Good morning everyone, welcome to Ocean Yield's first quarter earnings presentation. As usual, I will start today's presentation with the highlights of the quarter and go through the changes to the portfolio. Our CFO, Eirik Eide, will take us through the financials and the financing activity of the quarter. The presentation will be concluded with opening up for questions. If you would like to ask a question, please use the Q&A function. Starting off on page two. Q1 has been an active quarter for Ocean Yield, and we are pleased to report a first quarter with strong and stable performance. We report an EBITDA adjusted for finance lease effects of $82.3 million and a net profit of $21.9 million. We ended the quarter with a strong balance sheet with $268 million in available liquidity and an equity ratio of 31.7%. At the end of the quarter, the EBITDA backlog was $5 billion and the average contract duration was 11 years. During the quarter, we announced the increase of the LNG cooperation with NYK for the transaction with Cheniere announced in December. Cheniere's exercise of the option brings the total number of vessels to 8, and we're excited to work with NYK and Cheniere to make this project a success. The infrastructure-like characteristics of LNG fits well with our strategy of investing in modern vessels with long-term stable cash flows to tier one counterparties. The four options will add approximately $600 million to the backlog. This transaction clearly highlights how we work with industry leading partners to build and expand Ocean Yield into a leading provider of infrastructure like assets to leading shipping and energy companies. During the quarter, and despite the increased volatility following the escalation of the situation in the Middle East, we successfully priced a new five-year senior unsecured bond issue of NOK 1.25 billion on March 3rd. We would like to thank the bondholders for their continued support. During and after the quarter end, we have also opportunistically refinanced debt associated with six vessels following the availability of very attractive terms in the banking markets. Eirik will come back to this in greater detail later on in the presentation. Let me then move on to page three. Including the eight LNG vessels on charter to Cheniere, the fleet now counts 73 vessels at the end of the quarter with an average age of 4.1 years. The EBITDA backlog at the end of the quarter was $5 billion and 100% of the fleet remains employed on long-term charters. Our continued investments within LNG significantly increases the diversification of the backlog, with LNG and gas carriers now making up more than 50% of the backlog. 56% of the backlog now comes from investment grade, rated entities, and this is a strong testimony to our continued strategy of investing in long-term stable cash flows from high quality counterparties. Following the addition of Cheniere, we now have 17 first-class end users and charterers who all have leading positions in the seven different shipping segments where they operate. Clearly, this provides both sector and client diversification and create a solid foundation for long-term stable and predictable cash flows in the years to come. Let's move to page four for more details on other changes to the portfolio. During and after the quarter end, Al Fat'h and Barzan were delivered to the Cape Omega fleet and commenced their charters to Qatargas. This completes the new build program in Cape Omega, and all 10 vessels are now delivered and employed on long-term charters. Post quarter end, Beautiful Future, the first of the four LR1 product tankers, was successfully delivered from the yard in China and commenced the long-term bareboat charters to Braskem. Also during the quarter, the LR2 product tanker, STI Symphony, was delivered to its new owner, and after year quarter end, the VLCC, Nissos Rhenia, was delivered to its new owner. With that, I would like to hand the word over to Eirik, who will take us through the financials and the financing activity of the quarter. Thank you, Andreas. As usual, let me start by taking a look at a financial snapshot of the company as of the first quarter. We have recorded EBITDA of $47.3 million and adjusted EBITDA was $82.3 million. Net profit for the quarter was $21.9 million. At the end of the quarter, we had available liquidity of $268.2 million, and the equity ratio stood at 31.7%. Given the strong liquidity position, the board of directors has declared a dividend of $100 million for the quarter. Let us now move on to the headline figures of the income statement. Total revenues and other income was $53.6 million in Q1, compared with $60.5 million in Q4. The decrease is mainly due to the sale of vessels in the fourth quarter last year and also in the first quarter. Operating lease revenue was $19.1 million compared to $19.4 million in Q4. This figure is mainly in line with the previous quarter. Finance lease revenue was $27.5 million compared to $33.5 million in Q4, the decrease here is mainly due to redelivery of six VLCCs that were on charter to International Seaways in the fourth quarter and three vessels that were on charter to Scorpio Tankers, where two were sold in Q4 and one in the first quarter. Income from our joint ventures was $6.6 million, compared to $5.9 million in Q4, and the variance here is mainly due to slightly higher revenues in France LNG. Which is the joint venture investment with 12 LNG carriers on long-term charters. That brings us then to an operating profit of $41.5 million compared to $47 million in Q4. Net financial items were negative with $19 million compared to - $25.5 million in Q4. The decrease here is mainly driven by lower interest expenses as a result of vessel re-deliveries, and also reductions on corporate revolvers for cash management purposes. In addition, we had a net gain on FX and mark-to-market of derivatives of $2.8 million. The quarter ended with a net profit of $21.9 million compared to $21.5 million in Q4. Let us move on to look at the adjusted EBITDA, which is the cash EBITDA we receive under our lease agreements and interest on shareholder loans to joint ventures. This was $82.3 million in Q1 compared to $95.3 million in Q4. If we then turn to the balance sheet figures, we had total assets at the end of Q1 of $2.461 billion compared with $2.474 billion in Q4. The total balance sheet figures are pretty much in line with the fourth quarter. Cash on the balance sheet was $123 million compared to $114 million last quarter. Book equity was $779 million, and this gives us an equity ratio of 31.7% compared to 30.7% in Q4. Let us move on to financing initiatives. Once again, it has been an active quarter on the financing side. A total of four vessels have been refinanced during the quarter, being two container vessels and two Suezmax tankers. After quarter end, we have signed a new loan agreement to refinance two ethane gas vessels. These transactions have all been done on significantly improved terms and providing additional liquidity. In the bond market, we successfully completed a new senior secured bond issue of NOK 1.251 billion with a coupon of NIBOR plus 285 basis points. In connection with this bond issue, we bought back NOK 366 million in the bond issue OCY09, which has maturity in September 2028. Also this quarter, we have actively used our revolving credit facilities for cash management purposes and had total available liquidity of NOK 268.2 billion at the end of the quarter. Given the very strong liquidity position, the board has declared a dividend of $100 million for this quarter. With that, I hand the word back to you, Andreas. Thank you, Eirik. Let me summarize the quarter on page nine. As you've heard, Q1 was another solid quarter for Ocean Yield. Lease to values stand at robust levels, and our counterparties are well-capitalized, resulting in low overall portfolio risk. We do continue to allocate capital to a strong and robust balance sheet, and our strong access to attractively priced capital, both in the secured and unsecured markets, result in a competitive advantage, placing us in a good position to continue to selectively grow the portfolio. The ongoing geopolitical uncertainty in the Middle East is expected to have limited impact on our business, and we closely monitor the shipping markets and remain focused on risk reward as we continue to evaluate new growth and strategic partnerships with industry-leading partners and clients. With that, I would like to thank you all for watching the Ocean Yield Q1 earnings presentation, and I would now like to open up for questions. If you would like to ask a question, please use the Q&A function. We have received a few questions also this morning, Andreas. Obviously, there's a situation ongoing in the Middle East, the question is, what are the implications of the ongoing situation down there on our business? Well, the short answer is that the implications are none or very limited. I think that the more comprehensive answer to that question is as follows. I think that, first and foremost, all our bareboat charter contracts are under so-called hell and high water principle, which means come hell or high water, the charter rates are due and payable. Which means that effectively there are no sort of cancellation or termination rights. Also the long-term time charters in our portfolio have very robust charter contracts, meaning that there are no termination for convenience as such. I think more long term, it becomes more complicated. I think that, you know, first and foremost, we can talk about the LNG. Clearly, sort of the LNG trading patterns have been massively disrupted following the lack of basically volumes coming out of predominantly Qatar. What we're actually seeing at the moment is a tremendous boost to ton-miles as the majority of volumes lacking from Qatar are now being, you know, transported from the U.S. all the way to Asia. Clearly sort of a huge impact on ton-miles. We've seen that reflective in the shorter term LNG freight rates, et cetera. If we take a more sort of medium to long-term view and also take sort of a macro perspective into account, I think the picture is a bit more unclear. Clearly, we are seeing, I would say, early signs of increasing inflation. There's also, you know, a case to be made for call it, lower economic trade. If that are to lead to call it a global, sort of recession and a reduction in the global economy, clearly that will have an impact also on the shipping markets, and most likely we'll see sort of a normalization of values and freight rates. I think that, you know, as much as that is sort of, call it a bad scenario, that's also potentially a good scenario for someone like us as, you know, bearing in mind that we try to be counter-cyclical in the way that we invest. That we often say that some of the best deals that we have done is when the sea is rough. You know, this is a complicated picture, and clearly sort of something we monitor, but shorter term the implications of our business is very limited. Good. Thank you. We have talked about Braskem before, and is there any updates on that and how we sort of view that credit risk? I think Braskem is, of course, a sort of a situation that we monitor very closely. We talked about this last quarter as well. The backdrop here is that Braskem has seen sort of an increased pressure on its balance sheet following a prolonged, I would say, downturn in the petrochemical industry. I think, however, it's worth mentioning that following the situation in the Middle East, the situation has actually changed somewhat. The Asian suppliers have actually seen lower outputs, lower volumes following, I would say, limited supply of feedstock then coming out of the Middle Eastern area. That has actually resulted in increasing demand for Braskem's products, particularly coming from the West. There's actually signs of improvement. As far as we know and are aware, the discussions between Braskem and their creditors are still ongoing and positive. It's fair to, again, sort of iterate that shipping is classified as OpEx, and also that the fact that shipping is providing, I would say, mission-critical feedstock for Braskem's operation. As such, you know, we expect very limited implications as such. In addition to that, we talked about the ownership changes before, and quite recently Petrobras and IG4 have now put a chairman and a new CEO in place, so clearly sort of showing a testimony and an alignment of sort of their long-term ambition for the business. Final point worth mentioning, we just had the first LR1 product tanker delivered. I think that lease to values both on the LR1s as well as the LEG vessels are very sort of comfortable. You know, the financial risk as such to Ocean Yield, is I would say, limited. Okay. We also have one question here relating to the dividends. We notice that you have declared $100 million dividend in Q1 relative to your typical dividend payment that you usually do in Q3 and Q4. How should we think about the dividends going forward? Well, that's a good question. I think that, you know, you mentioned in your presentation that we ended the quarter with a very strong balance sheet. Strong balance sheet in the sense that we had ample available liquidity, but also that we had a very strong equity ratio. I think one of the biggest advantages of sort of having a long-term, committed and flexible shareholder, and the fact that we're now sort of private, gives us the ability to allocate capital to our three main principles as we see fit. The three main principles haven't really changed. They're still the same, it's still maintain a strong balance sheet. Two, invest in accretive growth if we see attractive risk reward, thirdly, you know, pay dividends. You know, those three pillars still remain intact, so this is more sort of a timing issue than anything else. As such, you know, going forward there's no reason to view this as anything else than a timing issue. There will be no changes in the policy as such. Good. Thank you. One final question regarding the bond OCY09 that we have bought back parts of that bond. What are your plans for the remaining outstanding amount? That's probably a question for you. Probably one for me. Well, as we have said before, we have a call option on that bond in September. Maturity is not until 2028, but the intention is to call that bond, which is remaining amount now about $70 million, and repay that in full in September. That's still the plan. Okay. That seems to be all the questions that we have received this morning. Yeah, back to you. I think if there are no further questions, that concludes today's presentation. I would like to thank you all for watching the Ocean Yield Q1 earnings presentation.
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