Good morning, everyone, and welcome to Ocean Yield's second quarter 2022 earnings presentation. I will start today's presentation with the highlights of the quarter and the changes to the portfolio before our CFO, Eirik Eide, will take us through the financials. The presentation will be concluded with opening up for questions. Starting off on page two. We are pleased to report another strong and active quarter as we continue to expand and diversify our portfolio. We report an EBITDA adjusted for finance lease effects of $73.6 million and adjusted net profit of $23 million. 96% of the portfolio is employed on long-term charters, providing stable and predictable income from a diversified customer group. On the back of strong performance in the majority of the shipping markets, the counterparty risk in the portfolio is generally low, and rising asset values result in attractive loan-to-value on a portfolio basis. Since Q1, we have successfully added more than $400 million to the charter backlog and welcomed two new reputable customers to the portfolio. These investments are good examples of our continued ambitions to invest in modern and fuel-efficient vessels. We are ending the quarter with a strong and robust balance sheet with $150 million in cash and an equity ratio of 29.9%. Moving to page three. On June thirtieth, we announced the acquisition of two 36,000-cubic-meter new-built ethylene gas carriers. The vessels will be constructed at Jiangsu Yangzi-Mitsui Shipbuilding in China with a tri-fuel propulsion system which will operate with gas as fuel. The vessels are expected to be delivered in December 2024 and April 2025, and upon delivery, the vessels will commence on 15-year bareboat charters to a subsidiary of Braskem S.A. Braskem is a leading petrochemical company listed on the New York and São Paulo Stock Exchange and with a market cap of around $5 billion. Braskem has a BBB- credit rating from S&P and Fitch and a Ba1 rating from Moody's. These vessels will add about $245 million to Ocean Yield's EBITDA backlog. We still have ample time to secure financing for these vessels, but we have already received attractive financing indications from both commercial banks and other senior financing providers. Moving to page four. On June tenth and July eighteenth, we announced through two separate transactions, the acquisition of two 5,500 TEU container vessels currently under construction at HJ Shipbuilding & Construction in Korea. The vessels are built with the design enabling them to be converted to dual fuel operations with methanol as fuel. Delivery of the vessels is expected to be May and November 2023, and upon delivery, the vessels will commence on seven-year time charters to Zim Integrated Shipping Services. Zim is a leading Israeli-based container liner listed on the New York Stock Exchange with a market cap of around $6 billion. These vessels will add about $160 million to Ocean Yield's EBITDA backlog with a front-end loaded cash flow profile, de-risking the investment substantially. The first vessel will be financed with commercial bank debt, and we are currently in documentation phase for an attractive bank facility with one of our existing lenders. For the second vessel, several attractive alternatives are being considered, and we expect to have financing in place well in advance of delivery. Moving on to page 5 for the other developments of the fleet. In May and June, we took delivery of Nordic Harrier and Nordic Hunter from Samsung Heavy Industries in Korea. Upon delivery, they commenced 10-year bareboat charters to Nordic American Tankers, a leading tanker operator listed on the New York Stock Exchange with a market cap of around $600 million. The vessels are, as previously communicated, on subcharters to Asiatic Shipping Company for a firm period of 6 years. The handysize dry bulk vessels, Interlink Dignity and Interlink Eternity, were sold during the quarter following the exercise of options for Interlink to sell these vessels to third parties. Post quarter end, Louis Dreyfus has exercised an option to sell the handysize dry bulk vessel La Fresnais to a third party, and closing is expected to take place during Q3. Ardmore Shipping have exercised options to repurchase The Dauntless and Defender, with delivery expected to take place during Q4. All these sales will be completed at a premium to book values, and we expect to record small profits from the completion of these transactions. Finally, Höegh Autoliners on August 24th exercised the option to repurchase the Höegh Tracer, and delivery is expected to take place during Q1 next year. With a fleet of more than 60 vessels, we consider the exercise of options to be ordinary course of business as our portfolio gradually matures, and we remain committed to reinvest the proceeds in new accretive transactions with modern tonnage in line with our strategy. Moving to page six. Following the investment activity completed during the second quarter, we now have an EBITDA backlog of more than $3.4 billion. The average contract duration is close to 10 years, and 96% of the portfolio is currently employed on long-term charters. The diversified fleet comprising 62 vessels with 19 different customers in eight different segments provide the foundation for stable and predictable earnings in the years to come while serving as a strong platform for further growth. We remain segment agnostic when evaluating new investment opportunities, and we are always cognizant of the development of the underlying market cycles seeking to mitigate and manage risk appropriately. With that, I would like to hand the word over to Eirik, who will take us through the financials for the second quarter. Thank you, Andreas. We move on to slide seven, which shows a financial snapshot of the company as of the second quarter. We have recorded EBITDA of $45.3 million in the quarter and EBITDA adjusted for finance lease effects of $73.6 million. Adjusted net profit $23 million compared to $21.4 million in Q1. The company's cash position was strong with $150.3 million at the end of the quarter. The board of directors has decided to declare a dividend of $20 million based on the second quarter. The company had an equity ratio of 29.9% at the end of the quarter. Moving on to the next slide under the income statement. Under operating revenues, we have recorded $17.7 million compared to $16.6 in the first quarter. The increase here is mainly due to higher revenues from the two anchor handling tug supply vessels operating in the Solstad UT 733 pool. On finance lease revenues, they increased to $23.7 million in Q2 compared to $22 million in the first quarter. The increase here is mainly due to delivery of two Suezmax newbuildings during the quarter, but also due to higher interest rates which affects those leases that are based on floating interest rates. Income from investments in associates, which is related to 50% ownership in two tankers and 49.9% ownership in seven container vessels, was $4.4 million compared to $5.2 million in the first quarter. The reduction here is mainly due to the sale of two product tankers, which were delivered to its new owners during the second quarter. That gives us total revenues of $47.1 million compared to $43.8 million last quarter. Operating profit was $38 million compared to $33.7 million in Q1. The improvement is not only due to higher revenue, but also lower operating expenses compared to the first quarter. Financial expenses, $14.9 million compared to $12.4 million last quarter. The increase here is partly due to higher interest rates, but also due to new debt being drawn related to delivery of the two Suezmax newbuildings. Net profit for the period $24.6 million in the quarter compared to $22.1 million in Q1. We move on to adjusted EBITDA and adjusted net profit. EBITDA adjusted for finance lease effects was $73.6 million, and that includes the repayment of finance lease element, which was $28.2 million. The adjusted net profit was $23 million, and this includes then adjustments for FX movements, and also change in fair value of financial instruments, plus change in deferred tax. Finally, we move on to the balance sheet, which, if we look at the left-hand side, we have a slight reduction in vessels and equipment due to the sale of the Höegh Beijing, which was delivered during the second quarter. On finance lease receivables, this amount has increased as a result of the Suezmax newbuildings. The investments announced towards the end of the second quarter were not closed on the reporting date, so they will be reflected in the balance sheet, next quarter. Cash and cash equivalents, $150.3 million compared to $89 million last quarter, so an unusually strong cash position for the company. Book equity, $696 million, and total assets, $2.324 billion, and that gives us an equity ratio of 29.9% at the end of the quarter. That concludes my comments to the presentation, and with that I will give the word back to Andreas to talk about the outlook. Thank you, Eirik. To summarize on page nine, Ocean Yield has a robust financial position and our access to financing remains strong. This enable us to move quickly and secure attractive financing for new transactions. The portfolio of long-term charters are performing well and the counterparty quality remains strong. Ocean Yield is actively but selectively looking at various accretive investment opportunities. Our focus remain on modern tonnage with fuel efficient and future-proof engine technology. We remain conservative in our investment approach, and we typically find the best risk reward in the commodity shipping segments, and client selection remains a paramount selection criteria. As evidenced during the quarter, we have a clear ambition to continue to grow and diversify the portfolio further. With that, I would like to thank you all for listening to the Ocean Yield Q2 earnings release, and I would now like to open up for questions. We have one question from Alexander Jost at Arctic Securities. How should we think about dividends going forward? Any target payout ratio? Well, thank you, Alexander. Thank you for that question. As you know, having followed Ocean Yield for quite some time, we always try to maintain a robust balance sheet, and we are conservative in doing so. As such, dividend payments are always set to take into account the cash balance, the solidity of the balance sheet, and the visibility of the cash flow and growth opportunities. With KKR as a new owner, we now have unique access to capital from one of the leading infrastructure funds in the world, investing out of a fund close to $20 billion. I think KKR has already evidenced their ability to be flexible on dividends when growth was imminent last quarter, and as such, dividends declared last quarter was zero. I think this quarter, given the strong cash balance of around $150 million and the strong access to financing for the committed CapEx, we are confident that the $20 million is an appropriate level for the quarter. I think going forward, we would always take into account the balance sheet strength, the CapEx commitments, and growth opportunities when setting the dividends. As such, it will be dependent on a quarter-by-quarter basis, as been the case for the last quarters. We have a second follow-up question from Alexander as well. Asset values have increased substantially in most segments during 2022. Does this change how you consider investments? Any sectors in particular that you hope to invest in? Yeah, I think that's a very good question. Of course, as also mentioned, we always look at the underlying developments of the underlying segments when we make investments. There are multiple ways of mitigating the risk, and as alluded to in the presentation, the recent container transaction has a front-end loaded payment structure which de-risks the investment substantially, taking into account the high values that we currently see in that sector. Currently, we are looking at all sectors. As I said, we need to make sure that we put the right risk mitigators in place to potentially then take into account if we are higher in the asset value cycle. Our focus currently would be on still on tankers. We like the development in the bulker segment where we think there might be opportunities arising. As always, we're keen to develop further projects within the gas segments. We have a question from Pål Holdø Dahl at SpareBank 1 Markets. Can you elaborate on the impact from the fleet turnover, and what are your expectations during the turnover going forward? Yeah. As the fleet matures, and taking into account that, we're still a fairly new company, being set up in 2012 and then we went onto the stock exchange in 2013, we are approaching sort of a stage or cycle of the portfolio where we will approach certain refinancing options that our clients have. A good example of that is the Höegh vessel that was recently declared, where they declared a purchase option after year seven. I think this is sort of a natural part of the business, not too dissimilar to what you would see on a bank where, you know, people will turn their portfolio and refinance at certain points. For us, this is, I would say, considered ordinary course of business and really the main task there will be to employ successfully the capital that's being returned to us at accretive terms. Also, that could be a good opportunity to basically gradually reduce the age of the fleet as part of the existing fleet will then gradually mature. We have a question from Bendik Engebretsen at Danske Bank. Congratulations with another solid quarter and new completed deals. You emphasize that you are selective in regards to growth opportunities. Are there particular segments where you see more opportunities right now? Do you focus on continue adding new counterparties to your portfolio, or are you content with the counterparty diversification that you have now achieved? Let's address that one first. Yeah. Let's start with the diversification. I think, we are very pleased with the set of customers that we currently have in the portfolio and happy to add two high-quality names to the mix during the last quarter. That said, going forward, growth with existing customers is always a viable and a preferred route, as these are clients that we know and that we can transact with quickly. As also mentioned, client selection remains a key selection criteria for us, and we've been fortunate that we historically have been able to transact with very reputable and well-established players that have leading positions within their respective segments. We think that we have the platform in place to grow the portfolio further, and with that, also adding further counterparties and further diversifying the mix of customers and potentially also segments even further. With respect to growth opportunities, as I said, we do not have a predefined mix between the various segments that we're currently present in, and we look at all opportunities on a case-by-case basis. Currently looking at majority of the segments but factoring in where we are in the cycles and current valuations as such. A follow-up question from Bendik as well. In terms of dividend payments, they seem to have become more sporadic following the ownership change. Could you elaborate on the company's dividend policy going forward? Will the company revert to quarterly dividends, or do you think the board will opt for continuation of sporadic payments? Yeah. I think KKR has already evidenced through their ownership and their payouts announced for the recent quarters that they will be pragmatic as such, and that dividends communicated and paid out will depend on balance sheet strength, growth opportunities, among other things. I do not expect that there will be a set policy, and this will be decided on a case-by-case basis. Yeah. I think I can also follow up on that and just say that, you know, we've always maintained, you know, a strong and solid balance sheet and also a strong and solid cash position and that will continue also going forward. I think that was all the questions for today, Andreas. Yeah. Thank you all for listening in. Thank you for the good questions. If there are any other specific questions, feel free to reach out to either Eirik or myself, and we can address those directly as well. Thank you so much.
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