Good afternoon, everyone. This is Raymond Ching from Jinhui Shipping and Transportation Limited. Thank you for joining Q1 2023 results presentation. Can everybody hear me? Please let me know if anyone cannot hear me. Excellent. Thank you. I believe you would have seen the results announcement, and you have a copy of the presentation, so I shall fire away. We have a new design of the presentation to hopefully to cheer everyone in this not so bright economic environment. Markets. Sorry, I'm letting more people coming in. Okay. 2023 has not been a very good start. For the Q1 2023, we recorded revenue of $14 million. The freight environment has not been good. We recorded net loss of $13 million. A basic loss per share of $0.117. On the bright side, our gearing ratio has still been kept at a very low level, 7% as of March 31st, 2023. Highlights for Q1 2023. Q1 has been a very weak market, to be honest. I think this is very clear, you know, just even by observing the Baltic Dry Index. From looking at shipping, news headlines, et cetera, you know, it's very clear that the beginning of 2023 has not been great for most business. The chartering revenue has decreased 56% to $14 million for Q1 2023, mainly due to weak market sentiment. I think this weak market sentiment, it's. There are quite a few factors, you know, affecting that. In general, people are worried about, you know, the global economic growth. Pursuant to the reopening of economies, you know, of many countries, there's been great or very high expectations to economic recovery post-reopening. This has not generated very, very positive results yet. The average TC for the group's fleet was $6,580 per day for Q1 2023. This is a significant drop compared to Q1 2022, which was $17,510 per day. Other operating income also decreased. There's a net loss of $1.1 million on bunker, recognized during the quarter, as compared to a net gain of $4.6 million on bunker in Q1 2022. There was a net gain of $1.3 million, recognized in first quarter of 2023 on financial assets at fair value, compared to a net gain of $2.6 million in first Q1 2022. Also, we have not had any disposal activities in Q1 2023, whereas In Q1 2022, we disposed of two Supramaxes, generating a total gain of $6 million. Depreciation and amortization increased from $8.6 million for the first quarter of 2022 to $9 million for the first quarter of 2023. This is mainly due to recognition of depreciation on the right of use assets during the quarter, partially offset by the decrease in depreciation on owned vessels as a result of reduced in carrying value of our own vessels after the recognition of impairment loss of owned vessels in 2022. The finance cost is also increased in the current quarter to $1.3 million, which is an increase from $0.4 million in Q1 2022. This is mainly due to the rising interest rate, which I believe all, you know, whether you're in shipping or not, you know, if you have borrowings, you would have felt the increase in interest expenses. As of March 31, 2023, secured bank loans decreased from $83 million to $79 million as of end of March 2023. The current portion and non-current portion of secured bank loans was $35 million and $44 million, respectively. During the quarter, we also drew down new secured bank loans of $6.5 million. At the same time, we also repaid $10 million of bank borrowings. We have a CapEx of $0.7 million, mainly on dry docking and vessel improvements. Financial highlights, I think this is self-explanatory, I wouldn't go through them. As of Q1 2023, we have a total of $519 million, almost $520 million, which is a decline from Q1 2022. Net equity, $398 million. Secured bank loans of $79 million. Current ratio, 1.48 to 1. Net gearing, 7%, slight increase from Q1 2022. Working capital, $25 million, we have available liquidity of $49 million, almost $50 million. As of May 2023, we have 24 owned vessels. The total carrying capacity is approximately 1.37 million deadweight tons, with an average age of 13.83 years. We also have one chartered-in vessel, a Kamsarmax, really, named Tahoe Circular. We chartered this in June 2022, and it will expire in February 2029. Very much of the majority of our vessels have finished installation of the BWTS, ballast water treatment systems. Jin Hui will be installed within this year, and another one, Jin Gang, will be installed by 2024. In terms of debt maturity profile, as of Q1 2023, we have a total of $79 million. 43% will be payable within 1, 12 months, 19% within 1-2 years, and 38% will be between 2-5 years. In terms of cargo volume, the cargo mix, 61% of our cargoes are minerals, 20% coal, 19% steel products. In terms of the distribution cargo, in terms of loading, 68% of our cargoes are loaded in Asia, excluding China, 19% in China, from Chinese ports, 6% North America, 4% Australia, and 3% Europe. In terms of the destination of where our cargoes are discharged, unloaded, 66% of our cargoes are unloaded in China, 31% in Asia, excluding China, and 3% in South America. Of course, again, I want to stress that our own experience in terms of cargo destination is not representative of the market. However, one shouldn't be surprised that lots and lots of cargoes are being, you know, discharged in China, because China has been one of the, if not the biggest, raw material importer in the past, I would say, over almost two decades. Right now, I think, you know, if you can see in the Chinese economy, the economic growth is weaker than market expectations, you know, it's clearly translated into lower imported volumes. The economic news you read from news headlines is also what we're experiencing. They are importing less. We hope that, you know, as the recovery go forward, you know, gathers pace, these numbers, you know, will improve. Freight environment, et cetera, will improve. It's a very disappointing set of time charter equivalent, of course, in Q1 2023. For the post-Panamax fleet, $13,116 is a significant decline compared to Q1 2022. Supramax has the TCE as of Q1, 2023, is $6,301, average of $6,580, compared to Q1, 2022, $17,510, and the full last year, 2022, results of $18,813. We have kept ourselves busy to keep the cost of owned vessels as low as possible. For Q1, 2023, the running cost per day averaged at $5,444, which is a slight improvement from the figures in Q1, 2022, as well as the full year, 2022. Finance costs have slightly increased to $167 per day. As we mentioned, no one can escape the rising interest rate cycle. In terms of the outlook, what I can share with you is our own expectations, we'll be very frank, the immediate sentiment is still poor. 2022, 2021, you know, has generated very good results. I think you can see it's largely because of the COVID trade, man-made port congestion, as well as economies sucking in raw materials, as well as goods, in fear of, you know, logistics problems. They all really stocked up more than normal. Once this COVID restrictions is over, things start resuming back to normal, the port congestion is gone, we all come back to reality. What will be the economic growth? What kind of pace are we growing at, the world, going forward? So far, it's slower than expected. The tightening monetary policy, i.e., the rising interest rates, also had a negative event or a negative effect on both sentiment and actual willingness to invest, trade, et cetera. I think we look on the positive side, I think we still need some time. It's only a few months, you know, of post-COVID trade, so let's give them some time. Let's give ourselves, let's give the market some time to see the true recovery, recovering strength of economies, both in the West and in the East. Now, those are uncertainties that we cannot control or with high uncertainty. At the same time, when we look at in our own industry, fortunately, supply of new vessels remains limited at this juncture, especially with such monetary environment. Banks are not too willing to lend. Borrowers are also not too keen on borrowing, given the cost of borrowing. In the event that economic recovery will start gaining pace, I think we're in a very good position to capture increased activities with our fleet. We have no material CapEx at the moment. We have no plan on any new buildings, et cetera. It's a very unpredictable market, is a very, is a world with high level of uncertainty. The visibility, right, to be honest, is not too high. We will remain flexible, and we will do our best to maintain a young and modern fleet. If you have any questions, you know, please fire away. You may want to type it, you know, you know, so that we can maintain order. Well, I don't know what you mean by the market average rate or what you see as the 50% discount to market average rate. If you look at the Baltic Dry Index, if you look at those reported numbers, they only select certain routes. As you can see, we focus very much in the Pacific region, our customers. Versus going, you know, operating in Atlantic, for example, there will be price differential. Okay? Yes, you can say Q2 pandemic is over. Okay, sorry, pandemic is over, so does quarantine measures. Some of our vessels were fairly new, so, you know, well, we newly acquired certain vessels, so it takes time, you know, for those expenses to come down. Our expenses has always been around $5,000-ish. Okay? I don't see what you mean by our expenses alone is higher than the chartering revenue. The freight rate a ship earns depends on a number of factors: where you're operating, what kind of cargo is available, and the competition. If I don't understand what you mean by saying the market average rate, where did you get that market average rate? It is a huge drop. I think if you look back at the Baltic Supramax Index, we're experiencing, you know, what the market is experiencing. Obviously, you know, differential in, you know, differential in the market rates. For example, maybe they may be using a five-year new Supramax to showcase the market rate at a point in time, while we have an average of, you know, 12, 13. A younger vessel do command higher rates, but at the same time, it is more expensive. You will have a higher finance cost to service the debt, et cetera, et cetera. Okay? There's no free lunch. Any other questions? No, Calvin, I cannot give you Q2 daily TC rate guideline. We don't do forecast, remember? I would say that it's getting better, but to be honest, so far, not getting better, you know, not that much better. You know, it doesn't excite any of us at the company right now. It's very. Reality is, shipping is. The business model is not too complicated, but, you know, the actual operating environment is very complex. We are at the mercy of a lot of factors that are beyond our control. Nice try, Hyson. I can only give you know, right now, the snapshot in time is better. Okay? I didn't say the overall Q2 TCE is better than Q1. My job is to disclose information that is allowed to be disclosed to you. I'm afraid it's not to help you trade. Why don't I put it this way, guys? It's the end of May, on all your calendar, it's another month until the end of Q2. How Q2 would average out, I really do not have a clue. All I can say is we hope that, you know, going forward, the remaining of 2023, things will improve. It is showing improvement relative to Q1. Right now, this is all I can say. We have so many moving parts, uncertainty. It's not just economical, it's not just, you know, in shipping, it's not just in dry bulk. It's from all directions: economical, non-economical. Right now, I think we are operating in a very complicated market. Any further questions? If there are no further questions, I will call this an end. Thank you very much for joining. I'm sorry that I couldn't deliver better news, the market is the market. Until next time, fingers crossed, I hope I will be able to deliver more cheerful news with regards to Jinhui as well as dry bulk market. Good morning and good evening. Thank you.