might have. Good morning to everyone. Thank you for joining, and welcome to the presentation of our 3rd quarter results. Before I continue, Please be aware that there is an opportunity for you to ask questions through this presentation, and we would welcome any question that you Today's agenda is very much same procedure as last year. I will present the highlights. My colleague Terje Iversen, our CFO, will take you through our financial performance. And then I will conduct a short operational review of our 3rd quarter performance, and we will conclude this presentation with an upmarket update and prospects going forward. And then to the highlights. Once again, we delivered a strong safety performance in the 3rd quarter. Our time charter earnings ended at 192 million. And this compares to $195 million in the 2nd quarter. Our time charter earnings were slightly down to $27,892 million. And this compares to $29,486 million in the 2nd quarter. We delivered an EBIT of $59 million compared to $69 million in the 2nd quarter. And we saw a slight uptick in net result contributions from our terminals of 2.2 compared to 1.8 in the previous quarter. Our group net result was 40 million US dollars, and this compares to $54 million in the previous quarter. The adjusted net result was $43 million compared to $56 million in the 2nd quarter. Our carbon intensity, the AER, was stable at 6.9, which is the same as we reported in the 2nd quarter. time charter. During the quarter, we took delivery of 3 new buildings, one owned 26,000-tonner, the Bow Pluto, and also 2 new buildings on After the quarter end, we have concluded the sale of 2 15-year-old coated chemical tankers. Terje Iversen will take you through the financial effects of that sale. And we also signed agreements for 2 additional stainless steel super segregators, and this will bring our Kitani Hon class up to 10 vessels in total. And this concludes the highlights, and by that, I give the word to Terje Iversen. Thank you very much, Harald, and good morning and good afternoon to all of you. I will, as Harald mentioned, take you through the financials, and I will start with the income statement. As Harald told, we had a timeshotted earnings this quarter of $192 million. Slightly below the second quarter. Looking behind the figures, we had— we saw reduced spot rates, but we also saw increased lifted volume, which then led to a stable development in timeshutter earnings. We also saw an increase in commercial revenue days because of more vessels, increase of 455 days due to the vessels that were delivered in the previous quarter and also the 2 that— the 3 that was delivered in this quarter. Timeshutt expenses ended at $11.7 million, while operating expenses increased somewhat to $58 million. Main reason for the increase being delivery of 3 new vessels joining the fleet in the quarter. And we saw also G&A increase slightly, reason being actually that the G&A in the second quarter was lower than usual during the average of the year. The share of net result from associates and joint ventures ended at 2.8%, up from 2.2%, of which Odfjell Terminals contributed with $2.2 million in net result versus $1.8 million in the second quarter. That leaves us an EBITDA of $105.5 million compared to $111.3 million in the second quarter. Depreciation increased due to delivery of 5 new vessels in the second quarter and in the third quarter, so ended at 46.2%. After a small capital gain of 0.4, we are left with EBIT of 58.9 compared to 68.8 in the second quarter. Net interest expenses increased. That relates to 3 new vessels being delivered in the third quarter, and also the fact that we had a positive effect on net financial expenses of $1.6 million in the second quarter, as a one-off in the second quarter, and that is also then explaining that why we are increasing in, in this third quarter. After other financial items and taxes, we are then delivering a net result of $40.4 million compared to $53.5 million. And adjusting for non-recurring items, net result was $43 million in the third quarter. And when comparing with the second quarter, we should also remember that we had a positive one-off related to a customer settlement in the second quarter of $6.9 million. That's then inflated the net result in that, that quarter. Looking at time charter earnings per day compared to cash breakeven, we saw that time charter earnings per day fell somewhat to $27,892. Compared to $29,486 in the previous quarter. As mentioned, driven mainly by softer spot markets. On the other side, we saw positive development in cash breakeven in the third quarter. It ended at $20,874 compared to $21,804 in the second quarter. Bringing the 12-month rolling average to $21,870. So, we've actually seen a quite positive development on cash breakeven, and the level— this last 12-month rolling average is actually the lowest that we have seen since 2018. 2021. The decrease, of course, driven this quarter by added revenue days from the new billings delivered in the second and third quarter, and also less Odfjell days in the third quarter. Going forward, we expect a slight increase in the cash breakeven for around $22,200 at average for 2026. And also the P&L Breakeven, very much at the same level. That was $22,115 compared to $22,281 in the previous quarter. Looking at the balance sheet, there were some changes in ships and newbuilding contracts. We took, as mentioned, delivery of BO Plutu, a 26,000 deadweight-tonne newbuilding. In the quarter. At the same time, we made an agreement to sell 2 vessels that has been then reclassified as held for sale in the balance sheet per end of September. After the end of the quarter, we took advantage, I would say, of the strong S&P market, and we sold 2 coated vessels, being BO Elm and BO Lind. And we expect the transaction to result in capital gain of $9.6 million and giving a net positive cash effect when we repay the debt on the vessels of around $35 million. The vessels will then be delivered in the 4th quarter of '26 and early 1st quarter of '27, and the capital gain will then be booked in the quarter where we deliver those vessels. Cash and cash equivalents at $165.9 million. And we saw that total available liquidity decreased by $7 million to $378 million when we are including available drawing facilities. Also, of course, the cash per end of September is also then reflecting that we paid out $41 million in dividend related to the adjusted net result for the first half. On the debt side, we see that other current assets increased due to the vessel— that the 2 vessels that has been classified as held for sale in the 3rd quarter. And total equity increased by $13 million, in line with the comprehensive income we delivered in the 3rd quarter, and then subtracting the dividend that we paid. during the same quarter. Non-current interest-bearing debt increased due to the financing of Bow Pluto, and also then on non-current debt, right-of-use assets also increased due to the new time charter vessels being capitalised on our balance sheet. Looking at the cash flow for this quarter, we saw that we delivered quite a strong operating cash flow, $85 million in the 3rd quarter, an increase of $4.3 million from the 2nd quarter. Reflecting stable time charter earnings compared to the 2nd quarter due to increased commercial revenue days, and at the same time, stable working capital this quarter. So, net cash flow for operating activities ended at $84.9 million compared to $80.6 million in the 2nd quarter. On investing side, we saw that we delivered Bow Pluto. And that investment was financed by new bank debt. So, in total, net cash flow for investing activities ended at negative $42.9 million. On the debt side, we took new interest-bearing debt on Bow Pluto, and we paid dividend of $41.4 million, leading to net cash flow from financing activities of negative $41.4 million. And in total this quarter, we had a positive change in cash and cash equivalents of $0.6 million. Looking at the more long-term development for the cash flow, free cash flow, showing the last 11 quarters here, we had, as I mentioned, strong operating cash flow this quarter. $85 million, up from $80.6 million in the previous quarter. While we saw cash flow for investment was negative $42.9 million, which then includes the final instalment for delivery of Bow Pluto in the quarter. Free cash flow then ended at $42 million in the 3rd quarter, down from $61.1 million in the previous quarter. But then we should also remember that we had a sale of a newbuilding contract in the 2nd quarter that positively impacted net result from— net cash flow from investments. Looking at the 12-month rolling free cash flow, they ended at $49.7 million. And if you adjust that for debt repayment related to right-of-use assets, it reached $35.6 million. million US dollars. On the debt side, not that much happening. We have interest-bearing debt end of 3rd quarter of $767 million, excluding debt right-of-use assets. If you include that, total is then $1.153 billion per end of 3rd quarter. As mentioned a few times, the bow Pluto was delivered to Odfjell in July. That was financed on a new bank— by a new tranche on an existing bank facility during the quarter. Looking at the scheduled repayments going forward, we have a few balloons maturing in the coming years, but not material amounts. In the 4th quarter, we were done plan to repay the debt on the 2 vessels, Bow Elbe and Bow Lind, and then we have a larger loan facility maturing in the 4th quarter '27, and we are already starting to look into options. to refinance that based on the strong bank market that we are seeing today. Projected interest-bearing debt going forward, we expect a small decrease from 777 today to 718 end of this year, but then we expect to see an increase in 2027. Mostly then due to the delivery of new vessels coming on long-term time charter to Odfjell, and also the 4 Kitaniun vessels being delivered in the coming years. And as mentioned here, we are also in the process of securing financing for those 4 vessels that we are building for our own balance sheet, and I would say that we are in good progress and we expect to finalize that close to the end of this year. CapEx and time charter commitments, not that much happening here. We took delivery of the Bopliuto, so the remaining CapEx commitments up on the, on the right side here, is then consisting of the remaining CapEx related to the 4 40,000 newbuildings being delivered for Kitaniun from the first quarter of 2027 to the second quarter of 2029. In total, $253.6 million in remaining installments. On the time charter commitments, We now have 14 vessels. are secured on long-term charters when they are delivered from Odfjell from the third quarter 2026 through 2029. That is in total time charter for these vessels of $847 million. When these are then taken delivery of and capitalized on our balance sheet, that will lead to an increase in right-of-use assets and corresponding debt on these assets of $436 million. We also then, after the quarter, we concluded 2 additional 40,000 deadweight-tonne newbuildings on long-term charters for delivery in 2029, and these are not included in the figures. Since these were concluded after the quarter. Then I will leave the word to you again, Harald. Thank you very much. I will then continue with an operational review of our 3rd quarter performance. First, to our volume development. We saw a significant increase in the volumes lifted in the 3rd quarter. 3.6 million, and the vast majority of that increase is due to an increase in spot volumes. is, I would say, only natural, as our customers are prevented from taking long-term positions in today's very volatile markets. Our contract cargoes remained stable, similar to the 2 previous quarters, around 1.5 million tonnes. And that means that since the whole increase was due to spot volumes, our contract share of the total volume was diluted from 46% to around 42% in the 3rd quarter. We did not renew any contracts during the quarter. The 3rd quarter is normally a very quiet quarter when it comes to contract renewals. And then to the rate developments. Our so-called Odfjell SE Index saw a decline of 8.5%. While the Kloksten Spot Time Charter Index saw a decline of almost 19%. Here, it's very important, once again, to notice that the Odfjell SE Index is showing the average of freight rates during the quarter, while the Kloksten Spot Time Charter Index is comparing the rates at the previous quarter and with the rates at the end of the 3rd quarter. And therefore, those 2 graphs are not entirely comparable. We saw stable volumes when it came to the specialty chemicals. We saw a significant uptick when it comes to transportation— when it came to transportation of commodity chemicals, and the big increases were due to increased volumes of products like caustic soda, BTX, and methanol. We saw a decline when it came to veg oils and biofuels, and I'm— Also happy to see that we were able to utilise available capacity on the CPP trades, where we saw a relatively significant uptick in those volumes. So, stable on Specialties, up on Commodity Chemicals. Commodities and CPP. And then to our carbon intensity, that remains stable at an AER of 6.9. This is the same as we reported in the previous quarter and slightly up from last year. The reason for that is simply due to the inefficiencies as a consequence of the war in the Middle East. As mentioned, we have signed agreements for another 2 Kitanihon super segregators. That brings that class up to 10 vessels. And when all vessels have been delivered, we will have a fleet of 12 vessels with suction sails by the end of 2024. 29. Then to the tank terminals. The heading here is stable and solid performance. Our occupancy rate remained at 95%. This is the same as we reported in the 2nd quarter. EBITDA was slightly up to 11.3 million in the 3rd quarter, and this compares to 10.7 million in the previous quarter. Net result for Odfjell SE was 1.9 billion, and this compares to 1.3 billion in the 2nd quarter. Overall, we expect the performance to remain broadly stable. We do see positive signs in the US, and we do see positive signs in Europe. At the same time, we see that the situation for our terminal in Ulsan, Korea, remains challenging, and that is solely due to the situation in the Middle East. On the expansion side, we continue to expand our terminals. The E5 project was concluded and finished slightly after quarter end. The project was concluded on schedule and within budget, and it adds 10 carbon steel tanks with a total capacity of almost 89,000 cubic metres. We are also expanding in Antwerp. Here, we are constructing the so-called Tank Pit S, and Tank Pit S will add 18 stainless steel tanks and a total of 36,000 cubic metres of new capacity at our Antwerpen terminal. This project is on schedule, it's on budget, and we expect the Tank Pit to be operational in the first quarter next year. And then to a market update and the prospects going forward. As mentioned, we have seen a decline in freight rates over the quarter. At the same time, VLCCs, as we all know, are logging record-high market rates. We see solid earnings on the product side, but also a decline during the quarter for the product tankers, and this is also seen in the freight rates for chemicals. West of Suez, we've seen a decline somewhere between 30% and 40%. This is mainly due to more vessels being moved from the Eastern trades and into the Atlantic trade. However, we also saw that towards the end of the quarter, the rates stabilized west of Suez at the present levels. East of Suez, we saw a slight uptick in freight rates towards the end of the quarter. And then to the swing tonnage. The swing tonnage— the swing vessels remain at historical low levels. During the quarter, we logged approximately 2% of MR tankers swinging into the to the chemical segment, and that remains a historical very low figure. We also have seen after the breakout of the war a tendency to slightly more core deep-sea chemical tankers swinging into CPP, and the number here is today around 17%. The order book, we have seen no new orders for, except for the 2 vessels that we have ordered. We've not seen any new orders for super segregators, and we've seen few orders in the medium stainless steel segment, and the medium stainless steel segment is mainly dominated by 25,000-tonners. This implies that the order book remains around 18% of the fleet. The biggest increase will be seen in the medium stainless steel segment. Here we will see At year-end, we will have seen a fleet increase in this segment of 9%, and then it's slowly tailing off towards '28 and '29. For large stainless steel and super segregators, we see a relatively stable increase of 3 to 4% over this year and the 2 coming years. And then it will be tailing off in 2029, and we will see a negative development from 2030 and onwards. When it comes to the external factors that has an impact on our trades, we saw that we saw a small increase in— a small and positive increase in the seaborne chemical and bio exports during the quarter. We have seen that IMF has a slight positive revision of the world GDP growth. And we have seen that, that Freight rates in our segments have flattened out and even show a slight uptick at the end of the quarter behind us. On the supply side, we do see that there is a strong delivery pipeline this year and also next year that will add capacity to our core fleets. And we also expect that the high crude and CPP rates will continue to discourage swing tonnage for entering into the chemical tanker segments. To summarise this presentation, we delivered a gross net result of $40 million in the 3rd quarter, and this compares to $54 million in the previous quarter. Total time charter earnings saw a slight decrease, and this is mainly due to slower spot rates, and particularly in the trades west of Suez. We saw a solid increase in lifted volumes, and we also saw that, that we are able to put our increasing fleet into work from day one, and they all enter their projected trades, and they all deliver revenue from day one. On the terminal side, we saw a stronger, slightly stronger EBITDA and net result development, and we do think that our terminals perform very well despite challenging geopolitical situation. The outlook— spot markets have softened during the 3rd quarter, but still we see rates at historically strong levels. We will see an increase in the fleets going forward. And we do expect swing tonnage to remain low and around present levels. On one side, we see market inefficiencies. We see limited swing tonnage in our trades, but we also see vessel deliveries and we also see diminishing inventories around the world. This adds some risk to the coming quarters, and for that reason, we expect the underlying net result for the next quarter to be somewhat lower than what we saw in the 3rd quarter. And this concludes our presentation of Odfjell's 3rd quarter results, and by that we are ready to answer any question that you might have. Good morning, everyone, and good afternoon. We have received a few questions so far, and the Q&A functionality is still open throughout the Q&A session. So if anyone else has any questions, please feel free. Starting off with a question to you, Harald, and I'll just read it as it's written here. Thanks for the presentation, Harald. You recently sold coated ships. And your CPP volumes surged significantly. Can you please share your view on the benefits of having large ships being able to swing into CPPs? And do you think it's a strategic necessity as chemicals become commoditised and product tankers Tanker markets remain volatile, thus profitable. Yes, correct. It was a long question, but I'll try to answer as good as I can. When it comes to the ship sale, this is simply Odfjell taking advantage of a very strong secondhand market. These 2 vessels were planned to be sold, and we sold them slightly earlier than we initially had planned. You have to take into consideration that next year we will start taking deliveries of new coated MR chemical tankers from China. So, we are selling slightly before the replacement vessels are being delivered. And I think if you look at Odfjell's newbuilding profile, it's evident that we have a strong belief in the larger, most sophisticated chemical tankers. That is basically the core of Odfjell's business, and that's where we are determined to defend our market position. So, the characteristics of our fleet development is clearly that we are building up a large deep-sea— a larger fleet of large and super-segregators. And those vessels are capable of swinging into the CPP market, as I think was indicated in the question. And I think the next question just came in here. It kind of relates to the same topic, and it says, it seems that despite the significant drop in chemical volumes, Odfjell benefited from increased CPP volumes. Harald, do you think this is sustainable? Can we keep relying on CPP volumes if Hormuz chemical flows do not return in the coming quarters? I think what's important to notice from the quarter behind us is Odfjell and our team's fantastic ability to utilise the existing markets. So, what we have done is that we have taken all the available MR-similar capacity and swung it into CPP, simply because there is money to be earned in that segment. Do we rely on CPP? No, not at all. This is an opportunity that we are utilising, and we are not a CPP company. Good, thank you. Then there is a question that goes to you, Terje. Cash breakeven has shown a positive development over the last quarters, but how do you expect this to develop going forward? Yeah, as I mentioned, we are actually at the lowest level now than we have been in 5 years' time. We have had a large focus on keeping cash breakeven down. Of course, we're also helped by reduced debt on our balance sheet, so that takes also down the cash breakeven. Going forward, we will continue with that. On one side, we will also see the positive effect from new vessels. coming into our fleet, so we have more vessels to spread the cost over. So, that will take the cash breakeven down, but on the other side, we will have some inflation, both on OpEx and G&A. And also, of course, we will also then increase the debt on our balance sheet, especially when we get these new 4,000 deadweight-tonne vessels delivered. So, there will be a mix there, but only a slight increase, I would say, is expected in the coming year. Yeah, good. Thank you. Then there is a question here from Odin, and again, it's back to the CPP market. I guess that's the big news of the quarter. It's slightly similar, I would say, but I'll read it here. If Kua share remains low, can we expect increased lifting of CPP? And I guess you kind of answered that in your previous question. The answer to that is yes. I think the Kua share figure is kind of artificial. The Kua share goes down when spot goes up. You have to look at the actual numbers, and there you see that we are extremely stable when it comes to the volumes in our contracts. And that, I think, is good to see, and it's reassuring to see that our customers Despite all the uncertainty and volatility, our customers stick to the contracts. They continue to transport volumes. But yes, to the extent that we have spare capacity, and to the extent that the CPP market is more beneficial than the chemical tanker market, then yes, we will continue to swing into CPP. Thank you. Then I think there was one remaining question here, and that's I guess, a bit on the back of recent developments in the US and the election and Middle East, but if we see a potential peace treaty in the Middle East and a resumed transit through the Strait of Hormuz for chemical tankers and chemical volumes. Can you comment a bit on expected effects on the chemical tanker markets from that? Positive or negative? I think the immediate effect of reopening of Hormuz is that we will see a restock of inventories. So our base case is that you will see immediate increase in transported volumes simply to to refill all the inventories that we know that today are starting to bottom out. And then the next thing that will happen is, of course, that the shortfall of I think 15 to 20% of the world's chemicals will gradually be phased into our markets again, and that is development that we look forward to. We are an industrialized chemical tanker company, and I think on one hand, that is our core business, to service the industrialized part of this business. At the same time, I think we have given solid evidence that when that market is not functioning, then we are able to turn around, we are able to capitalise on the markets that are there. Good, thank you. And then there was one question that came in here now, and again, this goes to you, Harald. Odfjell does not have a large regional fleet of ships below 19,000 deadweight tonne. Does Odfjell not see intra-regional markets in Asia, Europe, and the Americas as attractive as inter-regional trades? I guess that goes to our strategy. Yeah, that digs into the core of the Odfjell strategy. I think I think the wisest thing that we can do right now is to continue to do what we are really best at doing. And Odfjell, in my opinion, is by far the leading and best operator of deep-sea chemical tankers. We do recognise that there are plenty of good operators of regional tonnage, and I'm not sure that the concept that we are pursuing in the deep-sea segment would be transferable to the region. Regional segments. So we leave that segment to those who are experts on the regional trades, and we focus on our core business, which is deep-sea transportation of chemicals. Sounds good. And I think on that note, that was the end of the Q&A session. Thank you. And then to all of you who have been following us here today, thank you for attending, and I look forward to seeing you again in approximately 3 months' time. Thank you very much.