Combination Carriers Q2 2026 financial results presentation. First up on the agenda today will be CEO, Engebret Dahm, who will walk you through an overview of the results, followed by CFO and Deputy CEO, Liv Dyrnes, who will give you a look into the financials as well as the sustainability performance. Then Engebret will come back on to give you a look into the market as well as the outlook for KCC in the coming quarters. As usual, we will have a dedicated Q&A session at the end of the presentation, so feel free to send through your questions on the chat button that you see on your screen. With that, let's go ahead and get started. Engebret, you're up. Good morning, and thank you, Haley. This quarter has been one of the most extraordinary and operationally challenging quarters for KCC. With what's happening in the Middle East, we have really tested the resilience of our business model, our craftsmanship, and our commitment to our customers. I am very proud to say I believe we have passed all these tests, and I would like to thank the KCC team for excellent work done during this quarter. The quarter has, of course, been influenced, needless to say, what's happening in Middle East. The main fears we had when we met end of April was that we would see effects on the caustic soda shipments on the CABUs to Australia. We feared that lack of feedstock to the chlor-alkali industry would limit shipments of caustic soda to Australia. We feared that the loss of the market in the Middle East and the Middle Eastern aluminum smelters of our Australian customers would also have a negative impact on production and caustic soda shipments. None of these concerns materialized during the quarter and to date, and it has shown the impressive resilience of the Australian alumina industry in the face of these large geopolitical impacts. The concerns on the CLEANBUs was more on the fact that due to the change in trade patterns, we had to allocate capacity into standard tanker trades, and we felt, of course, that this would have negative impact on earnings through suboptimal trading and waiting time. Also this, with one exception, did not materialize, and I think the results we present today bears testimony to this fact. Looking on the second quarter results, we are happy with the performance in light of what has happened around us in the world. We had a strong financial performance and also a strong operational performance. The earnings results are one of the strongest in KCC's history. We have maintained the highest standards on safety and operational quality with no accidents, no injuries, and no customer complaints. The time charter earnings of the fleet on average ended at $37,782 per day, which is an increase of $4,350 per day, which is in the upper half of the revised guiding of $36,500-$38,400 per day. The EBITDA ended at $38.5 million and result after tax ended at $20.8 million, which is a $9.2 million and $5.2 million increase, respectively, from the first quarter. The first half profit ended at $36.3 million, which is higher than the full-year 2025 profit of $33.4 million. The board has decided to distribute $0.30 dividends per share, which is in total $17.9 million, which is $0.05 and $3 million higher than in the first quarter. When we met last time, we told you about the Banastar, the cargo vessel that was directly impacted by the conflict in the Middle East. She was discharging alumina in Dubai and was supposed to ship caustic soda back to Australia. In the four months since that happened, she was trapped in the Middle East, mostly being alongside Dubai Drydocks doing planned maintenance. This was among the safest place we could imagine the ship could be. In the four months period, we have had close contact with the crew together with our ship manager. We have taken the safety and the wellbeing of our crew as our highest priority, and we have repatriated the crew that wanted to go home. After the signing of the U.S.-Iranian Framework for Peace the 17th of June, we saw a window of opportunity to get the vessel out. After thorough risk evaluation, including consulting properly with the crew, we booked a slot to take the vessel out with the U.S. NCAGS, for a facilitated transit through the southern route close to the coast of Oman. This happened in the evening, the 25th of June, and over midnight the 26th of June, the vessel was safely out of the Gulf. I would like to extend our thanks to the crew for their commitment and professionalism during the difficult time while the vessel stayed in the Middle East and the transit through the Strait of Hormuz. With the closure of Strait of Hormuz and also later increased hostilities in the Bab el-Mandeb Strait, the trade flows for both crude and clean petroleum products have changed. As mentioned, this has also impacted quite a bit the trading of our CLEANBUs. With the CPP exports out of Arabian Gulf being more or less stopped, it has had ripple effects on exports out of India and Northeast Asia, which has been one of our main trading hubs. We have, in this situation, used the large flexibility of the CLEANBU vessel fleet to switch the deployment of the fleet to trading as regular tankers and to capture opportunities that we have seen in the tanker market in the quarter. On the map, we see the gray lines are the historical trades of the CLEANBU s since the delivery of the ships seven years ago. We also show what part of the opportunities we have taken over the second quarter. We kept ships trading in the regular trades from U.S. Gulf South to South America. Normally, we have done this as part of a triangular trading. This time, we have used more like standard tankers going back in ballast. We have made loadings of clean petroleum products in the Red Sea, and we have brought back grains. In the run-up to the conflict and immediate start of the conflict, we have shipped naphtha from U.S. Gulf to Asia. In June, we took a quite unconventional shipment from Antwerp to Sydney in Australia with gasoline, one of the longest sailings we ever had, 45 days sailing. Let's look a bit closer on how the business has been doing in the second quarter. Partly due to Middle East crisis, the product tanker and dry bulk markets have been strong, which has supported earnings. The tanker market spiked in February. It kept strong through March and April, but fell back in May and June. It partly recovering during the summer and has been firming lately into August. I would like to mention that the regional export volumes have fluctuated quite a bit. We had repeated halting and resuming of trade flows at short notice, which has led to extreme regional earnings volatility. For instance, the Atlantic market went from $93,000 per day in April to less than $6,000 in May. It has been a difficult time to navigate. With the U.S. oil product exports increasing, the loading activity in Atlantic has been paramount and drawn increasing product tanker capacity. It has also paid better than alternative trades. The dry bulk market has also strengthened during the summer and spring. The P5TC, the average index for Kamsarmax increased from $16,800 per day in March to more than $20,000 per day in May and has kept stable through the summer. I would also like to mention that the fuel prices for shipping bunkers have increased tremendously, of course, during the outbreak of the hostilities. It has fallen back, but is still solidly around 50% higher than the pre-conflict levels, which also supports the earnings of KCC. Looking at the CABUs, it has been another strong quarter for the CABUs, where we got the support from both the strong product tanker and dry bulk markets. But we have had ripple effects from the Middle East conflict that has offset a little bit of the gains we got from the market. We got a couple of cargoes canceled, which were substituted quickly, but the changes to the shipping program had negative impact on the scheduling and led to longer waiting days at our customers at terminals in Australia. The changes to the cargo program, the long wait, and on the top, the trapping of the Banastar in the Middle East led to a very tight fleet situation for KCC in the second quarter. In order to deliver the service to our customers, we did two ballastings, and we also used CLEANBU vessels on two caustic soda shipments to ensure that our customers had caustic soda on their tanks at any time. These challenges resulting in the highest-ever share of the cargo capacity in tanker trade, in caustic soda trade. It also resulted in the lowest-ever share of the capacity in combination trades as we do not count ballast voyages as combitrade and also some of the highest ballast percentage in the history of the CABUs. The time charter earnings ended at $34,076 per day, which is $4,500 higher than in the first quarter. We got the benefit of the strong MR tanker market through the floating rate contracts. Although it should be said that the Pacific MR tanker market performed quite weaker compared to the strong Atlantic market. We got a good support on the spot dry bulk shipments of the strong Pacific dry bulk market. We also had positive fuel effects, especially on the dry bulk markets. Looking over to the CLEANBUs, with all the challenges that we have had out of the Middle East crisis, we are also pleased with the CLEANBU second quarter results, which is the fourth highest ever time charter earnings of our CLEANBUs. As mentioned, we deployed the fleet in tanker trades after the main combitrades stopped up. As a result, we have in total 86% of the capacity trading in oil product trades and vegetable oil trades. The share of dry trading decreased to 4%, and the two caustic soda shipments made to Australia accounted for 10% of the capacity. These trading choices are to large effect of the large earnings difference between the dry and the product tanker market. As normal, we allocate capacity to the highest paying markets. With the CLEANBUs mainly out of combi, the combi trading was limited to 42%. We had long ballasts ending up at 32%, which is one of the longest ballasts we ever had in history. The time charter earnings ended at $42,243 per day, which is $4,900 per day higher than in the second quarter, which again is a result of the strong tanker market and also our efforts to optimize trading. We have had, during the quarter, extreme volatility in earnings on the various voyages we have performed. Everything from $140,000 per day down to below $5,000 per day. In totality, we are pleased with the performance of the CLEANBUs in the quarter. Liv, you take over. Yes, thank you. Over to the aggregated financials. I'll today start with the EBITDA bridge comparing Q2 with Q1. EBITDA for Q2 ended at $38.5 million, an increase of 31% from last quarter. Engebret has already mentioned that the TCE rates were higher for both segments. For the existing CABU fleet, so that does not include the CABU newbuilds. This had a quarter-over-quarter effect of $2.5 million. For the CLEANBUs, the effect was $3.1 million. We took delivery of two newbuilds during Q1 and Q2. The EBITDA effect Q-on-Q for these two vessels were $3.6 million +. We had more off hire in Q2 compared to Q1 for the existing fleet. That partly relates to Banastar. Banastar had in total 109 days of off hire in first half due to the situation in the Middle East, where of 88 days in Q2. In addition, we had four dry dockings ending in Q2, two CABUs, and two CLEANBUs. For one of these dry dockings, we had an extended yard stay due to an issue at the dry docking, but this was partly compensated by loss of hire insurance. For the remainder of the year, we will not have any CLEANBU dry dockings, and we have two CABU dry dockings, included the life extension of Banastar. You can find detailed information about these in the appendix. But quarter-over-quarter, this had a negative effect of $4.9 million. Other income, that is loss of hire compensation both for Banastar, and that relates to both Q1 and Q2 for this vessel. Then it's also loss of hire compensation for the extended yard stay as mentioned. This amounted to a quarter-over-quarter effect of $5.4 million. Operating expenses for the existing fleet increased by $1.1 million. Underlying, we saw an increase of approximately $300 per day for the CLEANBUs and $400 per day for the CABUs. This is mainly one-offs, partly related to Banastar in the Middle East and several other items for both fleets, but mainly one-offs. Administrative expenses came down by $0.5 million. It is partly related to holiday pay in Norway, so lower salary payments, and it is also lower other administrative expenses. If we then look at some of the other P&L items as well. Net revenue from operation of vessels was $52.1 million for Q2, an increase of 11%. This does not include the off-hire compensation of $5.4 million. Profit after tax was $20.8 million, an increase of 33% quarter-over-quarter. In addition to the EBITDA effects, profit after tax was also impacted by a higher depreciation of $2.1 million. That is related both to the new builds as well as the finalized dry dockings. Net finance cost also increased Q-over-Q by $1.8 million. That is approximately 50% related to the refinancing, 40% related to higher interest cost as we have a higher debt burden due to the new builds and a minor negative effect of FX. This resulted in an annualized return on capital employed for Q2 of 14% and a return on equity of 22%. Over to the balance sheet. The equity ratio was stable from Q1 to Q2 at 50%. Equity increased by approximately $5 million. It is driven by a very solid profit after tax, partly offset by dividends and a small and negative other comprehensive income for the quarter. Net interest bearing debt to EBITDA was 2.4x on a 12-month rolling basis. This is positively impacted by the increased EBITDA, but the underlying ratio is even lower as this includes full debt burden for the new builds, but it does not include full EBITDA for the two new builds. Cash by the end of Q2, $65 million, compared to $59 million last quarter, and long-term available liquidity, $145 million, an increase from last quarter of $18 million. The $18 million is positively impacted by the very strong operating cash flow. We had very limited working capital changes for the quarter, and it is also positively impacted by higher debt or available debt capacity, both due to the refinancing and due to the new build deliveries. You might have noticed in Q2 that we released a press release regarding the closing of a $200 million senior bank facility. This is refinancing of one facility falling due in 2028 and part of one facility falling due next year. As you can see on the graph here, in 2027, we still have a small balloon payment of $9 million related to one CLEANBU vessel. This was made on improved overall terms compared to the existing facilities, improved margin, repayment profile, extended tenor, as well as removal of one financial covenant. After the refinancing, we have two larger bank facilities, one for the CABUs and one for the CLEANBUs, in addition to the $9 million falling due next year. We have four unencumbered vessels built between 2001 and 2005. We have, over the last year, optimized the bank debt portfolio, and I would say there are limited improvement potential going forward now, but I think we have a very strong financing package now. Lastly, on the financials, dividends. As Engebret mentioned, $0.30 per share for the quarter, $17.8 million in total. That equals 100% of the adjusted cash flow to equity, so well above the minimum threshold in the policy. On an EPS basis, it equals 86%, and dividend yield, based on close yesterday and on an annualized basis, close to 11%. This increase in dividends is definitely supported by the very solid EBITDA improvement, and it is despite the increase in maintenance CapEx, which was quite high at close to $8 million for the quarter. We know that this element is volatile between quarters. This ends our, or not ends, but this continues our unbroken dividend record that we have had since the listing in 2019. So dividends every quarter, and in total, $266 million distributed. A brief comment related to the carbon intensity for the quarter. As expected, it increased in Q2. The EEOI for the fleet was 8 up from 6.5 in Q1. Year- to- date, that was 7.2. In the graph to the right, you can see the main drivers behind the increase. The two main factors were increased ballast and lower cargo weight. This is heavily impacted by the disruptions from the Middle East situation. Engebret has already been through that we have ballasted more, specifically for the CLEANBU fleet, and with less trading efficiency or lower trading efficiency. This also impacts the cargo weight as we have transported more wet than dry this quarter. We do expect this to come down when we reestablish the trading patterns that we usually do. Going forward, we definitely will come closer to the 5.8 target, although that is a very high ambition for 2026 compared to when we see the results for the first half of the year. The positive thing here is that we see a positive impact from energy efficiency as well. That is it from my side. Over to you again, Engebret. Thank you, Liv. Looking ahead, let us first quickly dive into the outlook for the product tanker and dry bulk markets and how KCC looks to perform over the coming quarters. With the unpredictable situation in the Middle East, there are large uncertainties on how these markets will develop. Based on our analysis, we believe that we are going to have both a strong dry bulk and product tanker markets the next quarters, and that fuel prices will stay high in these quarters. This is likely to be a sweet spot for KCC, where all the three markets that decide the earnings of our company will be posted. Looking first on the product tanker market, the events in the Middle East is likely to continue to shape the dynamics of the tanker markets. There are three main effects that partly I have mentioned already. Firstly, the CPP exports out of the Arabian Gulf fell substantially over the last quarter. U.S. exports picked up. Northeast Asia exports reduced, partly due to export ban in China, and also restrictions of Korean exports. We believe that some of this trend will continue. We see in the Far East, we see improved oil supply and the highest ever refining margins, which it looks to end up with increased exports in the Pacific, which will strengthen our business. Secondly, the product tanker market had laden sailing distances, but the loss of seaborne products have reduced to ton-mile in the product tanker market to date this year. This illustrates the fact of the trade shortfalls that the markets have experienced. Thirdly, the substantially increased inefficiencies in the fleet has to date offset the lower ton-mile development. That comes through far longer ballast voyages and longer waiting time. Looking ahead, the main question remains: will the limit to supply of oil products lead to a cap of earnings in the product tanker industry? Or will the development of the Middle East crisis continue to lead to substantial inefficiencies in the product tanker market using a big share of the capacity of the product tanker market? Our take on this, and there are uncertainties for sure, is that the oil markets has shown a tremendous dynamism and flexibility to deliver more or less the supply that the markets need. They have found ways. Unfortunately, on the Middle East situation, it doesn't look that there are any peaceful solution at sight, meaning that the markets will continue to be disrupted by the events in the Middle East, continuing to have extensive inefficiencies that, in our mind, in totality, will keep the market strong for the next quarters. Looking on the dry bulk markets, the effects of the Middle East situation is less on dry bulk markets, but there are still substantial inefficiencies coming in the dry bulk markets. We had, of course, the Middle East situation with ships waiting outside and inside the Gulf. We have had recent attacks in the Black Sea, limiting grain exports out of the Black Sea, strengthening longer haul dry bulk exports from the Americas. We've also seen lately the effects of El Niño on leading to restrictions of the Panama Canal, increasing congestion, leading to dry bulk ships passing through Cape of Good Hope and Cape Horn on the way back and forth to Asia. I would like to mention three effects for looking ahead for the dry market. One, we continue, as we see on the graph here, the Panamax market to get support from the Capesize market. After some weak development in the summer of bauxite shipments out of Guinea, we see an expected increase in long haul iron ore shipments and bauxite shipments out of Guinea that will be very supportive for the front haul demand and likely to strengthen the Capesize market, which again, will have the trickle-down effects on the Panamax market through a higher market share for Panamax in the long haul coal shipments. Secondly, coming into the second half of the year, seasonally, the South America grain season starts to soften. As normal, the markets are quite dependent on a good activity in U.S. grain and North American grain exports. Good thing is that we have seen substantial increase in Chinese grain purchases, which is the strongest since 2022. That we expect will support the Panamax market through the autumn and into the winter. Thirdly, we see in addition, a positive development on coal shipments, which is partly a substitution of expensive gas with cheaper coal, given the limit of Qatari LNG exports due to the closure of the Strait of Hormuz. In addition, we see El Niño effects in China, where the drought has led to reduction in hydro electric production, again, favoring consumption of coal. This development on coal shipments is also expected to support the Panamax and the dry bulk market over the next quarters. Let's turn into the other facts of how we are delivering value to our shareholders over the next quarters. Starting off with the contract coverage. Having a solid contract book is important, too, for us to ensure that we keep the ships running in the most efficient combination trades where our ships can create the most value. We do fixed rate and floating rate contracts. The fixed rate contracts to create a flow of fixed rate coverage, reducing volatility. Looking at the fourth quarter 2026, on this graph, we see the dry bulk coverage is mainly limited to FFAs, which are constituting around 20% of the dry bulk capacity. The total capacity is mainly operating in the spot market, but with repeat customers that we have done business with for decades. Looking on the tanker side, we have around 55% the contract coverage for the fourth quarter, 32 percentage point at fixed rate contracts and 23 percentage point floating rate contracts. We are comfortable in totality with this contract coverage for the fourth quarter. For 2027, we target over the next quarters to increase the capacity beyond the current 28% contract coverage on tankers and 7% contract coverage for dry bulk. We are entering into the traditional contract renewal seasons. It already started. The momentum increases into the fourth quarter, and we normally succeed to complete the contract negotiations before Christmas. The market backdrop for these contract negotiations with both a strong dry bulk and tanker market is positive. Our target is to increase the contract coverage on the tanker side to around 60% for next year, with around 50% being fixed rate, and to increase the dry bulk contract coverage up to around 20%. Continuing looking at how we are working on the CLEANBUs business. Despite the disruptions to the oil markets and to the combination trading we have had in the second quarter, we maintain our medium to long-term strategy for CLEANBUs fleet. The CLEANBUs, I would like to remind you, are semi-industrial shipping business. We establish combination trades where we combine shipments of clean petroleum products, vegetable oils, and dry bulk cargoes in the most efficient manner to deliver most value in terms of efficiency to our customers and to deliver superior earnings over the cycle. We have over the years established a number of efficient, high-paying combination trades, and we systematically work to add a couple of more trades to improve further efficiency and to also create the groundwork for expanding the CLEANBUs fleet at the right timing. While the combination trades have, in the second quarter and first part of third quarter, been wholly or partly disrupted, we are seeing some post-development in the trade flows out of India and the Far East that has enabled us to put some CLEANBU ships back into the combination trades. We do hope and expect that this will continue going forward. But to continue succeeding with our strategy, we need to continue expanding our customer base and to win over the remaining difficult to win over customers. Despite all the geopolitical noise, we have succeeded to expand our customer base in 2026. In the second quarter, we added one new oil major to the customer acceptance list, which is positive. Turning over to the CABU business, we have this year expanded the business from 8 vessels at the start of the year to currently 11 vessels, which in total strengthen the competitiveness and resilience of our CABU business. We took delivery of the Baltazar the 6th of August, the vessel in the picture, which marks the completion of our new building project, which comprised three ships. We have had a smooth execution of this project, a strong cooperation with Yangzijiang Shipbuilding, and with the capable management of our project team, we have delivered this project on cost before time. On the newbuilds, we are pleased with the performance with a higher cargo intake and extensive energy efficiency measures installed, where the ships deliver lower carbon footprint and freight cost savings to our customers and higher earnings to KCC. We are eager to experience the efficiency of the two huge suction sails we installed on the Baltazar, the first in the KCC fleet. We also this month took the decision to extend the operational life of Banastar and take her through the 25-year drydock and life extension as we did with her sister ship, Barcarena, in December last year. The successful launch of the trade between U.S. Gulf and Brazil for our Hydro subsidiary, Alunorte, has opened up opportunities for KCC to expand the trade. Based on a new 28-month to 36-month Contract of Affreightment, which covers part of the capacity of the Banastar, we will have now two ships in the trade to Brazil from early 2027. The two ships will operate together, where we change the operation from a shuttle service we do today on the Barcarena to more combination trading, adding dry bulk customers and also new caustic soda customers over the coming year. We believe these two vessels, based on a solid fixed rate contract coverage, will deliver solid free cash flow and will also be important tool for us in our business development in Americas. At the end, let's turn to the rate guiding and outlook for the third quarter. Starting up with the CABUs, we have seen a considerably improved trading performance of the ships in the third quarter. In fact, quite a perfect trading with no ballasts and limited waiting days. We are pleased to guide on a flat time charter earnings in the range of $33,500-$34,500 per day, based on that 94% of the capacity is fixed. This is despite considerably lower MR tanker rates compared to the boom we experienced in part of the second quarter, and also somewhat weaker dry bulk market in Pacific, as Pacific dry rates normally underperform the average in the third quarter. Looking on the CLEANBUs, the operational efficiency is also improved for the CLEANBUs, but the main effect comes from the lower, but still historically strong, product tanker market in the third quarter compared to the second quarter where we, as mentioned, had months with booming rates. With 84% of the capacity, the guiding is $36,500-$38,500 per day, which is $3,700-$5,700 lower than in the second quarter. This is based on 84% of the capacity booked. The average of $34,500-$36,300 per day for the fleet shows that third quarter will be another strong quarter for the KCC. It is important to mention that in the third quarter, we have 287 on-hire days, which is due to the fleet expansion and also lower docking. The real difference in terms of on-hire days is more roughly 160 days, as we in the second quarter had off-hire insurance payments for around 120 days, which is recorded in the second quarter results under other earnings. Looking ahead, we have, through the second quarter and third quarter, shown that our company is more than the spot market development in the product tanker and dry bulk markets. It is as much a matter of delivering on our business model and on the execution of what we are doing. We are hopeful for the outlook for the next quarters and based on our business model with a higher efficiency, the more flexible fleet, and diversification of earnings. We are optimistic for the results and that we continue to deliver a higher risk-adjusted returns to our shareholders than most standard dry bulk and tanker companies. This ends the end of our presentation, and we are now ready for questions. Yes. Great. We have quite a few questions that have come through. The first questions I am going to ask now are around Banastar. Now with Banastar out of the Gulf, do you have any remaining direct exposure to the Strait of Hormuz, or is the fleet entirely trading outside MEG at this point? At the moment, the fleet is all vessels are trading outside the Arabian Gulf. We have one ship in the Red Sea. We are not intending to restart any operation into Arabian Gulf until we see a substantial improvement in the conditions in the region. Is the repositioning of Banastar included in your CapEx and off-hire guidance? The docking and life extension program that will take place in October and November is included in our guidance. The positioning of the vessel, which will start up in November, is expected to follow the same pattern as we had on the Barcarena, which traded with caustic soda into Australia and with alumina from Australia into South America, and the ballast from South America into Brazil or U.S. Which gen- South Africa. Sorry, I said South Africa, I meant. Meaning that we which gave positive earnings beyond the bunker and operating cost. That is part of the business plan for doing this life extension, but it's not recorded so far. Okay, and how does the life extension of the CABUs affect your fleet-wide EEOI? It's clear that we see that the Barcarena that has firstly had a long ballast from South Africa, and also have done more shuttle service from U.S. Gulf to Brazil with a ballast back has a negative impact on the EEOI for the company this year. With the position over the Banastar will initially have a negative impact, but we expect by having two ships in the trade between Brazil and U.S., we expect the trading efficiency to improve as we will add dry bulk Northbound cargoes which will establish an efficient combination trading and reduce EEOI. Okay, and a little back to Banastar. Does Iran's sanctioning of Banastar affect you in any way? We were surprised to see the news yesterday that the vessel was on the list of Iranians. We do not expect any effect on the trade of the vessel. She will, as mentioned, trade after ending the current voyage, going to docks and life extension, and she will then be positioned to the U.S., nowhere close to the Middle East. Okay. While the alumina industry in Australia has shown resilience so far, do you expect this to continue also if the Strait continues to be closed? I believe that from what we understand, we are seeing that better oil supply into the Far East has managed the chlor-alkali industry to produce at the levels desired, securing supply to Australia. We've also seen that our Australian customers have been able to sell the alumina in new markets, and the fact that global alumina pricing has been stable or in fact increased is a good sign that that strategy has been successful. Okay, I think we have time for one more question now. Do you plan to install the wind sails on the other new builds or any of the existing vessels on the fleet? We have to take these investments and projects step- by- step. Firstly, we will prove the performance of this equipment and optimized operation on the Baltazar. That will happen starting up on the second voyage in September. We probably use quite a number of months to be comfortable with the performance. We have prepared the two other new builds for later retrofit of these wind sails, suction sails. But again, it's too early to say whether we will do it. Our hope is that the wind can be a profitable energy efficiency measure and that we could be able to install it both on the two new builds, on the next new builds that we'll contract, and potentially also on some of the CLEANBUs, but that remains to be seen. Okay. I think that is all we have time now for questions. Thank you so much, Liv and Engebret, for a great presentation today.