention China, but China in a way we see as a lesser market for Edda Wind. We expect that to be more of a home market, but even excluding China, there are tremendous opportunities for operators like us worldwide here. Of course, number of thousand turbines create number of wind farms and again vessels. Around 20,000 turbines excluding China, 200 wind farms, with average 100 turbines per wind farm and that create at least one SOV per wind farm more or less, if they are outside the CTV range and of course also a lot of commissioning days for the CSOVs. Here we see to the left the sort of demand curve, the 250+ vessels I mentioned of CSOV, SOV type. Input here is from Clarksons in this instance, but we are also in dialogue with other analysts and houses and we see there is a correlation here of sort of the figures. There will be a huge gap between the demand curve of vessels and the supply curve of vessels. We have updated the supply curve here, of the Tier 1 vessel that we definitely think will be the most attractive one, meaning the purpose-built CSOV, SOVs. 58, that is 29 existing and 29 under construction as we speak, plus a portion of Tier 2 supply. You can of course argue that the Tier 2 supply can be variable, dependent on where the subsea tonnage is operating. Here is a sort of an indicated average from at least the Clarksons input. We see that quite a lot of those vessels are attracted by high day rates in the oil and gas coming forward. If we match this demand and the gap with our capacity and open capacity that we will see a bit later, there is also a good match the way we feel it with the delivery time and the schedules we have for our fleet. Also on the day rates to the right, we are expecting them to move in a favorable direction. Of course, also assisted by exit of subsea tonnage, but of course also definitely by the gap between demand and supply that is being built up. We saw that when we renewed the Edda Passat yesterday, that was a day rate sort of + 25% above the existing day rate. Of course, on top of that for the Edda Passat, we had to balance it with the situation we had where Ørsted could have declared option year based on the existing day rate with the annual escalation. Seven months there was in a way with what we see as a good rate was a balance between the option that Ørsted were holding. We have a strong opinion that the Tier 1 or the purpose-built vessel will be the preferred candidate in the market. We see that on SOV long-term O&M contracts, only the purpose-built vessels are being elected. We also see that the fleet we are bringing on now is very attractive and will be, in our opinion, the chosen one and the attractive one and also the vessel that can generate good day rates. They are more tailor-made to the need and operation that the charterer is going to do. They have a way better fuel efficiency and thereby emissions. We can provide them at attractive day rates compared to also converted vessels. To the right there, we see the Tier 1 fleet existing indicated in blue, 29 vessels, and then same number, or at least before yesterday when we took another one under construction. We have now eight vessels under construction, and there are total 30 vessels under construction. A big portion of these vessels, all the 58 are either today working on contracts mid- and long-term. Same is the case for quite a large portion of the vessels under construction including half of ours. Edda Wind has built up a strong backlog already. Firm backlog of around EUR 290 million and with options EUR 476 million indicated here. And also what we see in the middle, this is against very strong counterparties and contracts from sort of two years up to 15 years. We have already three vessels working on contracts. We will have six by next year and soon, 10. I have to say the backlog then will be of course a bit adjusted after the news we presented yesterday. There will be a bit more firm backlog. The optional backlog will be reduced a bit due to the fact that Edda Passat is taking on seven months from contract and options of we are freed from the options which we see is an advantage. Here's the fleet being built up. Again, we should have added the new build and the option on the bottom here. When both the Passat contract and the new build was signed yesterday, we will have to cover that in the voiceover. This was the status then up till yesterday morning. Edda Passat, we are starting with Ørsted five years firm, that is completed in March 2023. Again, then she will after March go in a seven-month firm work with Ørsted and the options are gone. Edda Mistral, she will complete a five-year firm period in the fall 2023 September. There are still five by one year options to Ørsted and we expect her to continue on the Hornsea One operation. Ørsted does not have to declare that three months before the firm period is out, summer 2023. Vestas Edda Brint she will soon or this month start installation of the gangway system and be ready for operation January 2023 for the next 15 years. Seagreen, U.K. Build number 416. She will be delivered quarter two. Go then into work for Siemens Gamesa in France, quarter three 2023 for a five-year firm period. Edda Breeze, that contract already started April 2021 with a frontrunner vessel. She will relieve the frontrunner vessel in January 2023, and will then continue on that contract for the next 9-10 years onboard in Germany. 490, she will be delivered also quarter two this year. No, 2023 sorry. Start work for SSE Dogger Bank commissioning. Two-year firm, and there is also optional year that is very likely to be taken on that contract. We have from today, four vessels under construction. That's 491, that will be delivered quarter three 2023. 492, quarter two 2024. 503, quarter three 2024. Latest order yesterday, 504, that will be delivered quarter two 2025. That's the four vessels with the sort of open capacity that we have, will have in the fleet. We are in a way very looking forward to have open capacity in the fleet to enjoy the growth potential that's there in the commissioning market. We are really optimistic about that. Shipbuilding prices. You could say a lot about shipbuilding prices. Last year I would say they have been more like a fresh produce. Ferskvare on norsk I guess. Where we have seen a huge increase in shipbuilding cost. We have indicated 20% up in a year. I think that could be a conservative figure. We have seen that steel has come down. For the type of vessels here, it's quite limited impact that has on the total price. A vessel like this, the CSOV type ±2,000 tons of steel. Where the steel is EUR 700 per ton or EUR 900 per ton, or whether you use 2,200 tons or 1,800 tons, it does not really have the huge impact on the total building cost. The major part of the cost is the main suppliers, typically the European main suppliers, which contribute to at least 50% of the total cost, maybe in some instances also between 60% and 70%. They are basically European suppliers more or less regardless of where you build in the world. A lot of that fixed cost is very much fixed to those prices and here we have not seen any sort of relaxation on the price increase so far. Of course you have element of labor cost and also of course labor standard that could be variable from country to country. What we have seen, these are sort of figures from August 2022, if you see the bottom right there, and we have seen increases even beyond August up till today. Again, those prices are an indication like they were in August 2022. To the left we have indicated the pricing we had on our six or seven new builds before yesterday. The SOVs and here we are talking about what we call a ready-for-sea cost, meaning all inclusive, building supervision, interest, delivery to Europe if you build somewhere else, and then SOVs in the range of EUR 43 million. The first series of CSOVs, 48, and the last one we did in January 2022 with Gondan, EUR 52 million ready-for-sea cost. The two vessels we did in Colombo were on sort of more or less the exact same price, EUR 52 million ready-for-sea delivered Europe. At that time, Spain and Colombo were very close when we are talking about ready-for-sea cost, and I would say that is probably still the case. Then we have in... I should also mention that it's not necessarily apples to apples. The prices and the vessels we are building, at least we know, have a very high specification. It includes hydrogen-ready LOHC plant. It includes Voith Schneider. I would say crew standard accommodation. Maybe some of you were on board and saw it, and also a lot of other energy optimization and high-spec features. That is not necessarily always the case with the indications to the right there. I would sort of believe those are more basic or mid-spec level comparisons. Of course that also matters. We have done the new building yesterday at what we have indicated, a lower EUR 60 million range, in Spain again. We feel with again the same specification that we did the previous sister vessels, that is still an attractive price bearing in mind what we have seen of prices elsewhere. We have priced widely from sort of this summer and have a good selection of price and indications. We have again chosen to return to Spain where we feel we have attractive price and on top of all the sort of reliability we see from the same yard. I mentioned we have a mixed portfolio. Here is to indicate what we have of fixed vessel days in blue and options in green, and then is it black? The open capacity. Of course that will be slightly adjusted after the Edda Passat contract yesterday where we will have anyway from quarter three 2023, 90 days per quarter, more of Passat open days and less optional days. Again, we see that as advantage. We now have a fixed date, welcome, where we can sell the Edda Passat from October 2023. Before, of course, we had the option that Ørsted was sitting on as in a way a limitation to when the vessel would be available. Again, if we match that, and I think we will do that for next time, match with the demand supply curve we had on a few slides earlier, there will be a very good match between the market gap and what we can provide of open days. I mentioned the Tier 1 vessels, in our opinion, are the most attractive one. We definitely see it in the O&M part. We also see the same trends in the commissioning part. Of course, that is for the reasons that we are much better able to suit their exact needs of the clients. We in a way have to be the mothership in the wind farm for a period either two-week or four-week without replenishment. By that, we need to give them all they want and all they need to operate their turbine operations from there. In a way we are the logistics solutions that they need offshore. Of course the series we have developed, the vessels here, has also, I would say, a unique station-keeping capability. When we are operating along the turbines, we have a very high operability. Of course also we see from the factory acceptance test and so on, we've done on the new series of gangways that we will have a gangway with very high performance. Of course, all that will assist us and the client to operate in even harsher environment and give them even more sort of ability to operate on the turbines. Other than that, of course, we have to serve all the basic needs from accommodation and meals and offices and of course I mentioned the gangway, that's probably gangway and motion-compensated crane, be able to transfer them safely and their goods is number one, and we feel we are very good in doing exactly that also with the experience we have. I mentioned the zero emission technology. We have prepared all these new buildings, including the last one announced yesterday for concept called LOHC or liquid organic hydrogen carrier concept primarily because of these three words here, safety, endurance, logistics. Safety-wise, the hydrogen can be a challenge if you are operating with pressurized or liquid hydrogen. Here the hydrogen is stored in an organic oil on board. It's a very safe manner to store it and use it on board. It doesn't burn, it doesn't explode. The safety is definitely taken care of. With the capacity and the tanks that are already built into the vessel, we have endurance for up to 24 weeks operation on hydrogen only. We could do 100% hydrogen or zero emission operation when we have materialized this. Also for logistic reasons, the LOHC, again, the hydrogen stored in oil is very safe and easy to transport. You could use regular tank vessels or regular tank trucks. It's easy to bunker and use on board. You could have simultaneous operations, cargo operation for the client and so on, going in parallel with bunkering, which would not be the case if you are going for, I would say, other alternative fuel. Having mentioned that, we of course now have a fleet that will be of eight vessels prepared for LOHC. We are open to look at other alternative fuels and we are closely following development in the technology and of course we are also in dialogue with clients to evaluate other options for this. We are in a way agnostic to the solutions. That also goes for vessel designs and believe it or not, where we build the vessels, even though we have a tendency to build in Spain. Tom, figures. That means you. Yeah. Thank you very much. For the third quarter, we had EBITDA or operating profit before depreciation of EUR 1.4 million, which is slightly down from EUR 1.6 million last year, and a pre-tax profit of around EUR 400,000, which is more or less exactly the same as last year. I'll comment line by line on some of the differences. For the total operating income for quarter three, that was EUR 7.4 million up from EUR 6.7 million. The reasons for the increase are basically two. Firstly, we recognized EUR 500,000 in compensation from Colombo Dockyard PLC and the settlement agreements related to the two new building contracts that were canceled in July. That was in third quarter, although it seems a long time ago. There were also some contractual income escalation in the contracts for Passat and Mistral, so contributing to the increase. The third quarter represents, of course, the operation of three vessels at a utilization rate of 99.5%. That is the backbone in a way in the quarter as such. The total operating expenses is up with approximately EUR 1 million quarter by quarter, compared to last year. The reasons for the increase is basically two again. Colombo, we had incurred some project expenses that were capitalized and will be part of the ready-for-sea cost of the vessels when they were delivered. When they were canceled, we are expensing those items and that was just below EUR 500,000. The Colombo income and the Colombo expense this time is about canceling out, only that the cost part of that is a one-off and the income that was recognized will be repeated in some quarters to come. We have Edda Fjord on charter still in the operating expense line. Edda fuel on charter compared to same quarter last year, the rate for Edda fuel was a bit up, again, reflecting the market and the contract for the charter there. That's about EUR 460 thousand increase due to the chartering in of Edda fuel, which will stay on charter until replaced by Edda Breeze in January. That gives an operating profit before depreciation. On depreciation as such, there isn't much excitement. That's about the same. Then we have the operating profit. Financial income or expense rather, you see, down from EUR 470 thousand last year to EUR 232 thousand this year. Reason for that is currency effects, which we have no control over basically. This is euro, so the currency effects we see is sterling to euro where, well, because Passat and Mistral are accounted for and earning income in pound sterling. We also had a reduced guarantee cost for some financial agreements where last year we paid a guarantee fee to shareholders prior to the IPO. This year, Edda Wind ourselves or the parent company are supplying the guarantees ourselves. There's no net cost to the group. On the balance sheet, starting on the left-hand side, you see cash and cash equivalents of EUR 60.2 million, but there's also cash in the other current assets line. That's EUR 6.7 million. That's restricted cash. We have a healthy cash balance. New billings you will see increase for obvious reasons as we are paying pre-delivery yard installments to Gondan and Balenciaga. We have on the right-hand side 54% equity, which is also healthy. You see we are drawing some more debt on the facilities for the new builds and also some more in current portion of the debt as vessels are getting closer to delivery and operation and also the installments profile is approaching. On the financing, we have three financial agreements in place. One for four vessels, which was from November of last year. That is Passat and Mistral and Boreas and Goelo. That is a facility that has a maturity in 2027 with two commercial banks and Eksfin. We have EUR 70 million under that facility outstanding at the end of the quarter. For those of you who are familiar with Eksfin, you'll know that about the CIRR rate. For the Edda Goelo and Edda Boreas, there is a CIRR rate available under this facility, which reflects the CIRR rate at the time the contracts were signed. In this case, it's just over half a percentage point in a 12-year swap, which compares to a commercial 12-year swap of just shy of 3%, 2.8%-2.9%, I guess. That is in the money and it's likely that we'll declare that swap for those two vessels. The two private placements is Edda Brint and Edda Breeze. Those are on 10 and 15-years terms, fixed interest and fixed term, and interest at a low 3% all in. In addition, we are working on financing for three more of the CSOVs from Gondan, and we expect to finalize that in a couple of months. The last CSOV that was ordered yesterday is still so far ahead that we will await financing of that. We have, as we have said, enough equity given a reasonable, say, 50%-60% gearing for the fleet. That we will do in due time. Yeah, that was all from me. Back to you. Okay. Thank you, Tom. The summary, I think I would mention here, it says we have a proven track record. We definitely have seen the value of that, in the challenges we have had last year on the gangway deliveries that we have, good portion of skilled personnel available to us. As you know, we are set up with Østensjø Rederi as the ship manager, including project management for the new buildings. I also mentioned we have, in a way a strong backup from the other stakeholders. That setup is very valuable to Edda Wind, and we see that when we are, in a way, running into challenges that we of course have to face, we have been, that has. It's very important for the company. We have had people now working part-time and full-time specialist competence on that particular challenge itself. Again, as I mentioned, we now feel we have that under control. We are really looking forward to the vessel starting operation in January. Of course, a lot of that is thanks to the way in the resources and competence we have available to the company. We have mentioned quite a lot of the others. We are building up a very exciting fleet in a market that definitely have a requirement for these type of vessels. We are doing it with attractive delivery dates and pricing. We already have a strong backlog, but also again open capacity to really take a position in the commissioning market going forward. The fleet very modern tailor-made for the requirement from the clients. We will have 10 vessels by 2025. Of course, not to mention the market itself. Enormous opportunities for a company like Edda Wind and the fleet we are operating. Again, I think we have said that the experience here matters, whether it's management or anyone else that is needed in such a big puzzle to operate a fleet like this. Last slide is the subsequent event where we announced 25th of October, we took delivery of the Edda Brint from Balenciaga. It's our first vessel from Balenciaga. A great vessel. She is now in Denmark. Has already started installation of the sort of last part of the gangway system, similar to what Edda Breeze started yesterday. These pictures are from yesterday when this huge gangway tower was lifted on board the vessel. Maybe you saw her in Oslo. Then you only saw this part. This was lifted on, and then the gangway placed on the deck will be the horizontal part of this system. And it matched. No. She will now sail to Denmark tomorrow to continue installation, commissioning, testing before sea trials and so on in January and operation. We are really looking forward to start operation with these two beauties. In a way, the same exercise will be done again quarter two for the Edda Boreas and the Edda Goelo. We mentioned the Edda Passat extended by seven months to Ørsted. I mentioned the rationale behind the day rate. A day rate that we find is very attractive, but at the same time, we have to balance against Ørsted's right to declare optional year. It's in excess of 25% above present level that we have been working on for the last five years. Of course, another advantage is the options for us that are gone. We know for a fact now when she will be delivered, and we can sell her capacity in the market from October 2023 on. Of course, also yesterday, we ordered additional. I call it the repeat vessel with Gondan of the CSOV. It's based on the same design. We have done some modifications. She has even higher operability due to some changes on the thruster package forward. She will also be even better on noise and comfort for the clients and personnel on board. In principle, it is a 98% repeat of the vessel. Of course, that is also what we feel is giving us an advantage, not only in shipbuilding cost, but also in operations. We can have a common spare part and training facilities. We can utilize the crew without sort of familiarization task and so on. There are synergy the way we see it, both for shipbuilding cost, operational cost. Of course, also, soon it will be a proven track record for the Edda Breeze and we can also use that in the market. Also sort of we have the better possibility to interchangeability in the market between contract and project. Again, we are excited about the situation in Edda Wind, and we are definitely excited about the future. Time-wise, I guess we have room for some questions if there are from the audience. Don't know. Yeah. Yeah, Turner Holm from Clarksons. I just wanted to ask a sort of a high-level question. I mean, how do you think about the company's development going forward? You now placed another order with capital you had. But I guess going forward, is there any particular goal that you're looking to achieve with regards to, say, fleet size or market share or returns? What sort of drives your use of capital and your priorities going forward? Should I start to answer? We are stating that we are and will maintain a position as a leading company in these segments. That means at least we would have to have a certain portion of the total fleet. That's our ambition. I think what we also stated in the press release yesterday that we definitely have growth ambitions beyond these ten vessels. That means we will and are looking at opportunities to grow the fleet also in sort of in detail pricing of vessels and so on. Of course, we have said that this fleet is now fully funded, equity-wise with the capital we have, with some surplus. If we are going to grow beyond that, of course, there will also be a requirement for additional capital and, of course, timing of such a capital raise is also a part of the growth pace, I would say. Maybe on the capital side, are there any comments from you, Tom, or? No, I don't think so. I mean, it follows from what you say in Canada that there will also be a balance between long-term charters and shorter term charters. It's not exactly spot, as in oil and gas, but at least shorter commissioning work. That is definitely also a part of the strategy to keep some capacity for those types of jobs. I mean. I guess we haven't said what percentage in number we are going to have of those 250 vessels, but we are going to be a leading company. That's what we have stated. Okay. Just to follow on to that sort of high-level thought, I think originally at the IPO, there was, you know, it's always been clear that this is a growth company, it's a rapidly growing market, and you want to take a piece of that. There was also maybe some talk about dividends at the IPO. How do you sort of balance out the sort of need or desire to take part as a, you know, biggest player or among the biggest players in this market? How are you thinking about dividends eventually playing a role in the company's use of capital? Yeah, on the dividend side, of course, as we get more vessels on water and operation, what we said is that we'll aim to pay 50% of the free cash flow in dividends. That's free cash flow from operations, if you like. Then the CapEx program will try to balance two thoughts there. To think the CapEx as a capital raise and financing otherwise, but maintain the dividend policy at 50% of free cash flow. Okay. Last one, and then I'll let others ask if they have questions. It's just obviously interest rates have come up a lot. Do you have any hedges on the debt or is it floating? No. The two CSOVs, Edda Brint and Edda Breeze, those are fully fixed for 10 and 15 years. All in at a low 3%. For Boreas and Goelo, we have the swap option, if you like, with CIRR rate at just about 0.5%. That will secure almost all of that debt for 12 years. I can ask a few more. The new builds, right? Like, I want to ask about the price because it is a lot higher than what you paid before, right? Like tell me about that decision process. I mean, I know the rates are a lot higher, but I guess you also have to believe in that for an extended period of time. You know, it seemed like in the previous quarters, you're looking at these big increases in new builds and maybe a little bit cautious about it. Now you guys go out and make the order. Do you think that this is the new normal? I mean, both in terms of rates, in terms of new build prices. How did you come to that decision? I'm afraid it's a new normal. Sort of what I indicate, there are some portion of the cost that maybe has decreased like steel, but again, little impact on us. What we see from sort of the main cost drivers for this type of vessel, we definitely do not see any relaxation in pricing, rather the contrary. Of course, we have in a way, we had to wait a bit where the prices go. We felt this is a good timing for doing it because we do not expect, once it's up here, that it will sort of reduce sharply or quickly. We still find this compared to the increase we have seen in the market and what we get off spec and what type of vessel we get. We still feel it's a attractive price, the one we have ordered now. Of course, if not, we would not done it. Sure. I guess the other part of that, right, one part is the cost and the other part is the sort of revenue or income side of it and the rate levels. Mm-hmm. I think, you know, this past summer we were talking about 40-45. When we did the IPO, it was. People were talking about 30. Do you think 45 is the new normal or in that range, 40-45? Is that what one should expect in the spot market going forward, at least during the summer months or? Yeah. I should be a bit careful of stating a day rate, but of course, we in a way concur to the input. We just show you on expectations on day rates and of course, dependent on length of contract and actually, vessels availability. You are moving between this base case and the higher portion. I also see that exit of subsea tonnage will in many instances, hopefully, drive this day rate up to the higher case and higher level. Of course, we are very optimistic about the vessels that we will have vacant after sort of the first open vessel will be delivered to us in a year. Of course, we are definitely optimistic about that also with regards to day rates. Understand. One last one from me is just on crew inflation. Is that something that you're experiencing and, you know, how should we think about the cost side of things compared to what we thought a year ago? That will be a challenge in the market. Of course, the contracts are formed typically with three elements, or at least that's the norm. The financial portion is fixed for the contract period. The operational portion, OpEx is linked to a sort of KPI index regulations annually. Crew also is linked to a tariff that could be either linked to it could be a Norwegian Shipowners' Association or it could be linked to a specific nationality or area you operate. Those, of course, escalations are meant to cover the inflation also in crew rates. Sort of give or take, that is the case. Of course, crew availability is pushed these days also due to the situation with Russian crew for many companies that used to have them not available. Ukrainian crew are less, and of course, that is in a way giving a challenge on crew availability. Of course, pricing will be affected by it. Again, the escalation clauses are meant to cover that change in crew cost. Thank you very much. Okay. Now can I take a question? Thank you. So you mentioned that you were quite comfortable on the equity side, you know, with assumptions for leverage, et cetera. What do you see as the, you know, potential largest risks for needing to reassess that? Any comment? If any, obviously. No. If any. What is it? The building contracts are on fixed price. The yard is familiar to the shareholders and all in as such. There's not much risk in that. As little as it can be, I would say. Of course, uptime, I mean, on higher utilization rates, I mean, that is a factor that is influencing our cash and earnings. Both the commercial utilization and technical utilization. Although I won't flag it as any particular huge risk for us, of course, for all operators, I guess. Maybe as a side comment, if we were in a situation half a year ago where we had two vessels coming from Colombo, and of course the capital commitment to that, and the gangway delivery has taken longer than we anticipated at that time, then we were moving into maybe more the scenario you describe. Of course, that is also one of the reasons why we now have ordered one vessels. First of all, we have spent time on getting control of the gangway deliveries, and we feel we are there. We have seen an increase in ship prices from January when we ordered last time till now, but we took one vessel. In a way, now we have surplus capacity that's a position we have decided to be in. Yeah. Thank you. Okay. Well, thank you very much for being here and listen to us. If there's anything, sort of, questions or anything you would like to follow up afterwards, I'm sure you know where to find us. Thanks again.