Good morning, welcome to today's presentation of Gram Car Carriers results for the Q2 2023. My name is Georg Whist, I'm the CEO of Gram Car Carriers. As usual, I'm joined by our CFO, Gunnar Koløen. To summarize Q2, we continued to make good progress on executing our strategy. We delivered a sixth consecutive quarter with increased earnings and dividends. This is driven by charter contracts at higher day rates in a strong car shipping market. Gram Car Carriers, we're the world's third-largest car carrier tonnage provider. We listed on Oslo Børs main market since mid-December last year and started trading on OTCQX in New York since June 2023. We have a clear commitment to provide attractive shareholder distributions. The board has approved a Q2 dividend of $0.47 per share, a more than doubling from Q1 and in line with the new dividend policy. Daily time charter earnings increased for all vessel sizes in Q2, leading to a higher net profit. Fixed revenue backlog at the end of Q2 was $826 million and provides good long-term earnings visibility. In early Q3, we sold two distribution vessels, capitalizing on high asset prices, and we acquired a controlling stake in a midsize vessel at a favorable price point. The market remains positive with continued high charter rates and demand for long contract durations. We will distribute $13.6 million for Q2, equal to 75% of net profit. $0.47 per share is a 110% increase from the $0.224 distributed in Q1. This reflects the combination of higher net earnings and higher payout ratio. The distribution represents a repayment of paid-in capital, which is tax efficient. End-user demand for car remains strong, with a market expected to be back at pre-COVID levels in 2024. We see a continued shortage of vessels over the next few years, charter rates have stabilized at the current record-high levels. Q2 revenue was $48.4 million, up from $41 million in Q1. EBITDA was $32.9 million, up from $27.7 million in Q1. This reflects increased TC earnings across all segments. Net profit was $18 million, up from $13 million in Q1, of which we returned 75% to our shareholders. The change in revenue backlog reflects the contract revenue generated in the quarter. The fixed revenue backlog provides good earnings visibility, with an average contract backlog of 3.2 years. Time charter break-even remains stable as lower margins on our credit facilities are partly offset by higher SOFR interest rates. Gram Car Carriers, we're a strong industry name with more than 40 years engagement in the industry. We have extensive experience from chartering vessels to all major global operators and key regional operators worldwide. We're headquartered in Oslo, and with our office in Singapore, we manage a modern fleet of car carriers. We listed on Oslo Børs main market since mid-December 2022, and our GCC shares commenced trading on OTCQX Best Market in New York in June this year. The car industry is one of the world's largest industries, and we are an integral part of that logistic chain. We charter our vessels to the operators who in turn sits on volume contracts with the manufacturers. Take Glovis, for instance, they operate about 90 vessels. 2/3 of that they charter in, and they own about 1/3 themselves. NYK, MOL each operate about 100 vessels. They own about 2/3 of that themselves and charter in 1/3 of their tonnage needs from tonnage providers like us. Wallenius Wilhelmsen, on the other hand, they own most of their vessels and charter in only about 10%. Gram Car Carriers, we're a preferred partner who deliver a consistently high-quality service, which meet all the stringent quality measures set by the car manufacturers. We have three main types of vessels. We have the distribution vessels, serving regional markets like Northern Europe and the Caribbean. We have the midsize vessels serving North-South trade lanes and trade intra continents. We have the Panamax vessels serving East-West trade lanes, crossing the canals and major oceans. We operate on commercial management, four new buildings for Global Auto Carriers. For those of you with attention to detail, there are some changes on this slide related to transactions we announced in July. Going into details, in July, we assumed a 70% ownership of the midsize vessel, Mediterranean Sea. We bought 75% of the shares in the single-purpose company, which owns the vessel for $17.8 million in cash. Gram Car Carriers is the commercial manager, and we had a 1% ownership before the acquisition. The vessel is on time charter until May 2025 at $25,500 per day, adding $18 million to our revenue backlog here in Q3. The acquisition is expected to support increased dividends and distribution.... Also in July, we agreed to sell two distribution vessels, Viking Constanza and Viking Princess, the cash consideration of $43.5 million. We modernize fleet and capitalize on historically high second-hand value prices. We expect to gain $19 million upon completion, contributing to net profit and dividend capacity. Viking Constanza will be delivered to our new owners in Q4 2023, and the Viking Princess in Q1 2024, on completion of existing charter contracts. The transaction supports our strategy of owning and operating a modern fleet. We divest a 20-year, eight-year-old small distribution vessel. We also divest a 13-year-old distribution vessel for a higher price than what we effectively are paying for a 13-year-old mid-size vessels. This confirms our ability to capture additional value in a historical, strong shipping market. Over to Gunnar for an update on operations and finance. Thank you, Georg. Q2 has been yet another quarter with increased revenue and earnings. The average time charter rate for the fleet was $28,770 in Q2, up $3,150 from last quarter. This reflects higher average day rates for all vessel types. Overall, we have good control over operating expenses, which are developing in line with the expectations. We've recognized close to $1 million in non-recurring expenses related to repairs during the quarter. These repairs did not impact utilization. The average cash break-even remains stable from the previous quarter, as lower margins on the main credit facility offset the impact of higher interest rates. We expect OpEx at around $6,000 per day for the distribution vessels and $7,000 per day for the mid-size and Panamax vessels for the rest of the year. For the year seen as a whole, we expect to exceed these numbers only very slightly due to the non-recurring expenses in this quarter. The fleet was fully operational during Q2, only with the exception of Viking Sea, completing its second special periodic survey at the end of the quarter. Excuse me, at the beginning of the quarter, and the Panamax vessel, Viking Bravery, which started on a scrubber installation at the end of the quarter. Overall, this resulted in 99% utilization for the fleet. The Viking Bravery scrubber installation was completed on budget and ahead of schedule in late July, before commencing on its new five-year charter. As a result of an incident, Höegh Caribia was involved in in July, we expect to incur around 30 days of off-hire to carry out repairs during third or Q4. As reported last quarter, fixing activity has naturally slowed down, following a very active 2022 and limited open capacity. Taking into account the sale of the two distribution vessels we have reported in July, we are effectively sold out in 2023. The two vessels we have sold will be delivered to the buyer after they complete their existing charters, and there'll be no impact on backlog. The acquisition of Mediterranean Sea, on the other hand, will add $18 million in backlog and will be consolidated into our financial statements from 1st August, 2023. We see continued strong demand for our two vessels with open days in 2024, the Viking Queen and Viking Amber. We expect these two vessels to roll over on contracts with higher earnings in first and Q2 next year, as we expect the charterers to make use of the vessels until the max dates, which are January and April, respectively. All this considered, we have very good visibility on revenues with such a large portion of the fleet fixed on long-term contracts, which I will get back to on the next slide. Revenue backlog remains near record high at $826 million. The graph on the right shows the revenue backlog as at end of June, split on the year when we expect to recognize the revenue. This demonstrates the good visibility we now have on earnings. As I mentioned earlier, the acquisition of Mediterranean Sea and fixing of the two 2024 open vessels, Queen and Amber, will further add to the backlog. We continue to focus on longer charters, providing good visibility on cash flow and dividends to shareholders. Looking at the key financial figures. Revenue and earnings reflect continued strong operations. Q2 net profit was $18.1 million, up from $13.1 million in first quarter. The board has approved to pay 75% of net profit as dividend, this is to be paid out of the share premium and in line with our new dividend policy. This represents 110% increase compared to last quarter, as Georg has mentioned, is a result of higher earnings combined with the higher payout ratio. In April, we agreed with our lenders in the main facility to move from a fixed margin to a grid-based pricing based on leverage ratio, measured as net interest-bearing debt over EBITDA. With a net interest-bearing debt EBITDA ratio below three, at 2.8, as per 30th of June, the margin on our main facility will now reduce from 275 to 240 basis points. With that, I will hand it back to Georg to give an update on the market. Thank you. Thank you, Gunnar. Charter rates have stabilized at record levels for Panamax and midsize vessels, while distribution vessels continue to move up on a very limited availability. 180 vessels owned by tonnage providers, only two are open for re-contracting in 2023 in Q3. Total open position for the remainder of 2023 for recontracting is also very limited. Only eight vessels are currently open. This is down from 25 open positions in April. For comparison, 65 vessels were open, were fixed for 2022, and over 100 were fixed pre-COVID. Looking into 2024, the picture is the same. The conclusion is that the market remains very tight. Expectation for global auto sales have remained stable since June, despite increased interest rates and fear of recession. Volume growth is expected in 2023 and 2024, despite high economic uncertainty, lower growth expectations, weaker consumer confidence in the US and Europe, and continued war in Ukraine. We're coming from historic subdued levels. New car sales are expected to be back at pre-COVID levels in 2024. Auto manufacturers continue to prioritize their export models. US inventories of import brands remain near record lows and less than 20 days inventory. China's export continued to grow and record high and heavy volumes gives a tight market for car carriers. In sum, we're looking at a prolonged firm market. What's driving this market? It's a story of China, but also Japan and South Korea, and about increased ton-mile demand. The main driver of the car carrying market is export from Asia to the world. The rest of the trades are predominantly backhaul trade. Asian vehicle producers, led by China, but supported by South Korea and Japan, are set to grow their exports by an estimated 37% in 2023 versus pre-COVID 2019. They are taking market share and are outperforming European seaborne exports, driving up average sailing distances. The increase from 2019 to 2023 of 3.6 million cars export from Asia to the world translate into about 100 Panamax of vessel demand. More than 50% of expected 2023 exports from Asia are heading to North America and Europe. This is driving up ton-mile demand and is resulting in this current tight market. Looking closer at China, the strongest export trend continues with China established as the second largest car exporter in the world. The current export run rate indicates more than 4 million annually, up from 3.25 million vehicles shipped in 2022. Electric vehicle exports, 12 months average run rate stands at 31%. China expanding its position as a global electric vehicles powerhouse will lead to further growth in ton-mile demand, driven by both Chinese car brands growing internationally and international car brands such as Tesla, followed by Volkswagen, BMW, Volvo, and General Motors, investing in production in China. Benefiting from an established battery-electric value chain, China has modern production facilities, modern port infrastructure, well-established auto parts supply chain, including EV batteries, and of course, a large, skilled, and cost-effective workforce. High and heavy demand remains strong, with high volumes and strong backlog in 2023. All the main sectors, agriculture, mining, and construction, are experiencing high demand. This is high-paying cargo, which lifts demand for car carriers overall. We continue to see a favorable supply side, despite the recent increase in order book to above historic average levels. This is a response to the strong market fundamentals. The current market fundamentals are set to continue to support a long-term strong market. Net fleet growth has been negative since 2014. So far, only three new buildings have been delivered in 2023, and the age profile of the fleet indicates a substantial recycling potential. Further, vessels are needed to meet growing demand, replacement requirements, and reduced fleet efficiency due to environment, environmental requirements. To sum up, why invest in Gram Car Carriers? Well, we are a unique investment opportunity. The market fundamentals remain attractive, capturing strong market. This includes value-creating asset transactions. With our fixed revenue backlog, we provide good visibility on growing earnings and cash generation. We are committed to deliver attractive dividends and being good stewards of capital. With that, I would like to open up the floor for a Q&A session. Okay, thank you very much for the presentation, Georg and Gunnar. My name is August. I work here in equity research at Pareto, I will be moderating this Q&A session. Just a reminder to everybody watching at home, we have this Q&A function on InvitePeople that you can post your questions into, then I'll read them out loud. We've had a few here already, starting with, "Hi, Georg and Gunnar. Congratulations on the Q2 results and on a very positive quarter overall. Have you given any thought on revamping the share buyback program since the shares are trading below the average price of the previous buyback program? Yes, thank you for that. As we have discussed on previous calls as well, we are always looking into striking the balance between building the liquidity in the stock versus buyback. Right now, we, we still prefer to increase the liquidity in the stock. Saying that, we have now increased our dividend to 75%. Just to remind everyone that this is a return of paid-up capital, so it is very tax efficient. The way we see it at the moment is it's better to, to pay the dividends, to pay it as a return of capital, and then rather try to build the liquidity instead of strengthening the liquidity by doing more buybacks. The buybacks we did was, as we also announced, was to fill up the share incentive program for the employees, so it had a slightly different purpose. Then there's another question kind of related to this, saying that, "The, the liquidity of the stock remains very low. What's being done to increase this, and what's the advantage of being listed with such a low turnover? Thanks. Yeah, so remind everyone again that we've been listed now for a year and a half on the Euronext Growth, really just, you know, nine months or eight months on the, on the main market in Oslo. We, we are engaging with investors. We have put also more effort into the United States. We'll follow that. That's why we also went for a OTCQX trading platform, where people in the United States can trade in the US open US opening hours. We will be intensifying our, our marketing efforts towards new investor groups. By that, and I also believe by constantly delivering on the dividends, which we have been doing, now having our sixth consecutive increased dividends, and now with a 75%, we believe that people will, will soon get this, and that will also drive more interest and more liquidity in the stock. Okay, thank you. Then there's one, "How is the rechartering of Viking Queen progressing? Have charterers started to grow hesitant due to increased deliveries next year? Yeah. No, there, there's no hesitation whatsoever. As we showed on one of the slides, there are very few open position for rechartering next year. Let me just bring up that slide. I think I passed it, actually. Oh, there it is. As you can see, of all the Panamax for the rest of these years, there are only six ships with that, and that was end of Q2. A couple of these have now been covered. There's also ships opening for next year that's starting to cover. There's discussions on all of these ships that are coming open for the next or the rest of this year. We're in discussions, and the market is staying put and firm, and we do not see any weakening signals in the chartering market at the moment. Okay, that's good. another one kind of touching upon this, but the order book to fleet is now well above 30%. Are you worried at all about new builds coming to the market in 2025- 2027? I think we touched on that on this presentation as well. I think you can see this on the right-hand corner. Between now and the end of 2025, there's 103 vessels hitting the waters. At the moment, there is at least 20 or 25 ships too little, so there is cargo. We know there's cargo left behind. We hear from the operators they're all sold out. Ideally, we'd like to have more vessels, so there is already a deficit. With the new regulation that came in this year, with the CII, a 1 knot decrease in the world fleet requires an additional 25 vessels. 1 knot, 25, maybe 2 knots is 50. There's a quite a lot of need just because of environmental regulation. There is ship, ships that's coming of age. There's about 26, 27 of them, which are good scrapping candidates, so that's another, another 26. Just by increasing the, the world sales and the derivative and seaborne traffic, generated by that, last year, 80 million cars sold worldwide. This year, we're on to 86. Just a delta of 6 million cars translates into about 27, 28 car carriers. Only with that, the book is covered. You know, we are not even back to pre-COVID levels, sorry. If we're back at 90, which is pre-COVID, or even 95 from the year before, we need about 80 ships that this graph shows. In our opinion, the order book, although it's large, it's quite natural. It's actually, it, it might be that it's not even enough. People have to re-remember, this is the graph on the left, that there's been underinvestment in this sector since 2014. There's quite a big overhang that needs to be filled up. So, we're watching it closely, but we're not terribly concerned. Okay. I think we'll just stick with this one on Viking Queen. What rate would you estimate Queen to get based on, I think it says five and respectively, three-year charters, and what period are you aiming for? So we're working with our customers, and it seems that, both us and them, we're homing in on the five-year. So... That's what we would like to do. We could also do longer. We could consider doing seven or even 10 years. So that would be a discussion with our customers. The rates, you know, have been reported, to be in the $60,000-65,000 per day range. That's the recent concluded transactions, and we see no softening. That's my best estimate. I don't have a crystal ball, but that's at least last time. Yeah. Sounds good. Sears, what would it take for you to sell more ships? If you did, what would be use of proceeds? I think, you know, what we just recently did is a very good example of how we approach things. I mean, of course, one vessel, the Viking Princess, she's built 1996. She becomes 28 years in, you know, when she comes off charter. That is more of a selling, you know, to another buyer. You know, it's end of life. We will typically be selling ships when they are between 20 and 25 years. This is a very natural evolution on that ship. We have the Viking Constanza, which we, you know, we did a lot of calculation. We were offered a price which we thought was very... We think and believe and is, is a very good price. You need to believe in a very firm market for the remaining of her life. We said, "Well, we should sell her," which we did. On the other hand, we, we turned around in the market and we saw an opportunity to acquire parts of the Mediterranean Sea, which is built exact same age as the Constanza. She's 5,000 versus 2,000, and we're buying a 5,000 ship built the same year at a lower price than what we sold the 2,000. To me, that demonstrate that we, we are very focused, we are good, good, or keepers of your capital, and there will be prices that we sell at when we believe that we have maximized the profit, and there are prices we buy at when we believe we can create further shareholder value. We will have a pragmatic, opportunistic approach to asset sales and asset purchases. It needs to, as we've always said, needs to create shareholder value and increased earnings per share and dividend per share capacity. Yeah. Just a reminder, if you have any questions at home, please type them into the chat function here and I'll read them out loud. We have a few more for now. One about the, the dividends on the unadjusted numbers versus adjusted, like, how will this work with the sales gains that you just talked about going forward? Yeah. So we are selling the vessels, and we will have a book gain of $19 million on those two disposals. 75% of that will be distributed as dividends in Q4 and Q1 next year. We're sticking to our plan. It will work itself through our P&L. 75% of that P&L will go to the investors. So, you know, big numbers is that about $0.50, per share, will come to the investors via dividends in Q4 and Q1 next year. Okay, yeah. There was another one here. Any plans to order newbuildings? Do you see any chance to purchase second-hand ships at price, and creating sufficient positive cash flow? Two questions, I guess. Yeah. We are evaluating newbuildings and second-hand, you know, with the same kind of approach. You know, what does our customers want? Where can we create shareholder value? I think that's what we also demonstrated by we, we, we bought, we have now 76% of Mediterranean Sea, and we believe that creates great shareholder value because, you know, the, the, the, the charter rate we need to, to achieve post the current charter, is comfortable, with, and obtaining the, the dividend yield, which we have, we have at the moment. We will approach that with the same philosophy that we always done. We have, as you know, we are managing for newbuildings. They are not for us because they're unfixed and they don't generate cash. As we always also said, we will have a discussion with them closer to delivery and when the cash flow is known, is to see if there's a combination to be done. It has to be at least neutral, but preferably accretive to our dividend yield. Yeah. There's one, just like, as you touched upon here. How do you avoid conflict of interest with Global Auto Carriers newbuilds? Yeah. We don't have any newbuilds ourself, and the, and the timing when it comes, we don't really have any open positions when those are in negotiation. So we don't see that as a big, you know, we handle that quite, quite fine. We have, as, as those of you who have been with us for a long time, we have managed ships for other people for more than 10 years, and we have been handling that, you know, perfectly, you know, our chartering people view our third-party vessels, which we manage as, as our vessels, and, and, you know, make, sound good business decisions based on that. Yes, there is a, in theory, a conflict of interest, but we handle it, and we have handled that for, for, yeah, more than 10 years. So I think that's, that is well, taken care of. Certainly. There's one in, in Norwegian here, but I'll translate. "How has the interest been for Gram Car Carriers in the US following the listing? It's, we, we had a sort of non-deal roadshow or investor lunches and meetings in June, just before the Scandinavian summer break, and, you know, very, you know, people like it. I think where the Americans maybe are slightly different than Scandinavians and some Europeans, is that they really like, and I think they arguably understand our dividend yield story even better. They get it. I mean, we have. You can calculate with extremely high precision what your dividend checks will be over the next two to three years, and then they look at the share price, and they, they see that dividend yield, and they really like it. They are studying. We're also in discussions to come back in the autumn. We will do more, more investor calls, more investor meetings. We do see in our when we take out and look at our, our investor list, through the VPS system, that there is gradually coming more and more US custodian accounts into our, our shareholder group. It's moving slowly and surely, and this is long-term work. We will work on it brick by brick, take the calls, do the hard work, and then slowly but surely, I'm, I'm convinced they will come. Yeah. Sounds good. We have no further questions here for now. A final reminder, if you have any last-minute ones, please type them in now, and then I have one in the meantime, which is these vessels that you're selling, like you talked about the Princess being quite old, it's a small vessel as well. What do you think, the buyer is seeing, or sort of disagreeing with you, where they're willing to take on this, this ship at a price that you're very happy to, to sell at? Is, is there a different priority? Do they have different needs, or are they, yeah, seeing something, something else? Yeah, I mean, this, this is an a European, quite new operator. I mean, they have a contract portfolio. They are obviously optimizing that. They have some short sea Europe. They are an operator, so they're buying, you know, for their own needs and, and, and building that and with their You know, I don't have insight into the full details of their contract mix. They saw this as an opportunity and have been putting it together, and the ships, as we understand, are gonna trade for one of the OEMs. It's, it's, it's just very interesting, and for us, it's, it's about, you know, selling ships when they come of age and selling ships when we get a very good price. Yeah. Yeah. Makes sense. There was one more coming in here. "Any plans to diversify into other segments, such as RoRo, provided they comply with your policy of being fixed, and give shareholder value, et cetera? No, we don't do... we, we believe shareholders can diversify themselves and invest in RoRo companies, so, tankers and bulkers and others. We, we're really good at car carriers. We've been doing it for 40 years, and that's what we know. We so we'll stick to what we're good at and, and create value for shareholders and, and try to grow the business, as a, as a dedicated tonnage provider in the car carrier space. Okay. Sounds very good. There are no further questions. I'm sure if there's anybody afterwards, they can, they can reach out to you guys. Okay, as I said it, there was one more here. "Yeah, what's your view about the safety of transporting electric vehicles in view of recent events? Yeah, it's, it's obviously something we spend quite a lot of time on, there are quite a lot of safety measures already coming in, although we are a bit disappointed that the legislation is lagging behind. The, the operators are coming in with standard procedures, maximum charge levels. You know, one operator have, you know, you can not have a EV on board, which has more than 30% charge, because the fire is all about the releasing energy, so you need to have as little charge as possible in the car, to, to have it in the most safe. When you look at statistics, EVs don't burn. I mean, there, there's a lot less fire in EVs than in conventional cars, so, so, so that also helps. There are development. We, in some of our vessels, we have these blankets. You can cover the, the, the, the electric vehicles if they catch fire. The recent event is a very sad story, and there's loss of life, and so it's, it's really, really bad. I think the operator there has been quite transparent, has been publicizing statements on what is really happening. I encourage, like with most news stories, people to stay away from the, the public heated sort of press, like The Sun and stuff like that. You know, stay on the. You know, read up on the, on the serious press. The last we heard is that the fire was from eighth deck and upwards, and actually, all the EVs were parked lower in the ship. Let's see what the investigation says, but early signals is that there was not EV fire on that ship. It was actually combustion engine, but that's just early, early reports. Let's see when, when the full investigation continues. It is an important issue, and, you know, we have training programs. And, you know, the most important, the crew needs to feel safe, and if they feel safe, then I think we have good procedures. It's something new. It's, we need to work on it, and we, and we are, and the industry is taking it very, very seriously. I think I think it will be okay. Yeah. Sounds good. There are no further questions. I think we will draw the line there. If you have any final remarks, please. No, I think we're, we are, you know, we are continuing to, as you know, delivering on, on our story. We have, as we said, the sixth consecutive increasing dividend, and there is more to come, as, as your analysts will, will, will guide you and tell you. I cannot, unfortunately. If there are questions or specific things on the financials, please reach out. Gunnar is here, very prepared and ready to answer any detailed questions on the financials, and look forward to present more news and also the Q3 in a few months' time.