Good morning, everyone, and welcome to Ocean Yield's third 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 2, we are pleased to report another strong and stable quarter for Ocean Yield. We report an EBITDA adjusted for finance lease effects of $77 million and net profit of $23.4 million. On the back of continued 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 lease to value on a portfolio basis. We are ending the quarter with a strong and robust balance sheet, with $122 million in cash and an equity ratio of 31%. Several refinancing initiatives have been concluded, and we have $90 million of available additional liquidity currently undrawn at quarter end. During the quarter and post-quarter end, we've agreed to buy a second and third 5,500 TEU new-build container vessel. Upon delivery, the vessels will commence seven-year time charters to ZIM Integrated Shipping Services. At the end of the third quarter, the EBITDA backlog was $3.4 billion, with an average remaining contract duration of close to nine years. 96% of the portfolio is employed on long-term charters, providing stable and predictable cash flow from our diversified customer group. Moving to page 3. On 18th of July and fourth of November, we signed agreements to purchase two 5,500 TEU container vessels under constructions at HJ Shipbuilding in Korea. Delivery is expected to take place during 2023. Upon delivery, the vessels will commence seven-year time charters to ZIM. These vessels, together with the sister vessel purchased in June, will add $240 million to Ocean Yield's EBITDA backlog with a highly attractive front-end loaded cash flow profile. All three vessels are designed to be able to operate with methanol as fuel and fit our strategy of investing in modern future-proof vessels. Moving to page four for the development of the fleet. During the quarter, we have agreed to amend the charter for the four 3,800 TEU feeder container vessels on charter to CMB. As part of the agreement, the charter has been extended, and the lease amount has been increased. The corresponding bank loan facility has also been increased and amended accordingly. During September, the dry bulk vessel La Fresnais was delivered to new owners following Louis Dreyfus' sale of the vessel to a third party. Strong shipping markets, improved financial strength of our counterparts, and some of the original transactions in our portfolio approaching maturity have resulted in some of our clients utilizing purchase options to refinance some of the vessels in the Ocean Yield fleet. As a result, during and after the quarter, Ardmore have exercised options to repurchase The Dauntless and Defender, and they were delivered in October. Höegh have exercised the options to repurchase Höegh Tracer and Höegh Trapper, and they will be delivered in March and June next year, respectively. Hafnia has exercised an option to purchase Hafnia Turquoise, and she will be delivered in April next year. Scorpio Tankers have exercised options to repurchase STI Sanctity, STI Steadfast, and STI Supreme, and they will be delivered in March, May, and August next year, respectively. Interlink have exercised an option to sell Interlink Activity to a third party, and she is expected to be delivered to her new owners during November. The gross proceeds from these transactions will be $267 million and $67 million post-debt repayment. Moving to page five. On the back of the investment activity completed during the year, we now have an EBITDA backlog of close to $3.5 billion. The recently announced transactions with Braskem and ZIM more than make up for the reduced contribution from the vessels that have been redelivered or will be redelivered following the exercise of certain options. The average contract duration of the portfolio is just below 9%, and 96% of the portfolio remain employed on long-term charters. The residual 4% is the anchor handling vessels that operate in a pool managed by Solstad. We are pleased to see that this market is also picking up. The diversified modern fleet comprising 62 vessels with an average age of 5.5 years on charter to 18 different customers in eight segments provide the foundation for stable and predictable earnings in the years to come, also serving as a strong platform for future 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 as we now might be entering into a phase with higher macroeconomic uncertainty. With that, I would like to hand over to Eirik, who will take us through the financials for the third quarter. Thank you, Andreas. We move on to slide 6, which shows a financial snapshot of the company as of the third quarter. We have recorded this quarter EBITDA of $48.8 million, and EBITDA adjusted for finance lease effects was $77 million. The adjusted net profit was $23.1 million compared to $23.0 million in Q2. The company's cash position remains solid, with $122 million at the end of the quarter. As a consequence, the board of directors has decided to declare a dividend of $20 million for Q3. The equity ratio was 31% at the end of the quarter. Moving on to the profit and loss. Under operating revenues, we have recorded $17.1 million this quarter compared to $17.7 in the second quarter. Operating revenue was negatively affected by delivery of the PCTC vessel Höegh Beijing, which was delivered to Höegh in the second quarter. Also positively affected by higher revenues from the two anchor handling tug supply vessels operating in the Solstad UT 733 pool. On finance lease revenues, this increased to $28.3 million in Q3 compared to $23.7 in Q2. The increase here is mainly due to full quarter earnings from the two Suezmax newbuildings that were delivered in Q2, 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%, 49.9% ownership in seven container vessels. That was $4.4 million, hence, exactly in line with the second quarter. We had other income of $1.2 million, which is related to vessel sales, and that gives us total revenues of $51.1 million compared to $47.1 million last quarter. Depreciation, $6.5 million this quarter compared to $7.4 million in Q2. The decrease here is due to the sale of the Höegh Beijing, which was accounted for as an operating lease and delivered to its new owners in the second quarter. That gives us operating profit, $42.3 million compared to $38 million in Q2. Looking at financial expenses, they were $20 million this quarter compared with $14.9 million last quarter. The increase here is mainly due to higher interest rates, but also due to new debt drawn related to the delivery of the two Suezmax new building tankers. Also note that the increase in interest expenses is offset by higher lease revenues due to floating Libor clauses in the charter agreements. Foreign exchange losses and mark to market of derivatives, that was net positive with $0.1 million, and this is mainly related to the cross-currency swaps for the bond loans that we have that are denominated in NOK, which has been swapped into US dollars. The quarter ended with a net profit of $23.4 million compared to $24.6 million in Q2. Moving on to the adjusted EBITDA and the adjusted net profit. EBITDA, adjusted for finance lease effects, as I mentioned, was $77 million, and that includes the repayment of finance lease element which in this quarter was $28.3 million. The adjusted net profit, $23.1 million, that includes adju stments for FX movements and also change in fair value of financial instruments, plus change in deferred tax. Moving on to the balance sheet. On the balance sheet this quarter, we have a slight increase in vessels and equipment compared to the second quarter. The increase is mainly due to installments paid to the yards in connection with the construction of the three container vessels with long-term charter to ZIM and also the two gas vessels with long-term charter to Braskem. We sold the Höegh Beijing, that reduced the balance with about $22 million compared to the second quarter. On finance lease receivables, no major movements here, to talk about in the third quarter apart from the sale of the dry bulk vessel La Fresnais, which was delivered during the third quarter. Cash and cash equivalents, $122 million compared to $150 million last quarter. In addition, we had restricted cash deposits of $16 million paid in connection with the cross-currency swaps. Book equity was $712 million, and total assets was close to $2.3 billion, and that gives us an overall equity ratio of 31% at the end of the quarter. Finally, I would like to mention, some of the financing initiatives that we have performed during the third quarter. The second half of the year has been very busy in terms of financing, where we have worked on a number of refinancing initiatives in addition to financing the new buildings on order. In connection with existing vessels, we have freed up $90 million of additional liquidity, which remained undrawn as of the end of the third quarter. In addition to that, we have ongoing processes related to two other loan facilities, which is expected to release another $30 million of cash. Further, we are progressing well on the financing of the three container vessels, where one loan agreement has been signed and two others are in the documentation phase. Last but not least, we are also in advanced discussions for the long-term financing of the two LEG carriers on charter to Braskem. All these initiatives will bolster the liquidity position of the company further, which positions the company well, both for future investments, but also the potential repayment of any bond maturities upcoming in 2023. With that, I will give the word back to Andreas to talk about outlook. Thank you, Eirik. To summarize on page 11, Ocean Yield has a robust financial position and our access to financing remains strong, enabling us to move quickly and secure attractive financing for new transactions. We thank our banks for their continued support in financing both new and existing transactions. The portfolio of long-term charters are performing well and the credit counterparty remains strong on the back of the strong performance of the underlying shipping markets. We are pleased to see that the expected recovery of the tanker market is shaping up nicely, providing healthy earnings for our customers present in this segment, currently representing 31% of our EBITDA backlog. Following an active year, Ocean Yield is still 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. Client selection remains a paramount selection criteria as we aim to partner with market leaders to jointly shape the future of the maritime industry. With that, I would like to thank you all for listening to the Ocean Yield third quarter earnings release. I would now like to open up for questions from the web. Yes. We have received several questions on the web. The first question is from Pål Dahl with SB1 Markets. Has there been any changes to contract terms over the past one to two years, price, rates, set, price and rate, set aside, of course. That's the first question from Pål. The second question is, your estimated average remaining contract duration is 8.7 years. How may purchase options impact this? To answer the first question, has there been any changes in terms of contract terms? I would say that, you know, leasing as the shipping market is a dynamic market. There will be change in capital available for the markets, pending the performance of the underlying shipping markets. We've seen that not just over the last one to two years, but over the last decades, where we've seen, you know, banks come and go. We've seen the appetite from Chinese leasing providers come and go, and we've seen other alternative capital providers, both on the leasing side, but also, for example, Japanese financing providers, where appetite tend to vary. That has been the case over the last one to two years as well. Other than that, our structure, or do you call it attractiveness of the Ocean Yield leasing product, hasn't really changed. As such, price and rate, there will always be competition. Other than that, I think that the majority of the product is the same and remains the same. To answer the second question with respect to the contract duration, it's fair to say that all options that have been declared has now been reflected in the remaining charter backlog. It's also important that there are certain contracts in our portfolio that do not have purchase options. Whether or not purchase options will be declared in the future will of course depend and vary pending a lot of the input factors. It's sort of hard to predict how that will influence. As mentioned during the presentation, we have reached for a certain amount of vessels that were concluded at the early stage of the company's development, sort of the latter part of the life of those leases. As such, it's been natural for some of those to be exercised. Yes. Moving on to questions from Alexander Jost with Arctic Securities. The first question is, are there any changes in the bank market in terms of funding costs when you have concluded your amendments slash refinancings? The second question from Alexander Jost is, your core segments have seen a dramatic rise in values and earnings. Does the improved markets impact the competition around deals? Any changes in your approach when considering doing deals given the current very high valuations? Yeah. Okay. Maybe I should do the first one around the bank market. Then Andreas, you can address the second question. I think in terms of the bank market, we are seeing very, very strong appetite from our current banking group. All the refinancings that we have completed this quarter are done on very, very competitive margins. I think the overall picture is that we see very competitive levels in terms of the financing provided from banks. Also we see that, you know, the overall general funding cost from certain banks are going up. I think we have remained at the same level or even lower levels than the transactions we have done earlier. We also see a positive influx of new banks into the group. Right now we are banking with more than 20 banks in the portfolio, and we constantly also see that continuing to grow. The second question, Andreas. Yeah. Maybe you can address. So, regarding the question with respect to both valuation and earnings from our core segments being, call it, high in the cycle. I think we're always very cautious and cognizant of where we are in the cycle. Bearing in mind that when you provide sort of a high leverage financing solution that we typically do, we need to be cognizant of particularly values. You're right, certain of the segments are higher in the cycle, and as such, we need to cater for that. I think a good example is the transactions that we have concluded on the container side, where the vessels have a very front-end loaded cash flow profile, basically mitigating partly that we are high in the cycle. When we look at new transactions, we try to look at transactions where values are sort of probably more through the cycle. At the moment, for example, it could be difficult to probably conclude more on the tanker segment, bearing in mind that we were extremely active in the tanker segment one year ago before the values and the earnings started to rise. That means that it's probably time to start look elsewhere. Perhaps the dry bulk segment could be a good example of that, where we see that values have come down. Yes, earnings are also somewhat more challenging. We also see a dynamic whereby, you know, the owners are somewhat more sort of realistic with respect to expectations and what can be achieved in terms of financing. Yeah. There are no further questions at the moment. I'll hand it back to you, Andreas, for final remarks. With that, thank you all for listening to the call. If there are any other specific follow-up questions, feel free to reach out to either, Karl Fredrik, Eirik, or myself directly. Thank you.
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