Thank you for standing by, and welcome to today's Q1 2021 Golden Ocean Group earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star one on your telephone. I must advise you that this conference is being recorded today, and I would now like to hand the conference over to Ulrik Andersen, CEO. Please go ahead. Good afternoon, and a warm welcome to Golden Ocean's Q1 release presentation. My name is Ulrik Andersen. I'm the CEO of Golden Ocean, and I'm delighted to present our results today together with Peder Simonsen, the company's CFO. In a moment, I will talk you through the highlights of the quarter. Thereafter, Peder will provide details on our financial results, and we will round the session off with a market outlook and by discussing the company's cash flow generation potential. After the presentation, as always, we look forward to answering any questions that you may have. Q1 was eventful and had several highlights. First and foremost, we are satisfied with delivering the best quarter in the history of Golden Ocean. We achieved an EBITDA of $54 million and an associated net profit of $23.6 million. We went into the quarter relatively low on fixed cover, allowing us to capture most of the market strength. During the quarter, we also entered into an agreement to acquire 15 modern dry bulk vessels and three new buildings for a total price of $752 million from Hemen. At the same time, we raised $335 million in capital through a private placement. We have already taken delivery of three of the acquired Capesizes and three of the Panamax vessels, and we expect that the remainder of the vessels will be delivered by the end of May, subject to itineraries. For Q1, we reported TCE rates for the Capesizes of $16,600 per day and $14,800 for the Panamax vessels. During the quarter, we also converted three vessels from floating to fixed rates, taking advantage of the market strength. The vessels' average index is 115, and the achieved TCE rates reflect solid increases we have seen in TCE levels since March. We will continue to de-risk when the market spikes. As guidance for this quarter, we can advise that we have fixed 64% of the Capesize vessels' days available at approximately $29,000 per day. We have also fixed around 84% of the Panamax vessel days at approximately $18,800 per day. Last but not least, we are delighted to resume Golden Ocean's proud tradition of paying out dividends, and we have announced a payout of $0.25 per share. The payout for this quarter shall be seen in conjunction with Q4, where we hold the dividends due to the acquisition of the 18 vessels mentioned above. It is the company's ambition and policy to return value to our shareholders through dividends, of course, based on investment opportunities and market conditions. We hope that the markets will support additional payouts going forward. With that, I give the word to Peder. Thank you, Ulrik. If we move to slide five. As Ulrik mentioned, we achieved Capesize TCE rates of $16,600 per day and Panamax TCE rates of just below $15,000 per day for the quarter. This averaged out at a total TCE rate of $15,900 per day, which is equal to the achieved rate in Q4. Our TCE revenue came in at $119.5 million, which is down from $125 million in the previous quarter. Reduction is largely due to having six ships dry docked in the quarter, which resulted in 280 days of hire, representing approximately 3.5% of total days. If you move to the ship operating expenses, we recorded $48.6 million in ship operating expenses, which compares to $47.6 million in Q4. The increase has to do with higher dry dock costs, while the running expenses actually decreased by just below $2 million. If you look at the daily OpEx per ship, we recorded $6,300 on average for the fleet in Q1 versus $6,100 in Q4, while the operating running expenses were $5,600 per day, which is $100 per day below the previous quarter. The ship operating expenses were also highly impacted by the ongoing COVID-19 pandemic, which increases the complexity and cost, particularly in relation to crew changes, quarantine hotels, testing, and so on. We expect that once this normalizes, the OpEx will come down on a running basis. If you look at the administrative expenses, we see that we are slightly up from Q4, with approximately $100,000. This was largely due to US dollar Norwegian krone FX movements, because we have a large part of our cost base in Norwegian kroner, which resulted in a $130,000 negative impact for this quarter. In addition, we had some impact of higher advisory fees, mainly related to our Form 20-F filing. The charter hire expense was down from $17.1 million in Q4 to $13.9 million in this quarter. This is mainly due to lower trading activity during Q1. This also fluctuates with the index rates, as we have a lot of ships chartered in on index-linked hire. This gave us an Adjusted EBITDA for Q1 of $54.6 million. Looking at the depreciation for the quarter, we recorded depreciation of $26.8 million, which is slightly down from the previous quarter. This is due to the sale of the Golden Shea and Golden Saguenay as previously reported. We also recorded a $4 million impairment loss on the sale of the Saguenay, which compares to a $700,000 impairment loss in Q4 for the sale of Golden Shea. On the net financial expenses, we recorded $8.7 million versus $9.4 million, which is to a large extent attributed to lower LIBOR expenses and also lower debt issuance costs quarter-on-quarter, where we refinanced a large facility in Q4, increasing some of the costs in Q4. In addition, the repayment of the RCF that we have done in Q1 of $50 million. On our derivatives and financial income side, we recognized a very positive derivative movement from long-term interest rate swaps that we have in our portfolio of $9 million in Q1. On aggregate, the derivatives position was up by the same amount versus $2.7 million in Q4. On results from associated companies, which largely relate to SwissMarine and our joint venture with Frontline and Trafigura, TFG Marine, we recorded a positive $0.7 million result versus a $1.2 million result in Q4. Marketable securities were up by $800,000, which relates to our position in Eneti or previously Scorpio Bulkers. Our net profit, as Ulrik mentioned, was $23.6 million or $0.14 per share versus $25 million and $0.18 per share in Q4. Moving to slide six. You can see that our cash position increased by $153.4 million, and this is to a large extent attributed to the private placement that we carried out, which raised $335 million in new capital to finance the acquisition of ships from Hemen. If you look at our cash flow from operations, it is unusually low this quarter, and that is because it includes an $18.6 million payment for the final installment for one of the newbuildings we acquired in the transaction with Hemen Holding, which was pre-positioned at the end of the quarter, but with the ship being first delivered in mid-April. This is recorded under other receivables, thereby reducing the operational cash flow. In addition, we recorded a negative working capital movement, which is shown in an increase in receivables and also in inventory. This has to do mainly with the timing of payment of bunkers and also payment of freight, as well as both bunker prices and freight rates. Looking at the cash flow from financing, it was positive $246 million, and this is due to the proceeds received from the private placement of $335 million. We will, in addition, in Q2 record a subsequent offering of approximately $16 million in addition to this. Cash flow from financing is also reduced by repayment of debt and finance leases of a total $89 million, which also includes the repayment of the RCF revolving credit of $50 million. This facility remains available for drawing at our convenience. Lastly, the cash flow is used in investments of approximately $99 million. This consists of a 10% deposit for the 15 ships that we acquired from Hemen, which totaled $64 million, and in addition, a total of $44 million payment for the new building contracts, which is less remaining installments that we acquired from Hemen as well. Moving to our balance sheet on slide seven. You can see that our cash position at the end of the quarter was $328 million, which also includes $19.4 million of restricted cash, which secures our hedging portfolio. Our debt and lease liabilities totaled $1.15 billion at the end of the quarter, following a scheduled repayment of debt and RCF repayment. Our total assets ended at just below $3 billion, and our equity ratio to total assets was approximately 58% at quarter's end. With that, I'll leave the word to you, Ulrik. Thank you, Peder. With that, we turn our attention to the market outlooks. First, a quick look at what happened in Q1. As those who follow Golden Ocean will know, we have been optimistic about the recovery in dry bulk rates for several quarters. To say that our expectations have been met would be an understatement. Q1 turned out to be the best quarter in more than a decade. Remember that the first quarter of the year is usually the weakest due to seasonal factors. While the sharp increase in rates last year was almost entirely driven by the reopening of the Chinese economy, global trade is now recovering more broadly as vaccinations rise and COVID-19 cases decline across many countries, obviously, with the exception of India. The dry bulk market is highly dynamic, and two important related factors positively impacted the market in the first quarter of 2021. First, the Chinese ban on Australian imports widened to a larger group of commodities. This translated into longer sailing distances between exporter and importer, and of course, effectively decreasing the fleet supply. The iron ore trade from Brazil to China is the most notable, but not the only example. Secondly, there was an unusually cold winter in China, where coal-derived electricity represents around 70% of total electrical output. Chinese coal inventories were relatively low heading into the winter months, and with a ban on Australian imports, trade lanes changed. This reflected in the strength of the Panamax market. That gave rise to the special situation that the Panamax is traded above the Capesize vessels for a sustained period of time, a trend that has now reversed again. The market strength has, of course, persisted in Q2, and despite a correction over the past weeks, we remain bullish for the rest of the year. Turning to slide number 10 and looking forward, the stage is set for a prolonged period of demand growth for dry bulk commodities. GDP growth is a good proxy for dry bulk demand, and looking at the years ahead, we expect that at least two years of high GDP growth are ahead of us, driven by, of course, a reduction of COVID cases, but also as a consequence of the huge stimulus packages that are being employed currently by China, the U.S., and the EU. Turning to the next slide and looking more specifically at the commodities, the recovery from the pandemic is also expected to result in multiple years of demand growth across all commodity groups, really. It's a forecast that would have been hard to imagine a few years ago, but we see it today in the freight markets. 2021 will almost undoubtedly be exceptionally strong. The expectation for continued demand across all commodity groups in the years out is very encouraging. There's been a good deal of talk about a new commodity super cycle. We won't be the judges of whether we are entering a super cycle or not; high commodity prices support high freight rates. Currently, the freight cost for bringing iron ore from Brazil to China is near historic lows; naturally, that leaves plenty of room for increases in the freight cost. Turning to page 12 and the vessel supply, it is clear that fleet growth is slowing down dramatically. In fact, we are looking at the lowest fleet growth in 30 years. At the moment, the order book is likely to stay muted. There's a very limited amount of slots available before 2024. We see increasing prices for the assets, mainly due to steel, but also due to increased demand. Of course, the availability of finance and new emissions are also keeping the order book in check. Looking at 2023, we have a potential further catalyst as we will see the new IMO 2023 regulations enter into force. It is assessed by some that upwards 80% of the dry bulk fleet is not in compliance with the new regulations, and the easiest and cheapest way to get in compliance is by slow steaming. Therefore, we expect quite a lot of slow steaming from 2023, at a time when we are already seeing very few additions to the fleet. It will, of course, further reduce the efficiency of the fleet and could also act as a catalyst beyond the next two years. Turning to slide 13 and putting the pieces together, it is clear that there are some very powerful market dynamics at play. We are already in a relatively strong market, yet for the next two to three years, we expect this situation to tighten even further. Demand is simply going to outpace supply until 2024. Should these forecasts unfold, fleet utilization will remain high and, of course, continue to support strong freight rates. Turning to page 14, and before we end today's session, I would like to talk about the cash flow generation potential. As mentioned in the highlights, we have recently acquired 18 vessels. They have increased our fleet size with 25%, obviously aiding us in bringing down costs. It has lowered the average age, and it has increased our market cap. On top of that, we have been able to lower our cash breakeven, which, of course, will be a benefit going forward. Finally, we get the vessels straight away in an exceptionally strong market. Turning to page 15, and to remind you about our low-cost base, we have depicted our industry-low cash breakevens. You will note on the chart that spot rates are, of course, significantly higher than these levels. The time charter market is also well above breakeven levels, although we are primarily spot at the moment. We have continued to actively manage our spot exposure in order to both protect against downside scenarios while maintaining significant exposure to increases in freight rates. It is important to emphasize that we are not looking for balance per se. Rather, we are constantly assessing the market to look for opportunities to lock in cash flows without giving up too much upside. This requires us to combine our strong commercial capabilities with a flexible approach. We have proven our ability to pick good moments for locking in longer-term TCs in the past, and latest with the three TCs we did in Q1. Turning to the last page of today's presentation, and to give you an idea of our cash flow potential, we have made the following graph. As it appears on 18th of May, the blended average of Capesize and Panamax rates was just shy of $30,000 per day. On an annualized basis, that gives us free cash flow above $600 million, which the company can allocate freely. We are always cautious not to paint too optimistic of a picture. Our first quarter dividends of $0.25 per share should provide a good indication of where we think the market is headed. With that, we will open up the call for questions. Thank you very much. Thank you, ladies and gentlemen. We will now begin the question -and -answer session. As a reminder, if you wish to ask a question, please press star one on your telephone keypad and wait for your name to be announced. You can cancel your request at any time with the hash key. Once again, it's star and one to ask a question. We do have a question from the line of Greg Lewis of BTIG. Please go ahead. Yeah, thank you. Good afternoon. Thank you for the presentation and the forward guidance around Q2. Those are some pretty healthy numbers. What I was kind of curious about, and maybe looking for a little more color. There's clearly been a pickup in time charters and vessels being fixed on six, 12 months, and even longer. Kind of curious, not necessarily thinking about forward days booking in the second half, but is there any way to think about vessels in the fleet that are already locked in at attractive rates in the second half? Any kind of color around that? Yeah, hi. It's Ulrik here. The deals that we have done now are about as much color as I can give you, because that's what we have done so far. We did the three conversions recently, but we will be looking to do more as and when the market picks up. As you may have noticed, the market took a bit of a correction in recent weeks, but it's now climbing up again. As soon as we see a risk/value reward that we feel is reasonable and which covers Q1 next year, then we will build the book a little bit more. We will de-risk going forward. We don't see a lot of value in the three-year time charters at this point. We think it's undervalued further out on the curve. That may change, but for now, we are focusing on the, let's say, 12-month horizon where we see the best value. Does that answer your question? Yeah. That was perfect. As I think about the balance sheet and leverage as you're taking the delivery of the rest of the acquisition, congratulations on that, by the way. How should we be thinking about maybe what a pro forma fully built-out debt looks like? As we think about it, what is kind of the sweet spot, knowing that your fleet is very young and modern, so maybe you can maintain more leverage versus some other owners that have top-to-bottom older fleets. Just kind of how do you think about that, and as cash accelerates, as we see this cash windfall come in over the next few quarters, maybe next few years, how are we thinking about that? This is Peder. Hi, Greg. I think, as we've communicated previously, that we are not seeking to lever up the company. I think in terms of risk, we want to maintain the flexibility to be fully exposed to the spot market when that makes sense. I think with that, we want to moderate our leverage. We have indicated that we will finance the transaction that we did with Hemen at 65%. It's around those levels that we expect to finance the ships. I think that's also sort of a target for us. We are more focused on the cash breakeven levels that that would entail rather than the absolute or the relative leverage that that will entail. That is, at the end of the day, what drives our cash flow. We are, with that leverage, able to, as we see it, maintain a very strong cash breakeven because we can afford to have quite long repayment profiles. That will also give us the opportunity to attract very healthy terms on our financing. I think around those levels is where we expect to be positioned in terms of financial leverage. Okay, great. Super helpful. Thank you very much. Thank you. Once again, it is star and one if you wish to ask a question. There are no questions coming through at this time. All right. We say thank you very much for your time today. If there are any further questions, we can always do it on our investor relationship email. Thank you very much. Have a nice day. Thank you, ladies and gentlemen. That does conclude your conference call for today. Thank you for participating, and you may now disconnect.