Hello everyone. My name is Mikael Skov, and I'm the CEO of Hafnia. I would like to welcome and thank all of you for attending Hafnia's presentation. Today's presentation agenda is to give an update on an acquisition transaction that we recently concluded. I will begin with an overview of the transaction, followed by the combined entity structure, and lastly, an industry outlook on the segments we will be operating in. Moving on to slide two. Please have a look at the mandatory disclaimer, which I would urge you all to read. Moving forward. Quick overview of the agenda and straightaway in, I think, to slide number 4. Let me begin by giving an overview of this transaction that Hafnia yesterday entered into an agreement to acquire Chemical Tankers Inc. and its subsidiaries, including the fleet of 32 vessels, all through a share issuance. The number of shares of issues has been determined through an NAV for NAV framework based on respective balance sheets and predefined vessel value methodology performed by a mutually agreed panel of reputable shipbrokers. As a result, Hafnia will issue new shares to CTI shareholders representing 21.5% of the outstanding shares in the combined entity. Our management team has performed legal, financial, commercial, and technical due diligence, in-house experts and assistance from respective advisors to ensure high execution standard of this transaction. Post-transaction, Hafnia will own 133 vessels with more than 200 vessels under commercial management. The combined entity will continue to operate as Hafnia and trade on the Oslo Stock Exchange with ticker code HAFNY. CTI's fleet is a perfect complement to Hafnia's existing product tanker fleet. The new fleet can carry traditional product cargoes already being transported on board Hafnia's fleet, in addition to light chemicals such as methanol and palm oil. This transaction underscores Hafnia's commitment to grow this platform to maximize stakeholder value. Consolidation enables Hafnia to achieve improved earnings capability through the shipping cycle. Most importantly, this transaction will complement Hafnia's existing commercial activities in the Handy and MR segments, while enabling enhanced trading flexibility through the ability to carry both clean petroleum products and chemicals, limiting ballast time by optimizing triangulation and offering material cost synergies. Moving into slide number five. I would like to highlight the seven main reasons why Hafnia is proud to complete this transaction with the vision of being a leading provider of liquid bulk transportation. Firstly, this transaction will make Hafnia the largest operator of product and chemical tankers in the world. Scale and diversification will make the company more robust and sustainable, enabling improved earnings capability through the shipping cycle and enhanced access to capital markets and financing. Next, CTI vessels complement the existing Hafnia fleet, unlocking many synergies such as better utilization of vessels, increased trading flexibility, limiting ballast time by optimizing triangulation and other material cost synergies. Post-transaction, the net asset value of Hafnia will be approximately $1.35 billion, reaching critical mass to attract a wider investor universe. Following that, we will also unlock arbitrage earnings through the cycle by switching between chemical and product cargoes. Suppose earnings over a sustained period of time for product tankers outperform chemical tankers. In that case, the latter may switch into the products trade, much like the company's LR2 tankers may switch between crude and product trades. This helps to protect our downside risks with upside potential. Furthermore, both product and chemical tanker markets have significant consolidation and growth potential as there is a large fragmentation of ownership in both markets. Top 20 owners of product and chemical tankers control less than 30% of the global fleet. Lastly, Hafnia's platform provides existing CTI shareholders access to industry-leading debt financing, including cost of debt and breadth of capital sources, which ultimately benefit both companies. Moving on to slide six. Apart from that, we also believe that there are attractive synergies to be achieved from this transaction, mainly in the commercial pools and financing front. With this improved operational scale, we can expect overall cost savings and improved access to capital. We can expect synergies to improve vessel utilization and TCE earnings with COA-based chemicals trading and periodic cross-training in clean petroleum products on the commercial front. We can also expect synergies with Hafnia's existing Handy and MR fleet to improve TCEs during the low market cycle. With this increased scale of over 230 vessels for our pools, we can further expand our pool business into new segments. This will help us to add additional pillars to our successful pool business. We can also expect to expand our bunkering business further for the chemical market participants. If we have to put numbers to the synergies, we would expect to increase the TCE performance for the CTI fleet by approximately $1,000 per day from insourcing the commercial management and optimizing the fleet utilization. For the SG&A, we would expect that we will see a cost reduction of $100 per day for the entire fleet, down from $862 per day to $761 per day in 2023, once the transaction has a full year effect. Moving to slide seven. The following shows our post-transaction estimated relative to top 20 shareholdings. With the new share issuance, we estimate Oaktree Capital Management and other minority shareholders to hold about 21.5%, making them our second-largest shareholder after the BW Group. Moving on to the next slide. Looking at the combined entity, I will begin by showing our combined fleet. Post-transaction, we will own 133 vessels diversified across five different segments. The transaction creates a strong synergy between Hafnia's existing product tankers with chemical cargo carriers notations and the CTI fleet. It also offers an entry point into the stainless segment. Our combined fleet will have an average age of seven years, young compared to most other tanker shipping businesses. As you can see, the combined fleet will make Hafnia the largest operator of product and chemical tankers in the world. Moving on to slide number 10. This transaction solidifies Hafnia as a modern product and chemical tanker owner, allowing us to unlock many operational synergies and arbitrage opportunities to optimize earnings. With our scale, we can, for one, enjoy scale benefits such as lower operating leverage and trading optimization through the positioning of vessels. Compared to products, chemical carriers are also more resilient in weaker markets, which benefits earnings due to more loading ports, triangulation, and lower ballast laden ratio. The CTI fleet comprises vessels with high-spec coated tanks, and there are distinct similarities to the Hafnia product tonnages. Establishing commercial and operational expertise in the chemical tanker markets to match Hafnia's current leading position in product tanker markets will create significant synergies. The combined entity will be able to develop cross-trading of its assets in a scale not previously seen. With a broader range of cargo types being transported, this also allows trading flexibility for Hafnia. We will be uniquely positioned to offer customers across the product and chemical tanker industry the required reliability to operate successfully in the chemical markets. Moving on to slide 11. Apart from being a modern product and chemical tanker owner, this transaction will also help lay the foundation for operational excellence. We can expect to further scale our commercial management business by expanding into new segments in the pools. With this large scale, we are at an asymmetrical information advantage and are able to have higher utilization from triangulation. We're also able to collect and analyze big data, which will amplify the economic benefits from having a large commercial platform and in-house pools. From a commercial perspective, we will unlock arbitrage earnings through the cycle by switching between chemical and product cargoes. In periods with lower earnings, we can see that the vessels with chemical capabilities have a higher earning potential while the product market offers a higher upside. This again helps to protect our downside risk with upside potential. We're not going to go over the balance sheet in detail, but we think it's important to highlight the total pro forma balance sheet of $3.5 billion, of which CTI will contribute with $1.1 billion with an equity of $289 million. Slide 13. Now on 14. Thank you. Looking a bit on the industry outlook. The global oil demand was under pressure at the start of Q3, due mainly to the Delta variant, which saw oil demand decline in parts of Asia. However, since then, the energy squeeze has led to soaring natural gas prices, which boosted oil demand. Brent crude oil and natural gas prices have both seen sharp increases in recent months. Apart from that, worldwide borders are gradually reopening, supporting jet fuel and motor gasoline demand. World oil supply is also projected to rise sharply as US output returns from Hurricane Ida, and OPEC+ continues to unwind cuts. Oil output is now expected to hit pre-pandemic rates by the Q3, 2022, barring any unanticipated disruptions. You can also see how the price of Brent has an inverse relationship with OECD inventory reserve days, and that increased demand is reducing inventories to historical levels. In contrast, OPEC+ increased production will, from the middle of 2022, result in a slow build-up of inventories. While oil and petroleum products remain a cornerstone for Hafnia, the chemical exposure will only be beneficial going forward. The world is constantly evolving, and with global demand for chemicals on an upward trajectory, this transaction will further increase and expand the commercial runway for Hafnia decades into the future. The outlook for the chemical tanker market remains highly attractive due to both robust demand drivers and a favorable supply outlook. As we can see, the cargo volumes and ton miles of chemical products transported have been steadily increasing over the years and is expected to increase into the future. This is supported by low crude and clean petroleum products inventories and increased oil production from OPEC+. On the supply side, with a low order book for the chemical tanker fleet, we expect increased ton mile demand to increase further as the demand for transport capacity will exceed the growth in the chemical tankers fleet. Transportation of clean petroleum products has rebounded in 2021, and for September, we have seen that cargo volumes are similar to September 2019, while ton miles has surpassed pre-pandemic levels. The outlook remains positive when we look at the global product tanker fleet, as we expect an increased demand for refined oil products and slow vessel supply growth. The growth of the product tanker fleet is only expected to be at 1.8% in 2021, compared to 3.2% in 2020. Furthermore, the product tanker order book stands at only 6% of existing fleet in November 2021, one of the lowest ever. With increased emissions and efficiency targets, it will continue to put pressure on older vessels, accelerating the turnover of the global fleet and slow vessel supply. We can hence expect product tanker fleet utilization to increase. With that, I've come to the end of today's presentation and would like to open the call up for questions. You can place them in the chat room. I should have said already earlier that I'm actually here in the room today with a few of my colleagues. We have our CFO, Perry van Echtelt. We have our EVP, Jens Christophersen, Head of Commercial, and we have our EVP, Thomas Andersen, Head of Investor Relations. We are all here prepared to answer any questions there may be. Yeah. I'm assuming there's a question here from Perry Olsen. From Peter Nicolai Janssen, so I think you can actually just state your question. I think you should be online here, so no problem. Thank you, congrats on the transaction. Just a few questions from me. First of all, is it possible to quantify a bit more how you think of, you know, both the integration of the new fleet, the cost side we should expect with this, and also the potential synergies that you see? Yeah. It's Perry here. I think on the commercial side and the cost side, what Mikael already alluded to is that by combining the fleets and commercial upside and the insourcing that we expect on the fleet that we're adding, that we add around $1,000 of TCE upon what normally would be realized. Across the fleet, for the entire company, we expect by 2023 to have the full effect of the synergies on the cost side, which would reduce our SG&A with approximately $100 per vessel per day. Okay. Just in terms of kinda you venturing into the IMO 2 space, is that a sector that you or do you consider this transaction more a one-off or do you think there's room to consolidate this sector further, you know, across both the products and the chem side? Yeah. That's a good question. The way that we look upon this is first and foremost, what has made this transaction attractive for us is the ability to combine our current business of transporting refined oil products with IMO 2 chemical notation. In other words, what we feel we're creating here is something which we don't believe is out there, which is a platform that has scale and has the ability to cross trade between two products. In other words, this is not what you would call a traditional chemical outfit of hardcore chemicals. This is actually all about having acquired similar ships to what we have today, but on top of that, with the flexibility of going into chemicals. It's really about scale, trading flexibility, global presence, and switching between cargos that is the rationale here. Going forward, our view will be the same when we look at transactions is that if it complements, give us a longer runway, in terms of being able to carry cargos such as, for instance here, methanol, palm oil, et cetera, we will be looking at it. It's also clear when you do these transactions, now we're gonna focus on integrating and making sure we do this right. We're gonna, as we always do, look for opportunities out there. We're not gonna do neither acquisitions nor consolidations just for the sake of it. Only when we see that it unlocks good value for all of our shareholders. Okay, perfect. Just a final short one from me. On the fleet you've acquired, you may have touched upon it, but are there any contract or COA structures on that fleet? At the moment, yeah, where the ships are trading, you know, they are part of different operational platforms, right? They have various contracts, et cetera. When we take them over, you know, these ships are gonna be all available for the spot market. It will be up to us to how we want to structure that. Okay, great. Thanks very much. Thank you. Yeah. Hi, it's David Barty from SEB. Just want to cross-check the numbers that you gave us there on the $1,000 of TCE and $100 per day on SG&A. What does that just to cross-check what it works out to in $1 million per year? Yes. The way we done it is, we can see taking the vessels in-house, we can save about $500 per day. We can also see in the combination of tradings with our own existing product tanker fleet with the expanded trading capabilities, we can add another $500 per day. That's how we arrived to the $1,000. All right. That's for that. Yeah. Which is for the 32 ships that are being added. For the 32 ships, yeah. You can calculate the dollar amount. The SG&A number. Again, we expect full effect to be materializing in 2023. That will be across the fleet, so including the rest of the fleet of Hafnia, will be a reduction of the SG&A per day of $100, from $862 to $761. Right. Across the whole fleet? Yeah. Across the whole fleet. That is for the 133 ships. Okay. That's about $5 million or so. Yes. Yeah. Roughly $10 million and $5 million. The $500 per day on the commercial management and $500 on TCEs, that is relative to the existing setup that those ships have, right? Correct. Yes. Correct. Okay. Good. Any other questions? We're just looking at the chat box at the moment. Feel free to ask. Maybe if I could just, David Barty from SEB again. Just shoot in one more here. On how, you know, are these ships financed and how can you know, get them into your financing structure? Yeah. The ships are currently financed predominantly with sale and leaseback structures. Of course, we have the time before assuming this into our capital structure that going forward, we will look at what is best in the combination to include. For now, we're assuming the facilities as they are in CTI. Okay. Thanks. Hi, I've got a question. When is the transaction closing? When will you be owning or be the owner of the ships and be the manager, commercial manager at that point, when you'll officially be the owner? Yeah. On closing the transaction, we're aiming at the end of the year. You, Hafnia becomes the commercial manager for all of the ships from day one that you own the ships? Yes. Yes. Technical management, does that come with you as well or? Basically, the technical management—already the vessels are now out with three different technical managers. We are just taking over the contracts that are existing at the moment. That will just follow along, yes. That fits relatively well into the system we have today in Hafnia, where we also have a balance between vessels that are internally managed technically in order to build up in-house expertise, but then on the other hand, also have third-party technical managers to make sure that we have proper benchmark. At all given times about both in terms of the whole cost side, but also the quality of how the fleet's being managed. We'll continue to have that going forward with these new three technical managers coming on board. Okay. Thank you. Any other questions? I'm just looking down the chat room to see we're not missing anyone. I have one question. Yeah. What's the NAV of the CTI? That is, you can see that on the pro forma balance sheet, the $289 million. Can you repeat? You can see it on the pro forma balance sheet, $289 million. $289 million. That's the market value, the same as the book value? Yeah. It's the pro forma balance sheet, so it's not the actual balance sheet. It's a pro forma balance sheet, how it will look like once we combine the financials. Okay. Thank you. Okay. Can I just jump in? Peter again from Jefferies. Just on the synergies, you know, if you had refinanced all the debt with your terms that you're achieving, is it possible to quantify how, you know, the synergies you would achieve from that with having your terms? Not one for one because the leverage is different. I think it's safe to assume that the margins that we have on our commercial debt are substantially lower than what you see in the existing synergies backfeed. Okay. Thank you. Good. Any further questions? If not, I think we will probably close the presentation here. Again, thank you all for listening in. As you know, we're gonna be giving out our Q3 result next week. Hopefully we'll meet and see a lot of you again on that occasion. Thank you again for joining the presentation.