Good morning, and welcome to today's presentation of Gram Car Carriers Results for Q4 and the Full Year 2023. My name is Georg Whist, and I'm the CEO of Gram Car Carriers. As usual, I'm joined by our CFO, Gunnar Koløen from Singapore. To summarize, we're pleased to deliver a strong quarter and a full year with record earnings. This is driven by solid operations and execution of charter contracts at higher day rates. The car shipping market remains strong, and we are creating additional value through vessel transactions. In sum, this translates into our eighth consecutive quarter with increased dividend in line with our strategy. Gram Car Carriers is the world's third largest car carrier tonnage provider, with a clear commitment to providing attractive shareholder distributions. The board has approved a Q4 dividend of $0.979 per share. Increased daily time charter earnings for distribution and Panamax vessels and vessel sales gain is driving record net profit in Q4. Near record fixed revenue backlog of $851 million provides long-term earnings visibility. We work actively to optimize capital structure and refinance two vessels in Q4 at lower interest cost, and we continue to create additional value through asset transactions. Market outlook is positive. We continue demand for long contract durations at high charter rates. We will distribute $28.37 million for the Q4, equal to 75% of net profit. $0.979 per share is a 52% increase from $0.645 in Q3. Good operational performance and contracts with higher day rates and gain from sale of Viking Costanza. We distribute our capital in a tax-efficient manner by way of repayment of paid-in capital. We have delivered on this significant increase in 2023 dividends versus 2022, and distributing $79.2 million in total since IPO, including this quarter's dividend. Annualized Q4 distributions implies an 18% dividend yield, which includes Q4 gain from vessel sale. Dividends are a function of the earnings locked in through our contract backlog and transaction gains. The analyst consensus indicate a 16% dividend yield at current share price for 2024 and 2025. End-user demand for cars remains strong, and we were almost back at pre-COVID levels last year, and we're expecting to reach pre-COVID levels this year. We see a continued shortage of vessels over the next couple of years, and charter rates have stabilized at record high levels. Our Q4 revenue was $56.4 million, up from $54.9 million in Q3. EBITDA was $41.6 million, up from $40.5 million in Q3. This mainly reflects increased Panamax time charter earnings with the Viking Bravery's first full quarter on this new contract. Net profit was $37.8 million, including a $30 million gain. This equates to $1.31 per share in earnings. We return 75% of net profit to our shareholders. We signed no new contracts in Q4, so the change in backlog reflects revenue generated in the quarter. The fixed revenue backlog provides good earning visibility with an average contract duration of 3.4 years. Increase in time charter break-even reflects the general inflation on operating expenses. We continue to create value through asset transaction and fleet optimization. We just agreed to sell Viking Amber, a 4,200 capacity mid-size vessel built 2010 for $64.6 million. As I've said before, there are prices where we sell, and there's prices where we buy. This is an attractive sales price in a very strong market, reflecting that the vessel soon comes off its current contract. The transaction is set to yield a gain of $36.5 million to be booked in Q2 this year and will support dividends. As always, we are focused on optimizing shareholder return. Gram Car Carriers, we're a strong industry name with 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 together with our Singapore office, we manage a modern fleet of car carriers. We listed on Oslo Børs main market since mid-December 2022, and the GCC shares commenced trading on the OTCQX Best Market in New York in June 2023, under the ticker GCCRF. The car industry is one of the world's largest industries, and we are an integral part of their logistic chain. We charter our vessels with the operators, who in turn, sits on volume contracts with the manufacturers. Take a few examples. Glovis operate a 90-vessel service. They own about one-third themselves, and they charter in two-thirds of their tonnage needs at any time.... NYK, MOL, K Line operate each about 100 vessels. They own themselves about two-thirds of that, and they charter in about one-third from tonnage providers. Wallenius Wilhelmsen, on the other hand, they own 90% and only charter in about 10%. Gram Car Carriers, we are a preferred partner who deliver a consistently high quality service, which meets all 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 mid-sized vessels, serving north-south trade lanes and intra-continental. We have the Panamax vessels, serving east-west trade lanes, crossing the canals and major oceans. We have our own fleet of 18 vessels after delivery of the distribution vessel, Viking Princess, to our new owner in January. We operate on commercial management for new buildings for Global Auto Carriers. With that, I will now hand over to Gunnar for the financial section. Thank you, Georg. The average TC rate for the fleet was $32,300 in fourth quarter, which is up around $1,000 compared with third quarter. This is explained by higher TC rates for the distribution and Panamax vessels, with the Viking Bravery under the new five-year charter for the whole quarter. In Q1 2024, we expect a further increase in the Panamax average rate as the Viking Queen is delivered under its new charter later this month. Operating expenses are developing in line with the expectations. There's a slight increase in cash break-even rate, reflecting general inflation on vessel OpEx, as expected and previously communicated. Utilization for the quarter was 99%. In our Q3 presentation, we communicated that Höegh Caribia would be due to dock for repairs and her periodic survey in fourth quarter. The vessel only docked in late December, somewhat later than we first anticipated and communicated in our Q3 presentation. As per end of 2023, we are reporting a revenue backlog of $851 million. We did not enter into any new contracts during fourth quarter. The Viking Queen charter was reported at the very end of Q3. We are sold out for 2024, and the only open capacity is in 2025 and is limited to Viking Passero and Mediterranean Sea, which come open towards the middle of the year. Average contract duration for the Panamax vessels, with the higher earnings, is at 4.5 years. Visibility on revenues is very good, which I will get back to on the next slide. Since listing in 2022, beginning of 2022, we've signed charter contracts for more than $1 billion. The chart to the right here shows the revenue backlog as at the end of 2023 and how it is split on year of expected recognition. This demonstrates the good visibility we have on revenue and earnings. Yeah, over to the financials. Revenue and earnings reflect continued strong operations. EBITDA was up 3% and net profit up 52%, reflecting the gain from the sale of the Viking Costanza, which we delivered to the buyer in during the fourth quarter. The board has approved to pay 75% of net profit as dividend, which is in line with our stated dividend policy. And the dividend includes 75% payout of the gain from the sale of the vessel. Dividend will be paid out of share premium. Operating cash flows was at $48 million during the quarter, which is up from $45 million in previous quarter. We're building a solid balance sheet with a book equity at 46%, and $59 million in cash at year-end. The total liquidity reserve stand at $100 million, and net debt is now at $240 million. At the end of the quarter, the net interest bearing debt EBITDA ratio is at 1.7. Once this leverage ratio reduce below 1.5, our margin on our main credit facility will reduce to 2.25%. We continue to optimize our capital structure and cost base to maximize profit and shareholder returns. Lower cost of debt supports our long-term cash flow visibility and dividend capacity. In Q4, we refinanced the Viking Bravery and Mediterranean Sea at the competitive terms, and we just recently initiated the refinancing of the lease debt on the Viking Adventure by exercising a repurchase option... and we bought back the vessel with liquidity reserve. And we're now working on competitive financing for the vessel, more in line with what we have recently obtained for the Viking Bravery. With that, I'll hand it over to Georg to give an update on the market. Thank you. Thank you, Gunnar. There are a very limited number of vessels open for fixing in 2024. It reflects the tight market with most car carriers booked now on long-term charters. Volume growth is expected in 2024 and 2025, despite economic uncertainty, lower growth expectations, weaker consumer confidence in the U.S. and Europe, and the conflict in Ukraine and Gaza. New car sales are expected to be back at pre-COVID levels this year. The auto manufacturers continue to prioritize their export models where they make better margins. U.S. inventories of import brands remain at low levels. China's export continued to grow at record and record high and heavy volumes, gives a tight market for car carriers. In sum, we're looking at a prolonged firm market. The main driver of the car carrying market is export from Asia to the world. The rest is predominantly backhaul trade. China is the main reason for the strong market, but helped by Japan and South Korea, driving increased ton mile demand, and Asia vehicle producers grew their export by 49% in 2023 versus pre-COVID of 2015. They are taking market share and outperforming European seaborne export, driving up the average sailing distances. The increase from 2019 to 2023 of 4.7 million cars exported from Asia to the world market translate into about 110 Panamax vessel demand. More than 50% of 2023 exports from Asia headed to North America and Europe. This is driving up ton mile demand and explains the tight market we're experiencing. Looking more closely at China, China has rapidly established itself as the second largest, and soon the largest car exporter in the world. The current export run rate indicates more than 5 million last year, up from 3.2 million vehicles shipped in 2022. EV share of last 12 months is 30%. China is expanding its position as a global EV powerhouse. This will further drive ton mile demand growth. 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. They're all benefiting from an established battery electric value chain in China with modern production facilities, modern port infrastructure, a well-established auto parts supply chain, including EV batteries, and of course, they have a large, skilled, and cost-effective workforce. The 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. There is a clear shortage of car shipping capacity. When we are matching the AIS data, tracking all car carriers departing Asian ports with custom data for export of new and used cars, plus high-and-heavy cargo, the deficit was 2.9 million until November 2023. To get these cars to market, the manufacturer must utilize inefficient transport methods such as containers, dry cargo vessels with racks, and even multipurpose vessels. Such suboptimal solutions are predominantly used to carry used cars from Japan and Korea and low double-digit percentages of new cars from China. Closing this gap out of Asia would require an additional 94 car carriers on an annualized basis. The supply side remains favorable despite the order book increasing and above historic average levels. This is a response to the strong market fundamentals. These fundamentals are set to continue to support a long-term strong market. Net fleet growth has been negative since 2014. Only 11 new buildings were 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 environmental regulation requirements. Gram Car Carriers, we are a unique pure-play investment opportunity. We are experiencing attractive market fundamentals, and we have captured a strong market through fixtures and value-adding vessel transactions. We have good visibility on growing earnings and cash generation, and we're committed to delivering attractive dividends to our shareholders on a quarterly basis. With that, I thank you for listening, and we're now turning over to the Q&A session. Thank you for the presentation, Georg and Gunnar. My name is August. I work here in Pareto in Equity Research, and I'll be moderating this Q&A. So just a reminder to everybody at home, if you have any questions, feel free to post them in the chat function on the website. So we have received quite a few questions. I guess we can start with this one, when do you expect to announce new contracts on the two vessels coming open in 2025? And what rate levels compared to the current rates would you expect to get on these? Yeah, so we have two ships coming open mid-2025. Normally, we expect to conclude those three to six months before expiry. Of course, should there be an opportunity earlier at the price we like, then, of course, we are always there to engage with our customers and create value for investors. Rate levels is difficult to predict the future, but as I've just explained to everyone, the market looks very tight for the next couple of years. So it's difficult to have any other opinion that it you know, similar levels should be there, you know, market permitting or the world not falling to parts. Yeah, sounds good. And then there's a lot of focus on, on the Red Sea situation now, obviously. There's a question here: Could you please confirm that all time charter, charter parties are covered with owner-friendly war risk clauses, so that the restrictions on Red Sea passage does not affect GCC's earnings/backlog? Yes. I mean, we have in all our charter parties clauses that regulates the war like situations in the Red Sea. They are the standard BIMCO clauses. You call them owner-friendly, I will call them balanced. It's war. It's something that now we have to avoid at any cost. So yes, they are all, we'll contained that. Good. Then there is one here regarding the new builds. When will the decision be made as to what will happen to the four new builds? Yeah, we've been discussing this on this forum a few times before. So, to remind everyone, the four new building starts coming from Q4 2025, and we will have a decision and a discussion with those owners when we are closer to delivery and when we have visibility on chartering and cash flow. So in a year's time, maybe, around a year's time would be my best estimate. Okay. And then, maybe you would like to maybe add a bit to the sale you announced this week. A little bit about the thinking there. Maybe what could have been the alternative if you were to charter the vessel, and also if you're planning to sell any more of your ships? No, we're not planning to sell any more of our ships. We weren't even planning necessarily to sell this ship, but, you know, when we are out and this ship becomes open in the market, there are discussions on chartering, and we have discussions on sales price. And when they are out to S&P, then there are prices we sell at, as we have said before, and there are prices we buy at as well. So we're very active in the market, looking for opportunities. And this one was quite easy decision for us, actually, because the price we obtained, if you do the math on what's available in charter market now and what you then have to earn until the ship is 25 or even 30 years, is extremely elevated. And so from a risk reward, we thought this was a fantastic deal. Another example is if we were to go out today and order the exact same spec of this ship, we will probably have to pay $65 million. So we're really getting the same price for a 14-year-old ship as you would have to pay for a new building. So for us, that is good risk management, and for you, the shareholders, it's a good risk reward. Again, it's prices where we sell. Then there's a question: Could you provide some commentary on your approach to fleet renewal going forward? Is there any appetite to order new builds or acquire modern tonnage? Yes. As I said, we are quite active, you know, both looking at new buildings or modern ships. Obviously, Gram Car Carriers is all about vessels on the water, cash flow, stability, dividend yield to our shareholders. So, with that in mind, and this is exactly why we have Global Auto on the side, that is a different investment, different risk capital, different drivers. But of course, we're looking to bring it together, and have that negotiation with those owners and see if we can agree on a price which is at least neutral or accretive on an earnings per share basis. And that's the sort of mentality we always use. We are not going to take away any money from shareholders to do growth. Growth has to be neutral or accretive. Sounds good. Then there's a question here: What do you think about the demand for your vessels when current contracts end, considering stricter environmental regulations coming up and a lot of newer and alternatively fueled vessels entering the fleet? Yeah, as I think we've demonstrated in today's presentation, is that there is not enough ships. We are firm believers that the world has to decarbonize, and we are working on various projects to decarbonize our fleet. We have specific decarbonization plans for all our ships. The world cannot decarbonize with the, within the current order book. You have to do retrofit, you have to work on existing fleet, which actually is the greenest way to transform. So we are constantly working on that. And we see very clearly that when we are out sailing, when the ships are sailing long distances, we operate to what is called a CII rating A. It's the number of port calls, it's the speed, and other adjustments which makes the carbon higher. So, with optimization of sailing schedules, with various kits on the ships, also biofuel is, to a large extent, we're seeing more and more of... carbon capture, retrofit of new fuels. I mean, all of this has to come together to decarbonize the world, and I think our fleet is well-positioned for that and then to ride the next curve as well. Sounds good. Just a reminder, if you have any questions, you can type them into the, into the chat here. There's a few more. Let's start with this one. "You see strong deliveries in 2025-2027. Can this affect prices starting from 2025? Well, the deliveries are. Well, 2027 is not all that much, but 2025 and 2026, it's 60 ships per year. So that is quite lumpy. But as I've shown on the presentation today, we are already, you know, a very high number of cargo, which should be on car carriers, is now transported on container ships. And it's not on container ships because it's cheaper or because of anything else. It's just on container ships because there isn't any capacity on the car carriers. So if there were 50 more car carriers in the world today, they will be utilized, and there will be slightly less on container ships. Containers, bulkers, it's not an efficient or even wanted way to transport brand-new cars by the auto manufacturers. Yeah, and then one you kind of touched upon, so I'll leave it up to you if you want to elaborate, but how is the business influenced by the Red Sea? Yeah, so our business, we are a time charter operator. So, I mean, we get paid on a daily basis, so directly, we don't feel any difference. We get paid the same amount, whether we go around the Cape of Good Hope or through the Red Sea. So directly for us, there is no difference. Generally, in the market, if you believe that this will last for, let's say, a year, then on our calculation, that will tie up between 5% and 6% of the world fleet, which again, in the already extremely tight market, just make it even tighter. So, well, if this terrible situation last, maybe, you know, it will be even tighter, better rates when we renew in 2025. But personally, I do hope that this war and situation in the Middle East will end sooner. But, yeah, that's the consequence of what's going on. Then there's a question here: "Can you tell us which banks you work with for ship financing? Yes, I think we've been fairly open with that in all our materials. So we have a syndicate of banks, with predominantly Scandinavian banks and German, a few German banks, which have been with us for, yeah, for some of them more than 10 years and for a long, long time. We also work with Asian banks, and we have the, and recently announced that we have repaid and our Chinese leases. So we have one debt-free ships, which we are now working on, the Viking Adventure, and we'll be announcing quite soon a refinancing of that vessel. So it's a combination of Northern European banks and Asian banks. Okay, then there's a question: "Do you have an estimate of how much of current deep sea car trade that is not transported on car carrier vessels? Yeah, I think it's on one of the slides, right? I think we did the AI mapping of the AIS data, where you look at how much cargo was leaving Asia last year, and then you map all the export data, and then there is a big gap, and that gap corresponds to 94 vessels last year. So it is a, it's a big, big number, which are now moving on other means of transport, meaning dry cargo, container ships, multipurpose, et cetera. Okay. Then, as far as I can see, that was the last question, but I have one as well. So, if you have any final ones at home there, please type them in now. Kind of just thinking a little bit ahead, you have the two vessels coming open in the middle of 2025. You have potentially some talks on the new builds starting also maybe next year. But until then, what's kind of the strategy? What are you thinking about for the next couple of quarters? Also for the strategy, of course, we will keep on doing what we've been doing so far. So it will be more the focus on the balance sheet, you know, optimizing debt structures, making saving money there. Of course, with all these great contracts, it's extremely important that we deliver to our customers, so we are working on operational excellence. So all that is happening, and of course, we don't sit on our hands, so we are calculating and looking at all kinds of transactions all the time. But they do need to meet our hurdle, which is it has to be neutral or accretive to shareholders, otherwise, we will not do those transactions. So in a high market, that is always tough because when people sit on gold, they feel it's gold, and they don't want to sell it for less. So it's all very difficult to agree on pricing in the current market, but we will be persistent and stubborn and stick to our plan and deliver on our promise to our customers of 75% of net profit every quarter. And now, with this very fixed backlog, you can calculate extremely precisely what your checks will be the next couple of years. Okay. I think that's a nice way to end it. So thank you very much to Georg and Gunnar and, yeah, we'll we'll leave it at that. Thank you. Thank you all for listening.