Good morning to those in Europe, and good afternoon to those in Asia. I'm not sure about the time in North America, if there are any. It's probably middle of the night, so I don't expect any from North America. Thank you very much for joining Jinhui Shipping & Transportation Limited Q4 2022 and 2022 Annual Results Presentation. Still someone coming in. If anyone has problem hearing me, please indicate in the message box. Okay. I believe all of you would have a copy of the Q4 report as well as the preliminary annual results, so I shall go ahead. For the Q4 2022, revenue for the quarter was $30 million. There's a net loss for the quarter of $47 million. This is mainly due to a non-cash impairment loss on owned vessels of $49 million. Hence, there's a $0.00428 loss per share. I think, you know, on this impairment that I will talk more about it, you know, going for later in the presentation. Can anybody else not hear me? There doesn't seem to be any problem from anyone else. Thank you, Lawrence. Thank you. Matthias, I suggest you to check out your computer, phone or iPad settings or whatever it is. Thank you. Thank you. For the year 2022, we have $152 million. Net loss for the year end up at $7 million. This included a non-cash impairment loss on of $49 million. EBITDA was at $36 million, there's a basic loss per share of $0.065. Gearing ratio is very low at 5%. We decided to still go propose a final dividend of $0.04 per share. If you consider the interim dividend of $0.03 per share, the full year 2022 dividend is at $0.07 per share. Obviously we took into consideration, although accounting-wise, we are making a loss for the year, this is due to the non-cash impairment. I have comments from investors or even market alike, you know, saying that, you know, this impairment, you know, might be a little high. Again, you know, I think, you know, we our hands are a little strapped here, you know, this time because the auditors which we have been using, you know, many years has been, you know, extremely strict for the past, especially past few years. If you look at a certain, you know, period back, we revalued the assets up. This time, you know, we have to revalue the assets down. This kind of introduced some non-P&L, you know, volatility. We see, you know, that this is not ideal, and we hear comments from the market and investors. We'll look into this and talk to, you know, our auditors, you know, accordingly going forward. Let's get back to the presentation. For 2022, we reported a consolidated net loss for the year of $7 million. Actually, I don't want to go through this point. This is where it's been repetitive because of the impairment. Chartering revenue increased 16% to $152 million, comparing to $131 million in 2021. Obviously, there was a good rebound of market rates during the H1 of 2022. Because of our activities in terms of our fleet, we did increase a number of owned as well as one chartered in vessel. This, together, you know, also considering there was downward pressure, downward correction of freight rates during the Q4 of 2022, we still recorded a respectable increase in revenue. If you look at the TCE, the time charter equivalent, the reported average time charter equivalent of our fleet was $18,813 per day as compared to $19,233 per day for 2021. In fact, you know, I can share with you that, you know, the freight correction, you know, during the latter part of 2022 as well as the beginning of 2023, was quite harsh, has been quite harsh. I mean, it's very clear that there's a slowdown of economic growth due to high inflation. There's an increase in the interest rate, COVID-19 related issue, and of course, you know, there are multiple geopolitical issues that affected the overall sentiment and hence economic activities during, you know, 2022. Those all, those issues or negative issues, start to have their effect on the latter half of 2022. There's an increase in shipping-related expense of 53%, mainly due to increase in vessel operating expenses such as crew costs and other pandemic-related manning expenses, as well as the increase in number of owned vessels as compared to last corresponding period. COVID-19 continues to impact the running costs of vessels in 2022, and this is especially true in crewing. Now that it's pretty much the entire world is putting COVID-19 behind us, let's hope that, you know, COVID-19 will not come back to haunt us again. We hope that, you know, we'll see a gradual decrease in these in expenses going forward. At least, for example, you know, all these special measures, you know, going to visiting ports, in terms of loading cargo, discharging cargo. Where you need to do this test, that COVID test. If anybody is affected, you know, then you need to take them to hospital, blah, blah, blah, blah, blah. You know, all these measures, let's hope that, you know, these will not return. In 2022, we entered into a charter party for leasing newly 2020-built Kamsarmax for seven years. The vessel was delivered to us at the end of June 2022. During the year, we draw down secure bank loans of $66.9 million for financing the acquisition of vessels, and at the same time, we paid $76.6 million of bank borrowings. For the year 2022, we have a CapEx of $140.6 million, mainly on acquisition of vessels, dry docking, and ballast water treatment systems. All in all, we, the exercise was, you know, you can consider our exercise was a fleet renewal, you know. We took delivery of five vessels and disposed of five vessels during the year. The net, the overall, size of fleet size has not really changed. This page, I think it's pretty much self-explanatory. You know, I don't see any items that, you know, needs to be go into detail. Obviously, Q4, because again, because of this non-cash item, will resulted in operating loss. The BDI has been going up. You know, the paper market has been going up. If we look at, you know, the current market right now, you know, it seems like, you know, instead the, the fleet value, you know, would have been revalued upwards again, you know. I mean, there's a problem, you know, with quarterly reporting where, you know, account auditors would always, you know, be very, very, very strict, you know. They have their accountability, and they try to reflect, you know, the value of assets at the end of the quarter as much as possible. Sometimes to a certain extent, you know, I think, you know, because of rules and regulations, you know, this swing in the P&L because of revaluation of assets, you know, has been over-exaggerated or amplified. We'll look into this problem, you know, going forward and, you know, discuss with our auditors or to see how, you know, how we can improve this. Our total assets as of 2022 now stands at $338 million. We have secured bank loans of $82.838 million. The current ratio is at 1.64/1. The net gearing is at 5%. Working capital of $34.15 million, and we have $61 million of available liquidity right now. This is a new design for our fleet list. I hope you guys like it. Bring some fresh graphics to the presentation. Here's the list of the 24 owned vessels we have. We're trying very our best, you know, to take advantage of any opportunities, you know, we see in the market to continue to renew our fleet. Not necessarily expanding the size, but, you know, revitalize or i.e., probably, you know, if the opportunity is right, the timing is right, we will sell off some older vessels and at the same time, buy in younger vessels to reduce the overall age of our fleet. I think this is important because overall, you know, we need to try to maintain a younger fleet, you know, to increase, you know, our competitiveness. This is the chartered-in vessel and 84,000 deadweight ton. It, it really should be called a Panamax really. There we have three ships outstanding in terms of requirement to install ballast water treatment systems. We will two of them is scheduled to be done in this year 2023, and one to be installed in 2024. I mean, if we don't rule out the possibly that, you know, if the timing is appropriate, then we'll also install, you know, Jin Gang, you know, earlier, if such arrangements is proved to be possible. Total debt as of end of December 2022 is $83 million. 57% of that will be repayable within a year. 41% is to be repayable in 2022. 19% will be repayable between one to two years in 2022, and 40% will be repayable within two to five years. In terms of cargo mix, 81% of the cargo we carry are the minerals, 12% coal, 6% steel, and 1% agricultural products. Instead of, in terms of loading ports, 83% of our cargos are loaded in Asia, excluding China, 8% out of Australia, 1% North America, 1% Europe, and 7% China. In terms of cargo discharging, 80% of our cargos are discharged in China and 20% are Asia, excluding China. The next chart is the TCE of our fleet. For Q4 2022, the post-Panamax, Panamax fleet TCE is $16,168 per day. For the Supramax fleet in Q4, the TCE is $12,591. The average is $12,879. If you compare that with the full year, 2022, you can see, there's a market drop, significant drop, you know. This obviously shows how much pressure the freight market, you know, was in during Q4 and, actually in the beginning of 2023. I think, you know, for the past, you know, few days, you know, there's signs of improvement, and we hope that will continue. For Q4 2022, the running costs is $5,920. Depreciation, $4,314. The finance cost, $183. If we look at the full year, the running cost is $5,656 per day. Depreciation, around $4,000, just about north of $4,000. The finance cost of $155 per day. As I mentioned before, the current expectation is that with COVID-19 pretty much, you know, behind all countries, at least from a COVID-related issue, the additional expenses, you know, because of port requirements, you know, due to COVID, will be gone. That would reduce some running costs. We also hope that inflation will be under control, you know, where this would also, you know, reduce our running cost. In terms of outlook, I think, you know, it's no secret that, you know, the dry bulk industry is very, very much affected by the global economy. If we dissect it 1 level down, especially important is the economic growth or economic outlook of China, given China has been the biggest raw material importer, you know, for the past, I would say, almost 30 years. If you look at our operation, you know, it still show very much, you know, vibrant, you know, activity, you know, on the particular cargos that we carry anyway. At the same time, you know, this is a double-edged sword. From this perspective, you know, I think, you know, We are, and I believe, you know, all dry bulk, you know, operators and owners, you know, would be right now waiting for economic economic stimulus policies, especially out of China. Having said that, the geopolitical conflicts, you know, in our world right now, obviously is very, very complicated, with political conflicts, with the Ukraine-Russia situation. You know, obviously events like this, you know, drive down confidence, drive down business confidence. It does not only disrupt, you know, the trade patterns, but it also disrupt and erodes confidence. We hope that, you know, in 2023, there will be some positive development this side where there will be less conflicts and arguments. In terms of our own industry, I think, you know, there's one relatively bright spot, which is there is a low number of new buildings, i.e. the supply side is in check. From our perspective, we believe that this somewhat offers some downside protection. You know, the overall global economic, you know, growth or the economic growth out of China is something that keeps us awake, worry about. At the same time, you know, when there's a low number or limited, you know, new building supply coming online, this offers downside protection in our industry. There will always be, you know, a solid, you know, a requirement out of, you know, in terms of raw material transport. Let's say certain countries, you know, it will slow down the demand, but at the same time, there will be other countries increasing the demand or it's a very, very solid, you know, demand requirement because our industry is to fulfill very basic needs. Energy production, food, basic industrial activities, you know. The raw materials that we're transporting are for those activities. There will always be a base demand. As I said, you know, recently, COVID-19 or measures to battle COVID-19 are pretty much off or lift off. We the whole world, I think, you know, are resuming back to normal, business as usual. I think this actually will take time to show its effects. This from us perspective, obviously, matters, especially on managing the cost side. We hope that, you know, as this lift off of COVID-19 measures, not only that, you know, the, in the past few years, the extra cost to battle the virus, will no longer be required. The resume back to normal activities of everyone, you know, from consumers, travelers to business, would, you know, somewhat, stimulate economic activities. The effect will be increase in demand as well as a reduction in cost. We will see. At the same time, I think, you know, the short-term volatility will be expected, you know. I have to confess that it's very, very hard to read the outlook. You know, the world is getting more and more volatile. In the short term, you know, I think, you know, you know, there are so many things that could happen that, you know, I believe I definitely cannot predict, and most people cannot predict. If you look at, for example, you know, a few weeks back, you know, they're talking about the market is talking about U.S. dollars interest rate, you know, capping and ready to come down, you know. A few weeks later, you're talking about no. The Fed, the Federal Reserve is saying that, "No, we're not ready yet," you know, interest rates, you know, will still have to a few hikes, you know, before, you know, they can consider, you know, flattening out or reduction. All these from economic to political events, you know, could affect our market. At the same time, I think, you know, overall, you know, on a, on a more longer term perspective, you know, we are positive. The supply of vessels is low, or at least let me put it this way, we are positive as long as the supply of new vessels remain low. I think this is the case. Owners have been very hesitant to order too many new buildings. I think this is good for a long-term positive outlook, until, you know, all, until all the clouds, you know, are clear, you know, from, in, from the industry perspective, you know, one of the most important factor that's hindering new building orders is regulations. Until we're clear about, you know, how, you know, the regulations will, you know, affect, you know, future engine or, and vessel design, I think the ordering of new buildings will be somewhat muted, which is positive in terms of freight. What we are gonna do is, we will continue to be on looking out, you know, for possible fleet renewal, you know, when opportunities will arise. In the short term, you know, I think we will need to be a little defensive given the uncertainty and volatility, you know, that we expect to see. That's all from me, you know. If there's anyone who have any questions, you know, please let me know. I hear couple of questions. Well, actually, Thor, you know, this is not a question. You are actually, you're teaching us how to run our company. Thank you very much for your comment, Thor. The next question is what is our strategy regarding disposing our fleet towards spot or time periods? I think you mean, chartering out, not disposing. Disposing in, you know, in my vocabulary means to sell. I think right now, you know, we don't see any time periods opportunity, or they're not attractive enough from our perspective. Again, you may disagree, obviously, you know, as the market become more vibrant, the demands recover, you know, there are lots of inquiries. You know, we will consider, you know, deploying part of our fleet into longer-term time periods, time charter periods, in order to secure more revenue visibility. In terms of what you would say meeting the IMO demands, you know, right now, I think, you know, the reason why owners are shying away from, you know, new buildings is because they do not know if they buy a ship now, you know, let's say a 2023 build, 2024 build, you know, is such design sufficient to meet future demands. From our perspective, although we don't rule out, you know, new buildings going forward, but at least right now, I think we will be inclined towards buying new or young secondhand tonnages. Sell off, you know, if we are to renew, and if the price is right, again, we'll sell off some older tonnages. I hope that answers your question. Last week, BDI has experienced a huge rebound. Would to see if we have any insight to share? Will the upward trend continue? Any positive impacts on January? Well, I think, you know, the most of our ships are on spot. If such rebound is to continue, yes, definitely, you know, we will benefit from such rebound. In terms of why there's such rebound, you know, I think, you know, to be honest, I, as I said, you know, it, you know, the freight rate or the freight environment has been, you know, correcting, you know, since the latter part of 2022. It's because of sentiment, it's because of, you know, economic activity or the slowdown economic activity. As I mentioned just now, I think, you know, COVID is behind us, behind us all. I think I can confidently say that this is global. If at least on this front, you know, the virus or the pressure from battling virus is off our back, people are doing business or slowly reverting, you know, to business as usual. Again, a rebound in the BDI, you know, is probably long due. Anyone has any further questions? Far Away. Can you tell why the board told investors to be careful and exercise caution when dealing in the shares of the company? This is a rule under the Hong Kong Stock Exchange. Whenever there's let's say when we turn from a profit to a loss, irregardless of whether it's a, you know, it's an a non-cash item like ourselves, you know, this is a revaluation assets that cause, you know, a loss, we would have to warn investors, you know, using this statement. I know it's very strange. You know, this statement is like assuming, you know, investors are or some investors are cannot read financial statements. Obviously, you know, for you guys, you know, it's not the same. It's a regulatory requirement, you know, whenever there's you know, like you can say abrupt changes, you know, to the financial performance, obviously from profit to a loss. This is how they interpret it. Any further questions? You are worried about extreme weather. Are ships and operations secured and measures taken to avoid incidents related to extreme weather? Definitely. For example, you know, our ships, you know, we'll always, you know. We run our operations in-house from technical to chartering. Every time, you know, before we take on, let's say, a spot contract, we will check whether, you know, whether the route, whether there will be any, you know, weather system, you know, in between. And we definitely, you know, do not allow any charter contracts, you know, go beyond the IWL, where there will be icebergs and stuff, you know, because our ships are not ice class. No, do not worry about extreme weather in terms of where our ships operate. We have been, and always will continue to watch out for this weather risk. I personally worry about, you know, whether there's snow in the snow resorts. You know, I'm a very passionate snowboarder, so I worry about that more than this. There you go. Sure thing. I hope you guys can also feel the sincerity of Jinhui's board of directors. I mean, despite, you know, reporting, you know, a loss, because we know it's because of revaluation in terms of assets, it's a non-cash item. You know, we never thought about, you know, using this excuse and not, you know, issuing a final dividend. I hope that you can also feel that, you know, we are very sincere. It may not be depending on what cost you purchased our shares, of course. We hope that, you know, as long as, you know, the operating environment is good, we will continue to share our success with our shareholders. Okay. If there are no further questions, I'll call this an end. I'll give you 10 seconds. Okay, thank you very much. I hope you guys, you know, all resume back to normal, you know, after COVID, like, you know, like the rest of the world. Should you have any further questions, you know, please email me. Otherwise, have a good day. Thank you.