Good day, and thank you for standing by. Welcome to the Q3 2023 Golden Ocean Group Limited Earnings Conference Call and Webcast. At this time, all participants are in 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 and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please note that today's conference is being recorded. I would now like to hand the conference over to your speaker, Lars-Christian Svensen, Interim CEO. Please go ahead, sir. Hi there, and a very good afternoon from Oslo. My name is Lars-Christian Svensen, and I am the Interim CEO of Golden Ocean. Today, CFO Peder Simonsen and I will guide you through our Q3 numbers and update you on recent activities in Golden Ocean and our forward outlook. Here are our highlights for Q3. Our adjusted EBITDA in the third quarter of 2023 ended up at $78.9 million, compared to $80.4 million in the second quarter. We delivered a net profit of $28.7 million and earnings per share of $0.14. This compared with net profit of $34.9 million and earnings per share of $0.17 for the second quarter. Our TCE rates for Capesize and Panamax vessels with $18,200 per day and $15,400 per day, respectively. Combined, a total fleet-wide Net TC of $1,700. For Q4, we have secured a Net TC of $23,045 per day for 79% of the Capesize days, and $17,250 per day for 83% of the Panamax days. For Q1, we have secured a Net TC of $21,700 per day for 12% of the Capesize days and $15,600 per day for 23% of the Panamax days. During Q3, we have also entered into back-to-back agreements to buy and sell a Supramax vessel, which we held as a purchase option. The company expects to recognize a gain from the sale of approximately $6 million upon delivery of the vessel, and the expected delivery date is before year-end. We also completed the sale and delivery of one of our Panamax vessels to new owners, recognizing a gain from the sale of about $1 million and net cash proceeds of about $7 million. True to the dividend policy, we declare a dividend of $0.10 per share for the third quarter of 2023. With that, I will pass the word over to Peder. Thank you, Lars-Christian. If we move to our profit and loss, we delivered strong commercial performance with Capesize TCE rates coming in at $18,200, slightly down from previous quarter, and Panamax coming in at $15,400, in line with previous quarter. Our total fleet-wide time charter equivalent was $17,100, which was materially unchanged from Q2. We had two ships dry docked in Q3 versus six ships in Q2, resulting in approximately 115 days off-hire versus 215 days off-hire in Q2. We have two ships expected to dry dock in Q4, which are expected to be complete by the second half of the quarter. We added just below 550 vessel days compared to Q2 through a new ship deliveries net of vessel sales in Q3. Our net revenues came in at $156.6 compared to $154 million in Q2. Looking at our operating expenses, we recorded $64.5 million versus $62.4 million in the previous quarter. This was impacted by additional ship days compared to the previous quarter. In addition, we recorded a approximately $3 million expense relating to the change of technical managers on certain of our ships. This was offset by fewer dry dockings in this quarter compared to previous quarter, and also offset by lower OpEx reclassified from charter hire, with fewer ships being chartered in on average during the quarter. The reclassified charter hire was $4.9 million in Q3, versus $6.2 million in Q2. Our general and administrative expenses came in at $4.4 million, down from $5.2 million in Q2, which is fairly unchanged when adjusting for non-recurring items in Q2. Our daily G&A ended at $470 per day, net of cost recharged to affiliated companies, down from $560 per day in Q2. Our charter hire expense were at $8.3 million, down from $10.2 million, due to fewer vessel days in the trading portfolio. An adjusted EBITDA of $78.9 million versus $80.4 million in Q2. Looking at the net financial expenses, we recorded $28 million in net interest expense, versus $23 million in Q2. A change due to higher reference rates and higher average debt in the quarter. The increase in interest rates also needs to be seen in relation to the realized portion of the interest rate swap portfolio, which impacted our derivatives and other financial income in the quarter. We recorded a gain of $11.9 million, compared to a gain of $14.3 million, of which $10.6 million relates to interest rate swaps, and $1.8 million relates to bunker derivatives and FFA gains. And of the $10.6 million, $4.9 million is realized cash gains, and $5.8 million is mark-to-market gains, following an increase in long-term interest rates. Results from our investments in associates, we recorded a loss of $300,000, compared to a gain of $4.9 million in Q2, which relates to our investments in Swiss Marine, TFG and UFC. A net profit of $28.7 million and $0.14 per share, and a dividend declared of $0.10 for the quarter. Moving to the next slide. Our cash flow from operations came in at $47.4 million, which includes $600,000 dividend from associated companies. Our cash flow provided from financing came in at $33.5 million. We recorded $32.4 million drawdown relating to delivery of one Newcastlemax vessel. We drew $40 million relating to deliveries of two Kamsarmax newbuildings, and we drew $25 million under our revolving credit facility. This was offset by $7.6 million prepayment relating to the sale of one Panamax vessel, and $35.8 million in scheduled debt and lease repayments. We recorded a dividend payment of $19.9 million relating to our Q2 results, and a $900,000 payment for share repurchases. Our cash flow used in investments was $88.5 million, which mainly relates to $45.3 million, relating to the delivery of the last Newcastlemax vessel. $58.1 million in installments and costs relating to our Kamsarmax newbuildings. And this was offset by $14.8 million in net proceeds from the sale of a Panamax vessel. Total net decrease in cash of $7.8 million during Q3. Moving to the balance sheet. We had a cash and cash equivalents of $99.7 million, including $2.2 million of restricted cash at the end of Q3. In addition, we had $50 million in undrawn available credit facilities at quarter end. Our debt and lease liabilities totaled $1.5 billion end of Q3, up by approximately $72 million since Q2. Our average fleet-wide loan-to-value under the company's debt facilities per quarter end was 45.6%. With a book equity of $1.9 billion, we had a ratio of equity to total assets of approximately 53% at the end of Q3. With that, I give the word back to Lars- Christian. Thank you, Peder. In Golden Ocean, we like to focus on the larger vessels where we have the most volatility and also potential upside historically. Our young and modern fleet, which currently holds an average of seven years, allows us to constantly beat the market over time, and with our current vessel count on 95, we offer a large commercial platform. Our market cap of $1.5 billion, and dual listings in New York and Oslo, provide solid liquidity for our shareholders. All of the above should make Golden Ocean an attractive go-to company for all investors wanting dry bulk exposure. As I mentioned in our previous slide, we're proud of a young and modern fleet. However, it's just as important to maintain a low cash break even to float in practically any market. Illustrated here with our 60 Capesize vessels, our Capesize and Newcastlemax cash break-even over our entire fleet holds at $14,800 per day. Due to our fleet composition and clinical execution, we have outperformed the market with about $5,000 per day so far this year. If you deduct that premium from the $14,800, Golden Ocean's adjusted cash break-even is below $10,000 per day. From the bottom left historical graph, you can clearly see the Golden Ocean modern fleet, combined with an industry-low cash break-even, much due to excellent financing, will make money in almost any market. We will continue to invest in our vessels to increase our fleet premium towards the market, and thus decrease our adjusted cash break-even further. Not only should we be considered a market-leading company with high liquidity, but a company that has a massive upside potential with downside protection well covered. Albeit volatile, Q3 finished on a strong note for both Panamax and Capesize. China is continuing to import iron ore, bauxite, coal, and agri products, surpassing last year's levels. Even so, the Chinese iron ore and steel stockpiles are decreasing, much due to a huge steel export program. We have seen increased ton miles in both segments, and with the seasonality coming to life, the Panamax and Cape sectors look to finish 2023 on a strong note. The iron ore trade has come into full bloom so far in 2023, with steady Chinese demand and continuous imports from both Brazil and Australia. Brazil will, for the first time since the Brumadinho incident, deliver around her yearly targets. The commodity price itself is pushing $130 per ton, which has led to frustration in the Chinese government and steel mills as their stockpiles continue to diminish. India has had a declining iron ore export throughout the third quarter, and in addition, they have concluded a large iron ore contract from Brazil to India for 5 million tons, which can indicate a new trend and trading pattern for dry cargo. For the ton mile scenario, we would very much welcome more iron ore imports to India from Brazil. So where has all the increased landed iron ore tons been absorbed? Well, China is the world's largest steel producer, accounting for 56% of global steel output. Contrary to negative macro news, China's steel production is up 2% year-on-year, with a solid 4.5% increase in Q3. Although property investments are down about 9%, we see that the Chinese iron ore production is down, and rotation to technology-intensive manufacturing and energy transition with infrastructure investment is up 9% year-on-year, and private manufacturing investments are up 6%. In addition, Chinese car exports are up 62%, as steel exports 30% year-on-year, which equates to about 80 million tons of iron ore. As we have discussed earlier this year, the bauxite trade from Guinea has developed into a steady long-haul Capesize trade, predominantly into China. This bauxite trade has dominated the total global Cape ton mile with a staggering 12.5%. In addition, it's inversely seasonal to the iron ore trade from Brazil, which makes it tempting to assume that the coming Q1 will be more volatile and interesting than we've seen in many years. We see an upside to this trade into 2024, and we will position large parts of our fleets accordingly. The supply side is still looking vastly compelling in the dry space. The total dry order book is around 8% of the total fleet, and even more alerting is the Capesize segment, where we have 5% of the total fleet ordered for new buildings. Historically, this remains at an all-time low, and combined with unusual low congestion, it still suggests that the downside is priced already. To round off this presentation, we would like to show you the significant earnings potential in Golden Ocean as we finish off the volatile dry cargo year of 2023. Keeping in mind the premium we achieve on our fleet, the graph on the right shows the substantial cash flow potential and yield at various play, freight levels. As an example, to achieve a 25% yield, you must need an average Baltic Index rate of 20,000 per day if you applied the 2023 year-to-date performed Golden Ocean premium of $5,000. While the current spot markets suggest a free cash flow yield of approximately 30%. With that, thank you very much for listening, and I will pass the word back over to the operator. Thank you. As a reminder, to ask a question, please press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, please press star one and one for any question and wait for your name to be announced. To withdraw your question, please press star one and one again. We are now going to proceed with our first question. The questions come from the line of Sherif Elmaghrabi from BTIG. Please ask your question. Your line is open. Hi, good afternoon. Thanks for taking my questions. Hi, Sherif. Hi. I just wanna first focus on that Supramax that you sold. It sounds like the, the purchase option and then subsequent sale was a pretty unique opportunity. But are there any other upcoming options on the eight Capes that you've time chartered in, which could present a similar opportunity, or could you even hang on to that tonnage given where asset prices are today? Yeah, thank you for that. I think first of all, when it comes to the Supramax vessel, we, that is something that we consider non-core business. So for us to be able to do a good market transaction, we thought that was a good idea. When it comes to Capesizes, which we absolutely consider core business, we are definitely interested in the clearing options if it makes sense to the market at the time. Okay. And then, turning to scrubbers, the scrubber premium has really widened over the last few months. And so just with that in mind, could we see scrubbers installed on, on other vessels in the fleet as they come in for dry dock or special survey? Yeah, definitely. If there's a young enough asset that we see potential, then we will upgrade as many of them as possible in the next dry dock cycle. Okay, thanks for taking my question. Thank you, Sherif. Thank you. As a reminder, once again, to ask a question, please press star one and one on your telephone and wait for your name to be announced. Thank you. We are now going to proceed with our next question. The questions come from the line of Omar Nokta from Jefferies. Please ask your question. Hi there. Hi, guys, good afternoon. Hi, Omar. Hi. Yeah, I just wanted to ask, you know, obviously, you highlighted the, you know, overall, the strong sort of quality of the Golden Ocean fleet. Wanted to ask, obviously, Q3 is supposed to be generally or had been a pretty soft quarter when we look at just spot market averages and looking at what companies in this sector have reported. But you guys generally kind of came in sort of flattish or maybe even cash flow generation was a bit better. So I just wanted to ask kind of what drove that improvement, that sequential sort of modest improvement. Was that sort of well-timed time charters or some spot performance, that was a bit, you know, beyond expectations? Any color you can give on that? Yeah. No, I think entering into the quarter, we were quite covered on the Panamax front. We realized quite quickly that we needed to have some more exposure there to capture the market. So we turned every stone to be able to add on some more spot exposure on the Panamax, which yielded well. Same thing with the Capesize, as we discussed in the previous quarter as well. We had fairly high confidence for the second half this year, simply because of the many drivers that we see on the coal and the bauxites and also Brazil performing the way it should do. So for us, going into this quarter, it was quite clear that we wanted quite a bit of spot exposure, and luckily we got this one right. Okay, got it. That makes sense. And then maybe just as a follow-up, you highlighted the, you know, looking to further invest in the fleet to capitalize or, or at least create excess earnings potential. You've got the, your order book program basically is close to wrapping up here with those four Kamsarmaxes due in 2024. Recently we've seen several of your competitors order ships on a dual fuel basis that deliver, you know, out into 2026, 2027, I think even we saw 2028. How are you guys thinking about the new building order book as it is now, in terms of obviously you mentioned the fleet sizes at 8% is relatively small, but in terms of Golden Ocean and looking forward, how do you think about where you stand with new buildings? Are you comfortable with these four, taking delivery of them and then moving on, or can we expect you to dive deeper into new buildings? I think for our focus at the moment, we're very happy with the new building program that we had on and looking to complete next year. We're definitely there to grow in terms of vessels on the water. We could find modern tonnage, two, three, four years old, that fit well into our strategy and fleet, where I think that is a better investment at the moment than to go to the yards and place a new building order. With respect to which fuel to attack, we haven't made up our mind there yet, and maybe it's not as clear as the other competitors, so we prefer to invest in our fleet, what we already have, that already makes money, and grow the fleet that way. Yeah. Yeah, very good. Well, well, thank you. That's it for me. Thank you, Omar. Thanks, Omar. Thank you. Once again, as a reminder, to ask a question, please press star one and one on your telephone and wait for your name to be announced. We have no further questions at this time. I will hand back to you for closing remarks. Thanks a lot for dialing in. We'll see you next quarter. Thank you very much. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect your lines. Thank you.