today and thank you for standing by. Welcome to the second quarter 2023 Golden Ocean Group Limited Earnings Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star one one on your telephone keypad. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that this conference is being recorded. I would now like to hand the conference over to a speaker today, Lars-Christian Svensen. Please go ahead, sir. hello and good afternoon from Oslo. My name is Lars-Christian svensen and I'm the Interim CEO of Golden Ocean. Today, CFO Peder Simonsen and I will guide you through our Q2 numbers and share our views on the market going forward. We start with the highlights for Q2. Our adjusted EBITDA in the second quarter came in at $80.4 million, compared to $54.7 million in the first quarter of 2023. The net profit amounted to $34.9 million and earnings per share of $0.17. This compared to a net loss of $8.8 million and loss per share of $0.04 in the first quarter. Our TCE rates for Capesize and Panamax vessels were $19,100 per day and $15,600 per day, respectively. This amounts to a fleet-wide average net TC of $17,660 per day. For the third quarter, we have secured a net TC of $18,300 per day for 79% of the Capesize days and $13,510 for 98% of the Panamax days. For the fourth quarter, we have secured a net TC of $21,500 per day for 34% of the Capesize days and $16,500 per day for 26% of the Panamax days. We also welcome new additions to the fleet, with six of our 10 85,000 deadweight Kamsarmax new buildings being delivered and six modern Newcastlemax vessels, which have commenced long-term contract with the Brazilian iron ore miner. We entered into two credit facilities of an aggregate amount of $120 million, part financing the six new buildings at a highly competitive terms. And last but not least, we announced a dividend of $0.10 per share for the second quarter of 2023. I will now pass the word over to Peder. Thank you, Lars-Christian. If we move to slide five and our P&L, we can start with looking at our revenues. As Lars-Christian mentioned, we achieved the TCE rates of $19,100 for our Capes and $15,600 for our Panamax and Ultramax fleet. Our total fleet-wide TCE was $17,700, up from $14,900 in Q1. We had 6 ships dry docked in Q2 versus 3 ships in Q1, resulting in approximately 215 days of off-hire in Q2 versus 146 days in Q1. We have 1 ship that we expect to dry dock for q3 and this dry dock has been completed as today's date. Just below, 375 vessel days have been added through new ship deliveries, net of ships leaving the fleet. The sum of this, they resulted in TCE revenues of $153 million, which compares to $131.2 million in Q1. Looking at our operating expenses, we recorded $62.4 million in total OpEx, compared to $61.6 million in Q1. The increase is a result of higher dry docking costs due to more ships being dry docked. In addition, we incurred increased costs relating to the change of technical management for approximately 25 ships during the quarter. This was offset by lower OpEx reclassified from charter hire, as we record each quarter. Our OpEx ex-drydock was $6,200, which was largely unchanged from Q1. Looking at our general and administrative expenses, we ended with a total expense of $5.2 million, which was up from $4.2 million in Q1. The increase is attributable to non-recurring personnel expense mainly relating to profit sharing. Our daily G&A came in at $556 per day, net of cost recharged to affiliated companies, which is up from $444 per day in Q1. Our charter hire expense was reduced from $16.8 million in Q1, down to $10.2 million in Q2, which is a result of fewer vessel days in our trading portfolio. Moving to the net financial expenses, we recorded $23 million in net financial expenses versus $20.5 million in Q1. This is due to higher reference rates, both LIBOR and sofr and higher average debt during the quarter. On our derivatives and other financial income, we recorded a gain of $14.3 million, which compares to a gain of $2.7 million in Q1. On our derivatives portfolio, we recorded a $9 million gain versus a $2.1 million loss in Q1, with interest rate swaps being the main positive contributor offset by a loss on FFA and bunker derivatives. On our results from investments in associates, we recorded a gain of $4.9 million, which is unchanged quarter on quarter, stemming from our investments in Swiss Marine, TFG and UFC. A net profit of $34.9 million, $0.17 per share and a dividend of $0.10 was declared for the quarter. Moving to our cash flow, we see a net decrease in cash of $15.9 million. On our cash flow from operations, we recorded a positive cash flow of $45.5 million, which includes $1.6 million of dividend received from associated companies. On cash flow provided from financing, we recorded $102.0 million drawdown relating to deliveries of three new Newcastlemax vessels and we drew down $80 million relating to delivery of four Kamsarmax newbuildings. We also drew $25 million under our revolving credit facilities, leaving $75 million undrawn and available at quarter end. We made a prepayment of $25.8 million relating to the sale of Golden Feng and Golden shui and we recorded $30.3 million in scheduled debt and lease repayments. We recorded a dividend payment of $20 million and finally, we spent $6.9 million in payments under our share repurchase program, as announced during the quarter. On the cash flow used in investments, it totaled $184.6 million, which is mainly relating to $43.6 million in net proceeds received from the sale of Golden Feng and Golden Shui. $130.1 million in asset investments, the majority relating to purchase price for 3 new Newcastlemax vessels and payment of new building installments of $98 million. Moving to Slide seven. On our balance sheet, we can see that our cash and cash equivalents was $107.3 million, which includes $3.4 million of restricted cash. In addition, we have $75 million, as mentioned, undrawn and available under our revolving credit facilities at quarter end. Our debt and finance lease liabilities totaled $1.5 billion at the end of Q2, up by approximately $152 million since Q1. Average fleet-wide loan to value under our debt facilities per quarter end was 45% and our book equity of $1.9 billion led to a ratio of equity to total assets of approximately 54%. With that, I give the word back to Lars-Christian. Thank you, Peder. We're moving over to the GDP growth. GDP growth is the leading indicator for dry bulk demand. The graph on the left shows the G20 Diffusion Index. This index illustrates the number of G20 countries that are growing above their long-term potential. As you can see, this correlates well with the historical cyclicality of the Baltic Dry Index and indicates another potential upturn in the near future. The global GDP outlook has been revised downwards over the course of the year, but shows healthy growth rates according to the IMF, with China and India remaining important contributors. Over to the market development. We have all seen and read the macro news over the last six months, which has created unusual volatility in the freight and trading markets. For the Capesize market, especially, the physical story paints a solid picture. Iron ore exports from Brazil are up substantially from last year, about 12 million tons to date. Bauxite from West Africa, increasingly so and China's appetite for imported coal, albeit record domestic production being high, has surpassed 2022 year to date. We also need to mention the extremely high fleet efficiency, currently well below 5-year average, where the Capesize market has a large upside. Much like to what we've seen in the Panamax space over the last month, where sudden congestion in South American ports and a dry Panama Canal has pushed the freight markets. Panamax has so far trailed behind the Cape segment this year. However, with the congestion, delayed soybean season and good corn crops from the U.S. Gulf, we will see more Panamax activity for the second half as well. Moving over to the steel and iron ore inventories, the Chinese iron ore and steel mill inventories are also telling a very compelling story. Iron ore port inventories are down 25% and 40 million tons since the heights of beginning of 2022 and steel inventories has also been drawn down almost 30% and 34 million tons over the same period. This is well below the 30-day critical consumption level for the country. It also explains the vast amounts of iron ore volumes being shipped so far this year and does indeed indicate that China is continuing to utilize steel. The iron ore price is currently trading around $115 per ton and has so far not shown weakness, volatility rather, on the back of macro news yet to be implemented. Finished steel, as in terms of rebar, long and flat steel, is also at normal levels, i.e., steel in every shape and form is being absorbed and the underlying demand continues. Brazilian iron ore and bauxite. The ton mile in the Capesize segment continued to increase. Last year, the iron ore ton mile was down about 3%. However, with the aid of other commodities, much thanks to Guinea and bauxite, the overall ton mile for Capes increased 3% in 2022. The trade has become significant. Currently, 10% of Cape ton mile, with analysts expecting 30%-40% growth in 2024. So far in 2023, with more volumes being shipped from both Brazil and Guinea, the ton mile will continue its positive trajectory. Another point we would like to raise in this call is the more structural impact of the bauxite trade. If I can draw your attention to the bottom left graph, you will see that the seasonality in the Capesize market has experienced less volume during Q1 and also, in turn, lower freight rates. This has been due to the wet season and maintenance of the iron ore terminals in Brazil. But as you can see, with the increased bauxite tons exported during the same period, the ton mile gap narrows every year. We are under the belief that the so-called traditional Q1 slow season can be challenged and that we will have a more steady trade flow all year round for the larger sizes. If you have a look at the favorable supply dynamics, as mentioned in the previous, previously in this presentation, we see limited downside in the larger sizes when it comes to efficiency. There is, simply put, little room to turn the fleet faster during port operation than what we're currently experiencing. If anything, with the new CII regulations coming in full force in 2024, large parts of the fleets are likely to slow steam even further. At the same time, the order book and supply dynamics for dry cargo vessels are encouraging and very much unchanged over the last 12 months, largely due to uncertainty surrounding propulsion technology and yard capacity restraints. Next slide here, we go through the resilient business model of Golden Ocean. We strive to maintain our position of having the lowest cash break-even in the industry. Currently, fleet-wide, around $13,000 per day. With our premium fleet, hands-on execution and good financing, we are continuing to outperform the market every quarter. For the first half of 2023, we have, across both Capesize and Panamax segments, outperformed the market with $4,700 a day. We aim to continue our fleet renewal program and enhance further energy efficiency devices across our fleet to bring our cash break-even down further. With our low cash break-even and fleet composition, we will float in almost any market, as seen on the graph on the right side. Now, let us guide you through our next two quarters. The forward outlook from a market standpoint looks promising, as discussed earlier in this presentation. We have, for Q3, locked in 79% of the Capesize available days at $18,300 per day and 97% of the Panamax available days at $13,500 per day. Q3 to date, we have outperformed the market by $5,300 a day on a fleet-wide average. For Q4, we are locked in 34% of the available Capesize days at $21,500 and 26% of the available Panamax days at $16,500 per day. And this combined, we have contracted a TCE revenue of $181 million for the second half of the year. This cover will protect a healthy bottom line for the rest of the year and, at the same time, give us leverage needed to capture a rising market going into Q4. Cash flow potential. To round off this presentation, we would like to show you the significant earnings potential in Golden Ocean as we move into the historical high season. The assumed freight rates set out in the graph are achieved rates and based on the best-in-class fleet efficiency and low-cost model, the free cash flow can generate healthy dividend yields, even at current freight levels. With that, I pass the word back to the operator. Thank you. Thank you. Dear participants, as a reminder, if you wish to ask a question, please press star one one on your telephone keypad and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by, we will compile the Q&A ruleset. This will take a few moments. Now we're going to take our first question. The question comes through the line of Omar Nokta from Jefferies. Your line is open. Please ask your question. Thank you. Thanks, lars-christian and Peder. Good afternoon. I wanted to ask about the dry bulk market and I think you gave some interesting commentary about the bauxite trade, potentially offsetting the typical wet season in Brazil. Do you think basically, you know, going forward, we may be able to throw out the conventional idea that dry bulk is always at its weakest in the first quarter? And do you look to capitalize on this dynamic potentially here as we get into 2024 with maybe some charter ends or some FFAs? How do you think about playing the potential of bauxite offsetting iron ore? I think, Omar, that when it comes to the bauxite trade, the growth there is the growth potential is huge. The volumes are there, the mines are there and the infrastructure works very well. This is already contracted volumes going into a different trade than what the traditional iron ore would do. So we are quite bullish on this particular commodity that will drive it forward with the ton mile. If that increases 2, 3, 4% per year, next year or the year after, we're looking at quite healthy Capesize rates going forward. I n terms of, you know, the iron ore activity that we have been seeing, you mentioned that it's been relatively strong, actually, going into China and with a big step up out of Brazil so far this year. You know, when we think about the pace of activity, obviously, the first half looked really good going into China. Looks like elsewhere was a bit softer. What's the pace been like as we look here as we started the second half here? I guess we're two months in. How is the pace of iron ore going into China in relation to the first half from your vantage point? And are there any shifts or promising signals for volumes outside of China? The second half has had, in terms of the iron ore story, has started a lot higher pace than the first half of the year. Just today, the output from Brazil, combined with all the miners, are over 1.2 million tons per day. So compared that to January this year, this is a significant increase that will drive these volumes forward, 100%. And in terms of other countries and places taking the iron ore, we see the European growth as well as slowly but surely increasing from what we've seen from the second half. First half, sorry. T hank you. That's interesting. And maybe just one final one on the market. In terms of coal, you know, we have seen here a jump in LNG prices of late, at least in relation to where things were a couple of months ago at the lows. Have you seen any effect on that on coal volumes or coal interest or activity? Any shift or any any impact of that on the coal trade? The coal trade has been active all year, especially from Australia into China, since they reopened their relationship there. India has been active in the first Q1 this year and now with the monsoon season over, we expect India to continue their import, that their stock prices are low as well. With the gas prices going up, we have seen in the market lately more cargos as well, going from east to west. Maybe that's a strong signal that the continent is starting to build a little bit more security to avoid what happened last year. Got it. Thank you. Thanks, Lars-Christian. That's good color. I'll hand it over. Thanks so much. Thanks so much. Thank you.