Thank you very much. Good afternoon, and a warm welcome to Golden Ocean's Q4 release presentation. My name is Ulrik Andersen. I am the CEO of Golden Ocean. I am delighted to present our results today with Peder Simonsen, the company CFO. In a moment, I will talk about the highlights of the quarter. Hereafter, Peder will present some details on our financial results, and then we will round off today's session with a market outlook and by discussing the announced transaction of acquiring 18 modern vessels from Hemen. After the presentation, we look forward to taking any questions that you may have. For the quarter, we achieved an EBITDA of $59.3 million. This resulted in a satisfying net profit of $25.4 million or $0.18 per share. The result was driven by a strong spot chartering performance on both Capes and Panamax, combined with our TC book. In the quarter, we also signed the Neptune Declaration on Seafarer Wellbeing, along with some 600 other companies and organizations. Obviously, COVID-19 has impacted the daily lives and wellbeing of seafarers in unprecedented ways, and it has caused what we believe to be a humanitarian crisis at sea. Therefore, we are firmly behind any initiative that can alleviate the situation. We are also disposing of two of our oldest vessels. Of course, this trimming of the fleet has to be regarded in connection with the deal that we are currently working on with Hemen. What we are focused on here is modern, fuel-efficient tonnage. It is more efficient, it's also emitting less CO2 and greenhouse gases. We see increasing regulatory requirements from IMO, the EU, and others. Also from our customers that have stronger and stronger desires to decarbonize their value chains. Therefore, we think it's the right strategy to focus on modern tonnage. Looking at the estimated TC rates for the first quarter of 2021, we are at the moment covered approximately at $18,800 per day for 60% of our Capes fleet, and $13,100 per day for 77% of our Panamax fleet. With that, I will hand the word over to Peder for the financials. Thank you, Ulrik. If we look at our profit and loss for the quarter, we achieved $125 million time charter revenue, versus $143 in the previous quarter. This was due to slightly lower market rates, just down by $2,000 per day approximately on average for each of the segments. Also load-to-discharge adjustments, particularly on the Capesize ships. Our total TCE was just below $16,000 per day in Q3. This was also impacted by having three ships dry docked in the quarter, which compared to zero ships in Q3. Which brings our off-hire days a little bit up. We are having eight ships dry docking for Q1. Regarding our operating expenses, they were due to mainly the dry dockings mentioned up by approximately $4 million. It also was impacted by some increased COVID related costs, which continue to impact our operations and in particular, our crew change expenses. We achieved an OPEX of $6,100 on average for the fleet, which compares to a full year OPEX at the same level. Slightly up from the previous quarter where we did not dry dock any ships. Our G&A for the fourth quarter was $4 million, which was largely impacted by one-off personal expenses. Our charter hire expense was $17.1, which moves to a large extent in line with freight rates as we have indexed charters in ships on index-linked time charters. Looking at our financial expenses, we had a net financial expense of $9.3 million, which is down, which is a result of lower LIBOR rates, in addition to a higher cash position in the quarter, which generated higher interest income. On the derivatives and other financial income, we resulted a $6.7 positive change. This was largely due to a change in our derivative position of $2.6 million across all derivative types, both interest rates, FFAs, and bunkers. A result from investments in associates of $1.2 million, which largely relates to SwissMarine, our investment in SwissMarine, dry bulk operator. Finally, the sale of SeaTeam, which we have reported, which we recorded a gain of $2.6 million. The net profit, as Ulrik mentioned, was $25.4 and $0.18 per share. This resulted in a full year result of a $137.7 million loss, which was largely due to the impairment that we did back in Q2 this year. Going now to slide six. I mentioned the strong cash generation this quarter. As you can see, we had an incoming balance of $131 million in cash and a $71.4 million cash increase. Other than that, there was normal developments on the debt and the lease side, and then very limited investment activities, which then led to a cash position at the end of the quarter of $175 million. In this we have a restricted cash position of $22 million, as mentioned previously, which relates to our derivative position. Moving to the next slide. We have on our balance sheet a cash position of $175 million, which we have a debt and lease liability of $1.2 billion at the end of the quarter. I can also mention that during Q1 have repaid our revolving credit facility with $50 million, which we on an annualized basis will save $1 million in interest costs. Our total assets is $2.7 billion at the end of the quarter, largely unchanged. Also our equity ratio with 50% is largely unchanged quarter on quarter. I'll give the word back to you, Ulrik. Thank you. Let's head to the market review and outlook. Q4 is a long time ago, so I'm not going to spend a long time looking back. A few quick remarks about the quarter. It started out well, and despite what the graph looks like, a quite dramatic drop for the Capes, the market stayed above breakeven throughout the quarter. The Panamax market developed more stable. What we particularly took notice of in the quarter was the continued strong Chinese appetite for iron ore, but also the increasing inefficient allocation of coal due to the tensions between China and Australia. It's a tendency that we believe will continue well into this year. If we look ahead, which is more interesting, and starting with looking at the demand side, what we see is that, yeah, 2020 was a year like no other. We had global drop in GDP across the board. Only China managed to show a positive GDP growth. We believe that the tendency is now reversing. We think that the GDP growth is rebounding strongly in 2021. What we of course particularly take notice of is China and India, the two largest importers of dry bulk commodities. They stand to grow more than 8% and 11% respectively. Obviously, that bodes well for demand. If we look at the supply side, it's also shaping up very positively. In fact, we are looking at the lowest net growth in the fleet in more than 30 years. Standing at just a mere 1.6% this year and 1.6% next year. If you place an order today, it would mean de facto delivery at the end of 2022. We are looking at around two year minimum runway with low influx of new vessels. We have question marks hanging over technology. We have question marks hanging over new regulatory requirements. We do not expect the order book to grow substantially in the near term. If we put together and compare the demand growth and the supply growth, we believe there's a good reason for optimism. The next two years, demand will far outpace supply, and that should, all other things equal, of course, lead to a stronger freight environment. If we look at 2020, we had a massive demand destruction. Yet the average rates for the Capes ended around Golden Ocean's cash breakeven. With the supply-demand balance tipping now in the favor of the owners, it is a logical expectation that we are going to be profitable in the years to come. We turn to slide number 14, we would like to address the recent, or at least potential recent acquisition of 18 modern vessels from Hemen. In short, what we believe is that we are buying the right vessels at the right time, at the right price. It is a modern and very fuel efficient fleet. It is performing well above a standard Cape due to the larger intake and fuel efficiency. We think that it's the right fit for us. It's in the same segments that we believe that the largest upside is, namely on the larger sizes. If we drill down a little bit into the transaction, what we can see here is that the 10 Newcastlemaxes are highly competitive. They are here described at index 130, but as we have had these vessels in management for Hemen or Sea tankers previously, we have actually managed to fix them at index 138 at times. Conservatively describe their index 130. On top of that, of course, we achieve a scrubber premium. We believe these are the right vessels. We have the same story for the Kamsars. On top of the efficiency, we also have ice class premium because four of them are ice class. All in all, this is a fleet that ties well in with our strategy of being placed in the last segment and being present in the growing and the expanding ice class segment. What is worth noticing, of course, as well, is that this transaction will create instant new revenue streams. 15 of the vessels are already on water, and we will take them over within short, whereas the last three will deliver in March, April, and June, respectively. This is, of course, a positive. If we turn to the next slide and talking about why this is the right time, we think this graph very well illustrates that. What it shows is that the asset prices hardly have been cheaper since 1999, except for a few occasions. If we look at the expectations we have for a rebound in the dry bulk demands, combined with buying at a maybe 12-year low, we think this is the right timing. Again, when we look at the potential, we see the upside for the large segment, not only on freight but also on asset prices. Turning to slide number 17. We have depicted here another benefit of the transaction. When we take this, or should I say, if we take this fleet over, we will manage or we will be able to lower our cash breakeven with $600 per day for the Capesize fleet. This is obviously attractive. We maintain a very low cash breakeven for our Kamsars at around $8,500 per day. On the right-hand side, we have illustrated the cash breakeven, and as it appears, it's extremely attractive already on a nominal basis. However, if you compare it to the efficiency of the fleet, our new combined fleet after the transaction will be around index 120. On top of that, we have a big number of scrubber-fitted vessels, which at the moment gives around $2,000 extra earning per day. If you account for that, we are actually facing or looking at a cash breakeven, when you compare it to the standard Baltic vessel, just above $10,000 per day. We believe that puts us in a very good position. What does all that mean in terms of cash flow potential? I think it's fair to say that it puts Golden Ocean in a new league. We have tried to illustrate that on slide number 18. What we see is the cash flow generation potential is fairly significant. I don't want to put a number on where the market goes this year, but if we look at the current one-year TC market, which I guess is sort of a reasonable thing to look at, it's in the middle and it's around $21,000. On that, we are looking at generating $280 million over and above our cash breakeven, and that would correspond to a cash yield of 22%. The potential here is quite large. To sum up a little bit, we think this is a transformational acquisition to Golden Ocean. We are increasing our fleet size with 25%. We're going to have just shy of 100 owned vessels. At the same time, we are bringing down our average age, and our market cap is improving with $35 million. Obviously, a large market cap will give us more investor interest and more liquidity. We think this is a huge benefit as well. All in all, and to summarize, we feel that the stars are aligning, not only supporting the transaction, of course, for the 18 vessels, but also supporting the prospects for Golden Ocean as a whole. We have high demand growth, we have low fleet growth, and we believe that Golden Ocean is ideally positioned to capture this in the years to come. That concludes today's session. I will now hand the word over to the operator, and we will be happy to take any questions that you may have. Thank you very much. Thank you. As a reminder, ladies and gentlemen, if you wish to ask a question, please press the star and one on your telephone keypad and wait for your name to be announced. If you wish to cancel your request, you can use the hash key. Perfect. Once again, that's the star and one if you wish to ask a question. Once again, ladies and gentlemen, star and one on your telephone keypad if you wish to ask a question. All right. We have no questions at this time, sir. Thank you. Okay. Thank you very much for dialing in.
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