Hello, and welcome to the presentation of the first quarter results for Odfjell SE. My name is Kristian Mørch. I'm the CEO of Odfjell SE, and I'm joined today by Terje Iversen, who's the CFO. We are live streaming this presentation from Bergen today. It will also be available afterwards on our website. If you are watching this presentation live, you have the possibility of asking questions. In the top right-hand corner of your screen, there should be a link or a button you can press, and then you can pose questions, and towards the end of the presentation today, we will be answering the questions that came in. We appreciate the interest and the time you're taking to participate today. The agenda today is that I will take you through the highlights of the quarter. Terje, he will come on and talk about financials. I will come back and talk about operational review and strategy. Not a lot of strategy this time. I'll talk about prospects and markets update. We will have a Q&A session towards the end of the presentation. In terms of highlights of the quarter, the first quarter is not a quarter we are very happy about in terms of financial performance. We were on the bottom line. We were $15 million behind the fourth quarter. The fourth quarter was in comparison, a fairly strong quarter. Nonetheless, we are not happy about the drop. It was a slightly difficult environment for us in the first quarter. There were really three main things that were disrupting our markets. First of all, we had the big freeze in Texas, which really has disrupted the entire supply chain for chemicals around the world, I would say. That impacted certainly our shipping business, but also our terminal in Houston. The second disruption was the temporary or the short block of the Suez Canal. It did not have a great impact, but it was a disruption. Lastly, we were facing a very depressed CPP product tanker market, and that meant that we have been facing more competition for things than we have in the previous quarters. All in all, that meant that it was a disappointing quarter in terms of earnings. There were some one-off factors that influenced the market, and they are more or less behind us. If you look at our time charter earnings for Odfjell Tankers, we were at $120 million compared to $125 million in the previous quarter, down $5 million. The net result from the T erminals was positive, they are in profit, although minor profit with $200,000. You have to remember that apart from the three factors I mentioned, we also had a fire at the Terminal in December, and we were still suffering from that. There were two force majeure events at the Terminal in Houston. Our EBIT were $10 million behind with $8 million compared to $18 million in the fourth quarter. Our net results came in at -$16 million compared to -$3 million in the previous quarter. If you exclude extraordinary items, the net result was -$14 million, which means $13 million behind the fourth quarter. We have a new slide later on in the pack about our sustainability, our emission targets. Our annual efficiency, AER rating for our managed fleet for the first quarter is slightly up compared to the previous quarter. We are still below the trajectory that we have committed ourselves to as part of the bond. I'll speak more about that a little bit later. Two other things to mention. One is that the two small gas carriers that we used to own in a joint venture, we have been buying our joint venture partner out of that joint venture during the quarter. Those ships are now fully owned and included in the Odfjell Tankers figures. Lastly, the board has decided not to recommend a dividend for 2020. There were some impacts, a challenging market environment. We did continue to operate well and safely. Our biggest operational challenge is still that we are unable to efficiently move the seafarers around the world. That's a headache for us. Other than that, we did operate well, but in a very difficult market. We do see things improving towards the end of the quarter. We think that our strong fundamentals. What we're saying in terms of guidance for the second quarter is that we expect to report improved results for that quarter. I will hand it over to Terje Iversen. Then I will come back later on with an operational update. Thank you, Kristian, good morning and good afternoon to everyone. I will start with the financials and the P&L. Here we will show you somewhat this revised version of our P&L. Previously, we have focused on the kind of the gross consolidation method, presenting the various business areas, but we are now showing the figures according to the equity method. The reason for that being that most analysts and investors are reviewing us and kind of reviewing the figures using the equity method, and we think that is a more transparent way to show the figures. Of course, that means that showing our joint ventures, the figures will be kind of not that visible in the P&L, but we will go through more in details on the terminals through the operational review with Kristian later in the presentation. Starting with the revenue side. Time charter earnings this quarter ended at $120 million, reduced from $125 million, due to particular markets and also the disruptions we saw this quarter. When it comes to the Texas freeze, we have said that around $2 million negatively impacted our time charter earnings in this quarter. We also included time charter earnings from the gas vessels due to the fact that we have now acquired those 100%. That is also increasing the time charter earnings that we are booking. That was $3.8 million this quarter compared to $2.8 million in the fourth quarter 2020. Net time charter earnings is reflecting the time charter earnings for our own fleet and also including management fees and profit quotes from external pools, but it's not including the revenue from the external pool vessels. Looking at the time charter expenses that decreased this quarter from $7 million to $3.6 million. Main reason for that is that some of our short-term time charters has been extended this quarter and are reclassified as long-term charters, meaning that we are capitalizing them and booking them as right-of-use assets, and then showing a decreased time charter expense due to that reclassification. Share of operating expenses this quarter increased with around $4 million. We don't estimate an OpEx related to those time charters. Around $1 million that is included in operating expenses. We are now consolidating Odfjell Gas 100%, and we have done include around $1 million in OpEx from the gas vessels that were not included in the fourth quarter. That is also partly explaining the increase in operating expenses. We also saw some increase when it comes to crew and crew changes in this quarter. Share of net results from joint ventures and associates, $0.8 million this quarter. That is the contribution from the joint venture of Odfjell Terminals and also Odfjell Gas, which was also partly this quarter a joint venture but will not be included as a joint venture going forward. $0.8 is done before allocation of corporate costs related to running the terminal business from the headquarter. G&A increased from 15.0 to 16.9. Main reason for the increase is related to the long-term incentive payments of around $0.9 million this quarter. We ended EBITDA $53.2 million compared to $59.3 in the preceding quarter. Looking at the depreciation, we saw increase with around from $41.5 to $45.6 this quarter. That is also partly explained by the reclassification of the short-term time charters to long-term, which means that you have to depreciate the estimated value of the assets that is being capitalized. In addition, you also have reviewed the estimated residual value of the vessel beginning of this quarter. Due to decrease in steel prices, et cetera, we have then included a lower residual value for many of our vessels, which means that we have to depreciate that on a shorter term, increasing depreciation this quarter with around $1.5 million. We are left with EBIT of $7.8 compared to $17.8 in the preceding quarter. Net interest expenses very much comparable to last quarter. The other financial items, - $1.9. That is related to currency and also some mark-to-market on our derivatives. After taxes, we then deliver a net result of $15.6 compared to - $2.16 in the fourth quarter. Adjusting for the other financial items this quarter, the result is - $14 compared to negative adjusted result in the fourth quarter, -$1 million. Looking at the balance sheet. We saw some increase in the ships this quarter that is related to the consolidation of Odfjell Gas. There are no new buildings contracts anymore, so this is only the delivered vessels that we have on our balance sheet. We saw that the investment in associate and joint ventures went from $200 million to $181 million. That is due to the fact that there are now only 100% of the gas vessels. We have de-con that joint venture. That is not included in associates and joint ventures anymore. On cash, we have around $72 million down from $103 million in the fourth quarter. If we include undrawn part of the credit facility, we have around $130 million in available cash. On equity, that was slightly reduced due to negative results. We had a positive other comprehensive income, though, but we end with an equity ratio of 29.1% compared to 30% end of fourth quarter. On the left side, we can see that long-term debt has increased slightly due to the fact that we financed the bond, which was previously classified as short-term debt, that is now being long-term debt, also with a larger number. At the same time, we see that current portion of interest-bearing debt is reduced from $179 million to $99.8 million this quarter. Cash flow statement this quarter. Cash flow operation $19.3 compared to $39.3 in the fourth quarter. A reduction being mainly the reduced result, of course, but also the fact that the working capital increased somewhat this quarter, which then negatively impacted the cash flow from operations. Looking at the cash flow from investing activities, that was around $10 million for dry dockings and other project on our vessels, and also $10 million related to acquisition of the outstanding shares in Odfjell Gas. We ended -$21.1 million in cash flow from investing activities this quarter. On the financing side, it's been quite busy. We have refinanced the bond, but we have repaid around $140 million and took up new debt of $121. In addition, repaid temporarily on the rolling credit facility with $20 million, and that ended up being a negative cash flow in financing activities of around $30 million. Net cash flow for the quarter of -$30 million, ending with a cash down around $72 million. Including, as I mentioned, this undrawn part of the credit facility, we are around $130 in available liquidity at the quarter. Here we show the cash per GIBAN and targets long-term and also for 2021. We estimate cash per GIBAN for 2021 to be around $21,300 per day. That is the cash needed to cover all OpEx, the D&A interest installment in addition to investment on our vessels. The target is $21,300 based on kind of the amortization profile and the loans we have on our balance sheet today. Looking at this quarter, we ended with a time charter result below $20,000 and then have a negative deviation according to, or compared to the target of $21,300. Long term, we still think we are on the right track to kind of reach our long-term target of being between $18,000 and $19,000 per day in cash break-even. Bunker expenses, not that much to report on this quarter. We saw that the prices for bunker increased throughout the quarter, but at the same time, we see that we have a positive effect from our bunker adjustment clauses, making sure that the bunker costs are quite stable and quite comparable to the preceding quarter. We got a kind of positive effect from our bunker adjustment clauses this quarter of $2.1 million. We also had positive contribution from financial derivatives or hedging position of $1.8 million. We ended with around the same bunker expenses that we had in the preceding quarter. Going forward, we think we have still a good hedge with our product portfolio of around 50% contract coverage. That should cover also 50% of the bunker cost exposure. In addition, we also have some derivatives covering around 12.5% of our exposure for 2021. We think we have a quite good coverage. Also the derivatives we have on our balance sheet have a positive market value of around $5 million per today. Looking at the debt development going forward, we see that we have quite limited repayments in the coming quarters. The first repayment of some kind of size is in the second quarter of 2022 when we have a bond maturing. Before that is quite uneventful on the financing side. We have, after the end of the first quarter, refinanced four vessels that we have, I think we also mentioned earlier that we were in process of refinancing, also using the sustainability-linked framework that we had for the bond also in January. We are with this facility actually reducing the cash break-even for these vessels with around $4,750 a day due to this refinancing. That is due to the longer amortization profiles on the loan, the reduced leverage and also reduced interest on these four vessels. That is positive impact of our financial cost going forward. On the bottom part of this slide, you see that we estimate what is achievable kind of deleveraging going forward. Here we kind of theoretically show what could the debt be end of 2021, 2022 and 2023 if we just repay our loans according to repayment schedule without repaying or refinancing any of the ship finance loans we have on our balance sheet. Based on this, we have had kind of rolling the last quarters and last year, we should be in a good position to reach these levels and targets. Of course, it also remains to see how the market develop and how that will enable us to reach those levels. That was the part of my presentation. Thanks, Kristian. I leave it over to you again. Thank you, Terje. Operational review. First of all, let's start off looking at our earnings and our rates. On the left-hand side of the slide, you are looking at the comparison of the Odfjell to the Clarksons Index, and we continue to keep the same band in terms of outperformance, but you can see the Odfjell fixed drops with 4.8%, whereas the Clarksons Index only drops with 3.5%. An index like the Clarksons Index does not take operational disturbances into the picture and when you see what happened to us in the first quarter with the big freeze and so on, I think that explains why there's a difference in those two. Fundamentally, if you look at the specialty chemical market and you peel away the effects of the big freeze in Texas, that market continues actually to do well. There's a high demand, whereas when you go into the CPP market and let's say the easy chemicals and the veg oil markets, those are the markets that were really influenced by the added swing tonnage from the CPP markets. If you look at our COA and volume development, on the left-hand side, you can see that our COA coverage during the quarter was 48%. We did renew a number of COAs. We are also ramping up COAs that goes in to cover in our coded pools which we have been growing. We have been renewing a number of COAs during the quarter. What of course jumps out on this page is the middle graph where you can see that the renewal rate for the COAs was -5%. There's one big backhaul contract that was renewed at a discount to the current rates. If you take that away and only look at the other COAs and the speciality COAs, then they are up actually 1.1% also during the first quarter. The 5% are a little bit misleading because there was one big high volume backhaul contract included. For our Tank Terminals, they return to profit, not a big profit, but they did return to profit. Our operations, especially in the U.S., was impacted by the big freeze. I mentioned before there were two force majeure events. One was the big freeze and the other one was the fire that we had in December that continued to be a challenge into the first quarter. Despite all that, the Terminals division is back to profit. In general, you can say in Houston that the inventory levels are lower than usual because of the disruptions. In a slide, you're going to see that the producer margins are up, and I think everyone producing chemicals in Houston are producing as fast as they can. I think those inventories will fill up fairly quickly. That has also been a factor in the first quarter. In Antwerp, the construction of the next 35,000 cubic meter capacity is proceeding according to schedule, whereas the expansion in the U.S. will be a little bit delayed, also because of the disruptions we have been facing in the first quarter. As you may be aware, we issued the first sustainability-linked bond in the shipping industry globally, and as part of that, there was a sustainability-linked finance framework that we were using. In that framework, we committed to a trajectory towards 2030 in terms of reduce our carbon footprint. That trajectory, when you're looking at this graph, is what you see on the right-hand side, the dotted orange graph. That's the trajectory from that framework. As you can see, in the first quarter, we are below that. In our managed fleet, the AER is 8.53. The AER is actually grams of CO2 per deadweight and distance that the ship moves, so its actual emissions. There's, of course, still a debate in the industry, what is going to be the right measure going forward. I think the battle is between two is the AER, which is, as I mentioned, the actual emission and the EEOI which is more the operational index that takes into account how much cargo is on board the ship. I think there are good arguments for both, and we do monitor and track both. AER is the one chosen by IMO, and it's the one that we think is the most meaningful if you want to reduce the actual carbon emission to the environment. We will continue to report on our AER on a quarterly basis. You'll be seeing this graph again. In terms of prospects and markets update. First of all, the middle slide, I think is a significant point I want to make. When you look at the inventories from Asian importers from, let's say, third quarter last year until today, it has dropped by 45%. Anyone looking at the container industry, looking at the industrial production and export of, let's say, durable goods and so on from Asia can see that that is going full steam ahead. That means that there has been a depletion of feedstock for that production in Asia. It's coming to a level now where they really need to fill up the inventories. That's going to come from long haul. It's going to come from the U.S., it's going to come from Middle East, and that's going to be good for demand in our market. I also mentioned on the right-hand side, the producer margins are increasing and the feedstock prices are increasing and the demand is going to increase. I think there's a high likelihood that we'll be facing a busy second half of this year, and we're already seeing demand pick up. We think there's a very strong demand story for chemicals. If you look at the supply dynamics in terms of real supply, the order book size for chemical tankers is still only 4.8% compared to the current fleet, which compounded means around 1% fleet growth in the coming years. On the previous slide, you saw a strong demand story, and we think that that's going to grow by around 4% per year compounded. Of course, in this quarter, we have seen the amount of swing tonnage, which means easy chemical capable IMO 2 tonnage swinging into easy chemicals. That has gone up. We think it has peaked, and we think a reversal will be happening very quickly when the CPP markets pick up. We also think there are arguments for that to happen. The supply side, that's very much under control. In terms of the market conclusion, the easing lockdowns around the world, the rollout of vaccines, the strong growth in terms of economic growth. Of course, a lot of that comes from stimuli. Nonetheless, I think there's a strong growth environment, and I think that's going to be good for the demand. In terms of supply, there are limited supply growth around 1% per year in the coming three years, and demand is going to grow by around 4%. That's what we mean when we refer to healthy fundamentals. In summary, first quarter was not a quarter we are happy about in terms of financial performance, slower market. There were a significant amount of challenges from, let's say, the one-offs or the incidents that we saw in the first quarter and the seasonality. We do think that there's a healthy fundamental. If you look at the specialty chemical in isolation, it continued to perform well. I think I'm not going to repeat myself, but I think I have mentioned the other things a number of times already. The guidance we are making for the second quarter is that we expect to report improved results for the second quarter. That was the end of the presentation. I can see we have had a number of questions coming in that we're going to start taking now. It's not too late to post, please post if you have any questions. The first question is from Lars Bastian Østereng from Arctic Securities. Do you still have a plan to sell the gas carriers? Yeah, I think having two gas carriers is not a strategic investment. If there is a way to sell those ships, well, we will be considering it. In the meantime, we have placed the ships on good earning time charters, so there's no rush. For the right opportunity, we are still sellers of the gas carriers. One more from Lars. How have rates developed since quarter end? Well, the CPP market hasn't really picked up. I think what we are seeing is increased activity in the specialty chemicals. We are seeing the rates beginning to crawl up. One more from Lars: Is it possible to point out a rate level at which product tankers will swing back to trading CPP, the MRs being the example? I think that's very difficult because it depends on a number of things. It depends on whether it's the East of Suez and West of Suez and commodities and so on. I say a normalized MR market is probably around, this is from the top of my head, so what I would say around, let's say $15,000. That's a normal-ish MR market. I think if we've reached that point, I think the tonnage will swing back into CPP. Whether that will start earlier, it's hard to say. A question from Mads V. from DNB Markets. Should we expect to see the CO rate drop materially below 50% going forward considering you increased your 20% coverage of volumes in quarter? I think we have shown over time that we are capable of maintaining the same coverage whether we grow or shrink our tonnage base. I don't expect it to drop significantly below. We have, of course, taken a very big step into the coated IMO2 market, and that's slightly different from the specialty chemical market. You might see a little bit of a different coverage compared to whether it's stainless steel, let's say, specialized tonnage or it's the more commodity ties the IMO2 ships. In general, I don't expect it to drop much below 50 where it is today. One more from us. Can you give some commercial reflections on executing a COA backhaul, taking a total of the quarter down 5%? You said no to lower rate contracts before. Yeah, I think you should be careful looking at one backhaul contract. There are very good reasons why that contract makes sense, and one COA in our system very rarely stands on its own. You have to see it in combination with other contracts. If you get a lot of front haul contracts out and you know you're going to commit more tonnage to a certain trade, then the round voyage calculations will improve even if you accept a lower COA rate for that backhaul contract. I think it's a little bit wrong to look at a drop based on one COA. We would not take a COA if it wasn't accretive to our earnings, and that's also what happened with this COA. Yeah. I don't know if that was a good answer. You can give me a call after this, Mads, if you think I was misleading you here. From Magnus in SEB. Are there currently any debt on the two small gas carriers? Yes, there is. There's around $21 million of debt in the two ships combined. Appears to be no further questions as of now. All right. Okay. If there are no further questions, the last thing from me is to draw your attention to the fact that we're going to have a Capital Markets Day. Please save the day on the 10th of June. Due to COVID-19, we'll be hosting it online, and we will send out invitations. I hope that you have a chance to join us on the Capital Markets Day. There's a lot going on in our industry and in our company that we are looking forward to talking about. Okay, there are no last-minute questions. There's only one thing left for me, and that is to say thank you again for your interest in the company. Thank you for your time. If you have any questions or you feel that we did not answer your questions adequately, please make sure to reach out, and we'll be happy to take any questions or comments that you may have. In the meantime, stay safe.