Good morning, everyone, and welcome to this audio cast of Ocean Yield's first quarter 2021 results. My name is Marius Magelie, and I'm Head of Investor Relations. We have the usual agenda today. Our CEO, Lars Solbakken, will present the main events for the first quarter, then our CFO, Eirik Eide, will go through the key financials. We will then at the end open up for questions from the web. With that short introduction, I give the word to you, Lars. Welcome, everyone, to a presentation of the Q1 results for Ocean Yield. Slide one, Q1 2021 financial highlights. Net profit for the quarter was $21.5 million, and adjusted net profit was $19.7 million. Both the net profit and adjusted net profit includes $2.1 million in payments to the hybrid capital. Therefore, net profit to common shareholders was $19.4 million, and adjusted net profit to common shareholders was $17.6 million. Earnings per common share were $0.111, and adjusted earnings per common share were $0.101. Ocean Yield announced a dividend of $5.45 per share for Q1 2021. This is an increase of $0.15 from Q4. The dividend yield based on the announced dividend is about 6% per annum. At the end of the quarter, Ocean Yield had a cash position of $127.1 million, and available liquidity, including undrawn bank lines, of $175.4 million. The Adjusted EBITDA backlog was $2.9 billion at the end of Q1, with an average charter tenure of 9.6 years. The substantial charter backlog should secure reasonable stable earnings in the years ahead. Slide two, business update. We have experienced relatively strong shipping markets so far in 2021, and we expect continued strong spot in the period market for container vessels and dry bulk carriers. The tanker market has been relatively soft in Q1, but we expect a stronger market later this year. We have seen a substantial increase in the order book for container vessels lately, whereas the order book for dry bulk carriers and tankers are still at a low level. Yard prices increased during Q1 and has continued to increase also after the end of the quarter. With respect to new investments, we experienced a markedly lower volume of sale and leaseback transaction than normal in Q1. We are, however, currently seeing more activity and are expecting a higher activity level in the second half of the year. Counterparties have declared options to purchase or sale of vessels for a total amount of $176 million in the quarter. Ocean Yield will receive cash proceeds after debt repayments from these transactions of $51 million, of which $10 million was received in Q1. The net proceeds will be reinvested as equity into new projects. Ocean Yield has recently issued two notices in order to prepay the remaining outstanding of $450 million of the OCY04 bond issue with maturity in September 2021. The company has also closed a new $128.8 million loan agreement for a refinancing of the five car carriers on long-term charter to Höegh Autoliners. The FPSO Dhirubhai-1 continues to be in warm layup in Sri Lanka. The net loss for Q1 was $1.8 million. Sales discussions with interested parties continues, the sales process for such a unit is very time-consuming, as interested parties need to do extensive technical evaluations, and the sale is normally dependent on the final investment decision for development of the field it is intended to be used. For some of the interested parties, financing is also challenging. A higher and more stable oil price is expected to be helpful with respect to our efforts to conclude a transaction for the unit. Slide three, long-term charters secures stable cash flow. Ocean Yield has an Adjusted EBITDA backlog of $2.9 billion, with an average duration of 9.6 years. On the left-hand side of the slide, we can see that the Adjusted EBITDA charter backlog for Q2 to Q4 in 2021 is $353 million. This number includes the sales proceeds of $138 million from purchase and sales options that have been declared. For the years 2022 to 2026, the Adjusted EBITDA charter backlog remains stable at about $290 million per year. In the middle of the slide, the Adjusted EBITDA charter backlog has been split between the different segments. As can be seen from the slide, tankers are by far the largest segment, with 41% of the Adjusted EBITDA charter backlog, followed by container vessels with 23%. The oil service segment has been reduced to only 10% of the charter backlog and consists of two PSVs on charter to Aker BP and one vessel on charter to Akastor and Aker Solutions with sub charter to Petrobras. The chart at the right-hand side of the slide shows that based on book values, 94% of Ocean Yield's vessels are on long-term charters, 4% on charters with variable charter rates, and the FPSO without charter only makes up 2% of the book values. Our finance director, Eirik Eide, will take you through the financials. Thank you, Lars. We move on to slide five that shows a financial snapshot of the company as of the first quarter. The graph on the left shows the adjusted net profit being $19.7 million compared to $19.4 million in Q4. $2.1 million of this is allocated to dividends on hybrid capital, and $17.6 million is allocated to common shares. Adjusted earnings per share $0.101, and $0.0545 per share will be paid out to the shareholders. Available liquidity, $175.4 million, and we have an equity ratio of 29.2% at the end of the quarter. Moving on to the profit and loss. Under operating revenues, we have recorded $16.1 million this quarter compared to $20.6 million in the fourth quarter. The reduction here is mainly explained by the sale of the vessel Connector, which took place in the fourth quarter, and some extraordinary revenues related to the Far Senator and Normand Statesman recognized also in the fourth quarter. Finance lease revenues, $22.3 million in Q1 compared to $23.5 million in Q4. The decrease here is mainly due to the sale of the dry bulk vessels to Eneti. Income from investments in associates, $5.8 million compared to $6 million in the fourth quarter. This is related to vessels owned in joint ventures. Other revenues, $1.4 million. This is a profit related to the sale of the dry bulk vessels mentioned earlier. That gives us total revenues of $45.7 million compared to $50.4 million last quarter. Operating expenses, $3.3 million compared to $4.1 million last quarter. This figure includes wages and personnel expenses and also other operating expenses. $0.7 million of this is related to the vessel Connector and the final payments on the dry docking of the vessel that was done in the fourth quarter before it was sold. Depreciation and amortization, $7.3 million compared to $9.1 million last quarter. The reduction here is mainly also a result of the sale of the vessel Connector. That gives us an operating profit of $35 million compared to an operating loss in the fourth quarter of $33.5 million. Financial expenses, $14.1 million compared to $15.9 million last quarter. The reduction here mainly due to lower debt as a result of vessel sales. Foreign exchange movements and mark- to- market of financial instruments were in total positive with $2.4 million. Net profit before tax was $24.2 million. Net profit from continuing operations was $23.3 million, and net loss from discontinued operations, which is related to the FPSO, $1.8 million. In total, the net profit for the period first quarter, including discontinued operations, was $21.5 million. If we move on to the adjusted net profit and the Adjusted EBITDA. EBITDA adjusted for finance lease effects, $62.9 million, and that includes the repayment of finance lease element, which was $20.6 million. The adjusted net profit from continuing operations was $21.5 million, and adjusted net profit, including discontinued operations, was $19.7 million. You can see from the slide, the adjustments that we have made are related to FX losses and change in fair value of financial instruments, plus change in deferred tax. A couple of comments also, this quarter on the balance sheet. If you look at the left-hand side, the long-term finance lease receivables are now $1 billion and $92 compared to $1.220 billion last quarter, reflecting the sale of the two dry bulk vessels that have been delivered. Also the exercise of certain purchase options on vessels that will be delivered later in the year. As a result of this, you will see that the short-term portion of finance lease receivables have increased, compared to last quarter. Cash and cash equivalents, $127 million compared to $113 million last quarter. In addition to that, we had undrawn credit lines of about $48.3 million available, which gives us a total available liquidity position of about $175.4 million. Total interest-bearing debt has been reduced from $1.6 billion last quarter to $1.5 billion this quarter. This is a result of vessel sales in addition to ordinary repayments. The book equity ratio, 29.2%, and the book equity was $655 million, and total assets were $2.243 million. 29.2% equity ratio in total. On the next slide, I'll just make a few final comments with relating to ESG. I would like to highlight that Ocean Yield has a strong commitment towards ESG. We have a consistent strategy to invest in modern fuel-efficient vessels. Our fleet has an average age of only 4.7 years. We are a supporter of the IMO 2050 strategy to reduce CO2 emissions. We are committed to ethical and responsible business conduct and have a clear and strong corporate governance policy. Our ESG report has recently been published, and you can access it via the link in the presentation or find it on our website. That concludes my part of the presentation, and I will give the word back then to Lars to summarize. We have now come to the last slide, which is outlook. Ocean Yield has a large portfolio of modern vessels on long-term charters, and all counterparties are performing according to the charter contracts. A positive market outlook should contribute to further reduce the risk related to the portfolio. Ocean Yield is actively looking for new investments in modern fuel-efficient vessels with long-term charters, with a particular focus on investments in tankers, dry bulk carriers, and container vessels. The dividend for Q1 is increased to $5.45, which gives a dividend yield of 6% per annum. Ocean Yield currently has a conservative dividend level relative to expected future earnings, and it is the intention to continue to increase the dividends going forward. We can open up for questions. Do you have any questions from the web? As we have no questions from the web, we have reached the end of today's audio cast. If you have any follow-up questions, feel free to contact me afterwards. We would like to thank everybody for listening in and for your interest in our company. Thank you and goodbye.
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