Good afternoon, good morning, and welcome to the video conference presentation of the fourth quarter's results of Stolt-Nielsen Limited, which we are streaming live from our lockdown locations. My name is Niels Stolt-Nielsen, I am the CEO of Stolt-Nielsen, I am joined by our CFO, Jens Grüner-Hegge. Today also we are joined by Jordi Trias, who is the President of Stolt Sea Farm. Thank you all for taking the time to join us for our quarterly earnings update. I would like to remind you that you can pose questions at any time during the presentation by typing them into the Q&A window, which shou ld appear on the right side of your screen. This video conference will be recorded. All questions will be answered at the end of this presentation. Let's move on to the next slide, please. Next. The agenda, I will go through the Stolt-Nielsen Limited highlights for the fourth quarter. I will talk about ESG. I will go through each of the businesses. This time, Stolt Sea Farm will be presented by Jordi. Jens will take you through the financials, and then I will read the questions that, if any questions have been posted, and hopefully also try to answer them. Next slide, please. We had a stable quarter. I will talk about the fourth quarter, but also the full year. The net profit from continuing operation came in at $16 million. We saw an increase in activity in Stolt Tankers from the regional fleet, but lower volumes in the deep sea, the larger ships. We saw slightly lower utilization in Stolthaven Terminals. Stolt Tank Containers margins were impacted by higher move-related expenses. We saw a steady continued improvement in Stolt Sea Farm as prices continued to recover. Consistent strong cash flow. The annual run rate now is over $300 million. Financing for the acquisition of the CTG ships that we announced this summer is expected to be finalized within February. At the end of the year, we have approximately $486 million of liquidity. The EBITDA, just to talk about the full year, the EBITDA came in around $490 million. That is up from $440 million in 2019. Quite pleased with the underlying strong EBITDA coming out of the businesses, even under the special circumstances that 2020 has been. The net profit from the year is at $25.4 million. That is up from $19 million last year. The net debt at the end of the year was slightly over $2.3 billion, and that is down from $2.4 billion last year. The operating cash flow for the year, that is cash flow after maintenance CapEx and interest came in at $356 million. Next slide, please. If we take the net profit variance between the third quarter and the fourth quarter, we came in at $29.2 million in the third quarter. We saw a slightly higher operating profit from Stolt Tankers, but a lower operating profit of $14.8 million from Stolthaven Terminals. The main part of that is the impairment of the Australia terminal and the reversal of an impairment of a joint venture loan coming in at a net impairment for the quarter in Stolthaven Terminals of $8.8 million. $6 million were lower operating profit. Again, that comes from lower utilization. Stolt Tank Containers, lower operating profit of $3.6. Stolt Sea Farm, lower operating profit of $2.7. Corporate and others is $7.4. That is higher loss in Stolt-Nielsen Gas of $2.8 million, caused by the positioning of the first ship that is now on charter. We had a higher loss of $4.6 in corporate and others. That is offset by lower net finance expense of $3 million, lower non-OpEx and FX losses of $3.1, lower income tax for the quarter of $3.7, and Stolt Sea Farm, the higher loss from this continued operation, bringing the final for the quarter up to $13.4 million. Next slide, please. ESG. Our commitment to sustainability lies at the heart of our operations. It always has, but we have not been good enough at reporting what we do. We have committed ourselves at becoming better at reporting what we are doing and what we are achieving. We have set clear targets for each of the businesses. In Tankers, a reduction at least 50% of carbon intensity relative to the 2008 level by 2030. In Stolthaven Terminals, primary activity to be CO2 neutral by 2040. Stolt Tank Containers, 50% of energy and utilities consumed in our depots will come from renewable energy sources. Reduce our carbon footprint with our logistic partners by 40% by actively targeting and working with like-minded suppliers. In Stolt Sea Farm, zero waste to landfill, taking recycling and energy recovery as the option for the long term reduction of fish meal and fish oil in our growing feed, 65% reduction for sole and 50% reduction for turbot. Now, these are the targets that we have set, and as I stated, we've always had such targets, but we haven't reported up on them. Now we will clearly report it in our annual report and also on our website, and we will also, on a consistent basis, show you our progress towards these targets. Next slide, please. Safety is our priority. It has to be our priority. We will not be able to achieve our strategy in each of our businesses if we cannot operate in a safe way towards our employees, towards the products that we carry, and towards the e nvironment. Also here, you will continue to see these reports both in our annual report and in our quarterly statements, and on our websites. I just want to point out that on the left-hand, the total recordable case frequency, the TRCF in Stolt Tank Containers, nothing really happened. It's just that we are part to improve accuracy of the reporting as the business focused on capturing more minor severe incidents. Next slide, please. Going over to Stolt Tankers. Next slide, please. The fourth quarter 2020 versus the third quarter, we came in with an operating revenue of $272.2 million. That is up from $266.3 million. The EBITDA came up in at $76.2 million, that is up from $71.4 million. Operating profit $31.9 million, up from $28.1 million. Slightly lower operating days, coming in at 5,975 operating days, that is down from 6,118. We saw steady improvement on the trading results driven by the improvements in the regional trade, and also a fantastic job by Lucas and his team in cost saving initiative implemented in 2020. Deep sea freight revenue was down 5.8%, as volume decreased by 8.9%, while rates were up by 3.1%. The rate increases were primarily driven by our contract rates, which I will talk about later. The utilization was slightly down by 6.7%. Higher bunker cost and hedging costs. The average COA rates renewals during the fourth quarter were up by 6.1%. The average of the contracts that we did renew in the fourth quarter were up 6.1%. That was also a nice achievement, taking into consideration that the spot market was quite weak during the quarter. Lower manning costs by 3.1%, as costs related to crew changes decreased due to the easing of COVID-19 restrictions. G&A expenses were up by 3.1% as we eased back on the cost-cutting initiatives that we did earlier in 2020 and started to recruit and replace employees. Employees, sorry. Next slide, please. The bunker cost increased in the fourth quarter. We do not have any paper hedges anymore. They are all used up. 96.8% of our COAs had a bunker clause. We are, since our contract coverage is at around 70% and most of our contracts have a bunker clause, we are 70% hedged through our COAs. You saw that after a nice recovery in the first and the second quarter in the index, it took a slight dip in the fourth quarter. Next slide, please. As I stated, COA coverage is at 72% for the fourth quarter, and that is up from 70% in the third quarter. The contract rates that we renewed, excluding bunker surcharges, was up 6.1%, while spot freight rates were down slightly during the quarter. The spot rate decline in the quarter was also very much driven by the pressure that we see from the MR market. Stolt-Nielsen Inter-European service, the market improved significantly during the quarter, both in volumes and in freight rates. COA renewals were up 1.5%. We also announced, as you might know, that we have done a joint venture with that fleet, with the J.T. Essberger, which is now called E&S Tankers, which became effective subsequently on the 1st of January of this year. Just want to signal to the market that this joint venture, the majority owner in that joint venture is Essberger, but we felt that this is the right for the industry and a right move for that market. Stolt-Nielsen Inland Tanker Service, that is our self-propelled barges on the Rhine River, pretty steady business. COA coverage stable around 85%, but we saw a weak spot market in the fourth quarter. Stolt-Nielsen Inter-Caribbean Service, SNICS as we call it, COA volumes are stable at 80%. Spot market was weak for the quarter. SNAPS, Stolt-Nielsen Asia Pacific Service, improved results in the fourth quarter, driven by higher COA and spot volumes in Australia. Demand in Asia was slowing down in the fourth quarter, we expect and we're starting to see that there's improvement in the first quarter of this year. You can see that the spot rates that are reported by Clarksons Platou came down in the fourth quarter. We are also subsequent to the fourth quarter, we have seen a challenging December month. We are expecting and we are starting to see some pickup in the early part of this year. Next slide, please. As I think we wrote in the earnings release, we expect the first quarter to be challenging, and we do not expect a significant recovery until the middle of the year or towards the third quarter. New chemical production capacity for exports in the Middle East will drive tonnage demand. The biofuel markets continue to advance, driven by the shipping industry's initiative to embrace alternative fuels, a key area of growth on the Deep Sea trade lanes. China and India remain key to deadweight demand growth, while Europe is becoming a net importer. On the supply side, this is where the optimism come, once we get out of this pandemic and hopefully towards the second half of this year, once the vaccine has been distributed, we do expect that the global GDP will recover, as a result, global trade will continue. With an order book of the fleet that we compare ourselves to of 4.3%, I think that the supply-demand balance is in our favor. I expect very little improvement on the demand side will drive a nice recovery in our sector. The core chemical deep sea fleet growth will drop significantly from 2021 onwards. Uncertainty around the fuel and propulsion systems makes it risky to invest in new ships, and that's a question all ship owners that have to order new ships are asking themselves, and I think that there might be further delays in making that decision. Hopefully there won't be a large volume of new orders coming to our sector in the short term. A weak MR market increases risk of swing tonnage entering the edible oils market. I also believe that the MR market order book is also relatively favorable for the ship owners. Moving on then to the next slide. Look at Stolthaven Terminals. Next slide. On the fourth quarter versus the third quarter, we saw the operating revenue coming in at $57.3. That's down from $59.8. EBITDA coming in at $31.8 compared to $36.4. The operating profit only at $8 million compared to $22.7 in the previous quarter. Utilization dropped from 93.7% down to 90.5%. The main reason for the drop in the operating performance, if you exclude the one-offs, is driven by lower utilization in certain areas. That lower utilization due to the commercial sensitivity, we don't want to really specify which terminal we're talking about here. Just to talk, I think that due to the COVID and the uncertainty created by COVID, we are pursuing quite a few opportunities where the utilization is low and there are quite a few inquiries, but due to the uncertainty, the customers are taking longer time to make a decision. We see that the demand is there, but it's taking longer time for them to make a commitment. We had higher operating expenses as a result of higher facility costs. We announced that we did a $12.4 million impairment of our goodwill on the Australia terminal, and the JV equity income was marginally down from the prior quarter. We also did a reversal of an impairment on the joint venture loan of $3.6 million. Going from an operating profit of $22.7 million, we come in at an operating profit in the fourth quarter of $8 million, very much driven by the impairment of the Australia terminal. Next slide, please. Our U.S. terminals remain stable, with utilization above 95% and higher throughput volumes. Our Santos terminal, lower throughput, utilization is stable at 95%. European terminals had a higher throughput and showed stable performance with utilization around 98%. Australia had a lower performance due to lower throughput, utilization stable at 83%. New Zealand performance improved as a result of the lower facility cost and utilization stable at 100%. Next slide, please. MarketMost recent outlook of the major chemical companies and from leading chemical association continue to support an ongoing improvement in the chemical industry. From the reports that we receive, everything is coming in at between 3% to 5% growth for 2021. If you look at the regions, the chemical in the United States, we fell by 1.3% in 2020, but expect a rebound to around 5% in 2021. The Chinese market has recovered, and the production is above pre-COVID-19 levels. The Korean market remains stable for chemicals. Southeast Asia is lagging in recovery. The Singapore overall chemical output fell recent as a result of lower export orders and maintenance shutdown. The European market remains steady for chemicals, although new capacity creating pressure on the market. Chemical output in the EU 27 dropped by 4.4% until September 20, year to date. The petroleum market, especially for transportation fuel, remains below the pre-COVID-19 levels. In Brazil, the chemical market shows signs of recovery with expectation of growth in 2021 compared to the significant drop in demand that we saw in 2020. Next slide, please. Stolt Tank Containers. The operating revenue came in at $130.6. That's up from $125.4. EBITDA came in at $23.7, down from $26.7. Operating profit at $13.9, that's down from $17.5. Utilization up, coming in at 67.7%, that is up from 65.4%. The shipments for the quarter were up above 33,000, that's up from 30,461 in the previous quarter. The activity was very busy quarter. Transportation revenue was up $7.8 million, driven by higher shipments and higher average rates. Ocean freight was up with higher shipments and bunker surcharges. Trucking costs increased due to higher volume and shipment mix. We had higher repositioning cost, shipment cost, due to higher volume of shipments and higher long-haul repositioning costs. What really happened in the quarter is that high activity, but as you probably read in the newspaper, the container lines are extremely busy. They still come up with blank sailings, and they also bump you so that you get pushed off one ship and put on the next one. There's more work and there's more cost for each of the shipments. Also, there's more repositioning because of the rapid change and quick changes that we see in trade flows. The operating profit for the third quarter of 2020 was $17.5. We had $7.8 million higher transportation revenue, driven half a million by higher rates and $7.3 million of higher shipments. We had lower demurrage and other revenue of $2.7 million, and as I said, a higher move expenses driven by these difficult and heavy workload to be able to secure space on container lines and on trucks. We had $7.6 million higher move-related expenses, higher repositioning expenses of $1.8 million, and higher other operating expenses of $1.4 million. As you might remember, we did some dramatic cuts for 2020 to preserve cash. As the market has recovered or didn't fall as much as we prepared for, we have now started recruiting again, especially taking into consideration the higher number of shipments. We had $2 million of higher joint venture equity income, making the operating profit for the quarter of $13.9 million in Stolt Tank Containers. Next slide, please. We are already now seeing high activity, a lot of activity in STC. High shipment volume is expected both in the first and second quarter, but continued risk of outbreaks creates uncertainty. It's very difficult to predict. Again, once the pandemic hopefully is behind us, we do expect a continued increase in demand for the shipment in tank containers. Activity in market is high and extremely competitive margins under pressure with rising ocean freight costs and tight market conditions in all major regions. High demand in North America, seasonal slowdown in South America. In Europe, shipments from all markets remain strong. China remains very busy with high inventories adding pressure on margins. Demand in Southeast Asia has improved. India market had record volume due to the rise of imports and increased export in food and chemical trades. The Middle East demand has risen in both UAE and Saudi Arabia. Volumes is very strong and ship capacity is an issue. Food grade demand was seasonally weak in December, but activity has rebounded. Ocean freight cost expected to rise and continue to rise in 2021 as carriers control capacity and space allocation, which will negatively impact margins as we work to pass them on to the customers. Most of those ocean freights and trucking rates are passed on to the customers, but there is a lag in recovery. Next slide, please. Jordi, I give the word to you. Thank you very much, Niels. Good afternoon, good morning. I'll have the pleasure to guide you through this specific section on Stolt Sea Farm. Start with fourth quarter results. The operating revenue for the quarter was $19.7 million, down from $22.4 previous quarter. EBITDA was $3.1 million, down from $5.2 million. Operating profit was $1.2 million, down from $3.9 million on the previous quarter. As to volumes sold, we sold in previous quarter, 1,900 metric tons, turbot and sole together, down from 2,425 metric tons on the previous quarter. Most of the decreases are in turbot, and it's caused by, first, the seasonality effect, because we have larger sales in the summer period than in fourth quarter usually, but also the second wave of COVID that's been hitting our markets quite strongly. We were able to increase prices from Q3 to Q4 in turbot, and we are expecting that Q1 2021, we will see an increase in sales and volume sold in turbot. The Christmas campaign is a peak one for sales, and that usually impacts first quarter positively. You see also that we had higher G&A expenses in the period because we reactivated some marketing investments. We also, well, it came to an end, the salary cuts that we did during Q3, and this partially offset by a lower depreciation due to the lower volume sold. Let me now share with you what we do at Stolt Sea Farm, what's our core business, and our growth ambitions going forward. Next slide, please. Let's start with some general information. We at Stolt Sea Farm are the global pioneers and innovators in land-based aquaculture of flatfish. We've been farming in land-based for more than 30 years now, and with recirculation technology for more than 20 years today. It is our company's purpose to ensure that future generations continue to enjoy wonderful seafood. Turbot and sole are wonderful seafood indeed. While these are flatfish, they're 100% land-based farmed, and they are consistently selling in the market at higher average prices than most of the farmed species today. Next slide, please. Stolt Sea Farm is a company that has been creating value for decades and is very well positioned to continue doing so. It is a proven business from both the biological side and the financial side. We have a long track record of delivering sustainable results. We've created a market leadership on the two species, turbot and sole, which again, are sold at higher average prices than most species in the market. This leadership we have obtained through the technological capabilities that we have developed through those 30-plus years in operating land-based farms. Mostly and significantly through the exceptional broodstock, but also thanks to the proprietary flow-through and recirculation farms that we own and operate. Of course, thanks to the leading competence of our team and the fact that we have a shareholder that has a long-term orientation. We see a very significant growth potential for the business going forward. You will see it a bit later, based upon the recirculation technology and the capacity to expand sole farming with it, but also a very strong seafood demand and megatrends, and obviously the Stolt way of farming responsibly and sustainably. We'll see that now. Next, please. This is an overview of where we are today, so you get to know us a bit better. We own and operate 14 farms and two hatcheries, all of them land-based, in five different countries. As you see on the right charts, most of the turbot production is happening today in Spain and Portugal, and we have another farm in Norway. In the case of sole, the production is already more widespread geographically, and that's the idea, to continue doing that, thanks to the recirculation technology we have developed. Speaking about geographical diversity, you see that we sell to more than 30 countries today, with big part of those sales happening in what we call Southern European markets, which are more natural, let's say, markets for turbot. That's Spain and Italy, mostly. It is the new markets, we call new markets, so Northern European markets, North America, Scandinavian markets, those are the ones growing faster. As you see, we have around 408 employees today with us. Next slide, please. That was an overview of where we are, and this is an overview of our leadership position in the market. On the left, you can see how both sole and turbot have been consistently selling at higher average prices than most of the farmed species in the market. On a continuous growing trend in recent years, and a very positive one. Of course, 2020 hit our average prices down because a lot of our sale s are happening in what we call the food service or HoReCa channels, so restaurants and hotels. We are now seeing already a recovering trend. Of course, there was this decrease in 2020. On the right, you can see that besides selling on high-end part of the seafood industry, we have a strong leadership position on the two species we farm. In the case of turbot, in 2019, we finished the year with 71 market share. That's including our own production and the trading operation that we have. In the case of sole, we finished 2019 with a share of 41%. Today with the two new recirculation farms that we just started harvesting from, we are going to be seeing by the end of 2021, a higher market share of probably 60%. Next slide, please. I've been talking about recirculation. I would like to introduce you to the module. That's how we call it. It's our new recirculation farm for sole. It's a proprietary design. It's the fruit of 20 years of expertise in recirculation and in the sole species. We have designed internally, we call it optimized module, because it occupies a small piece of land. It's very robust in terms of biological safety. We have implemented specific technology for that of our own design with optimized energy consumption. Again, it occupies a small piece of land. One of the beauties of this module is that you can basically replicate it and install it almost anywhere in the world. Very close to consumer market, for example, but also in areas where, I don't know, there's difficulties of land availability or water availability as well. This particular one you see in the picture is the one that we have in Spain. We started harvesting already in January this year. It's already harvesting regularly. We have a second one operating. The one in Spain is installed in an industrial area, by the way. The second one in Portugal, which is installed or built in an environmentally protected area. Already introduced juveniles in December and will be harvesting probably by the end of the year. Another good thing of this module is the economics of it. I'm sharing here with you that the CapEx, so the investment for one of these modules is roughly EUR 10 million. The return we're expecting on EBITDA is EUR 2.5 million per year, more or less. We are expecting probably to be exceeding this return. It is not only a very good solution to expand sole farming globally, but it's also profitable one. Next, please. With that, with the module I've shown you, and which is a reality, it's already happening, I would like to share with you what's our growth aspirations, our growth plan. You see that from 2019, where we finished with roughly 9,000 tons sold. By next year, 2022, we will be doubling already our sales or production of sole, thanks to these two recirculation modules that I showed you. It is our intention that by 2025, that's what we call the near term growth aspiration, we'll be again doubling the production for sole and w ithin our existing facilities already. With implementation of more of these modules. We will be adding some 20%-25% more, own production of turbot to reach roughly 10,000 tons produced by us, by Stolt Sea Farm. The long-term aspiration is to reach beyond 23,000 tons. You see that most of the growth is coming from sole because that's the biggest potential that we see in terms of growth in the coming years. What's the key drivers for this growth? For turbot, we're going to be rolling out our proven flow-through technology. In the case of sole, as I mentioned, we will be rolling out this recirculation technology that we've been investing on. After years of R&D and investing roughly EUR 75 million in development of the sole species, including CapEx, we are ready to expand and accelerate growth with it. On the two species, we will be building a wide network of sites. That's what we call internally, the multi-site strategy, which allows us to reduce biological risks, but also to be spread geographically and be closer to markets. The near time growth is on pre-identified or already owned land. With this, I hope I've been able to share with you that we have built throughout the decades a very robust and profitable business with turbot that has the potential to double in size. In the case of sole, a more significant growth potential ahead of us that we will be capturing through the recirculation technology. Thank you very much. Now back to you, Niels, I guess. Yes. Thank you. Just before I start talking about Stolt-Nielsen Gas, I would just like to comment, we announced earlier in January that we are exploring the opportunities of doing IPO of Stolt Sea Farm. The purpose of the IPO is to make the value of Stolt Sea Farm more transparent to the market. Under the current structure, with tankers, terminals, and tank containers, they kind of fit together, same customers, same products, same markets in which we operate. The fish business, we've always been criticized for having it under this structure. We have earlier stated we're not interested in just separating out just to get a higher share price. Not at this time, because we've spent 20 years in developing the sole. The turbot has been profitable all along and has been financing the development of sole. Now that we have cracked the code and we are just about to launch with the technology, the proven technology that we have developed, we have this phenomenal, fantastic growth that we see, the opportunities that we see both for turbot and for sole. Since the interest in the market for this type of operation, and if I compare the other companies that operate on the land-based recirculation, I felt it was time for us, even though we hadn't gotten the full production and the full EBITDA out of the sole investment yet. We have, as Jordi showed you, we have the plan to do so. We have decided to explore the opportunities to do an IPO of Stolt Sea Farm. We have had early look meetings. There's a lot of interest but the final decision hasn't been made. That's something that we will be considering in the future. If we move to the LNG, next slide, please. This is Avenir. The first ship was now delivered to PETRONAS and is on a time charter for three years generating a nice positive cash to the company. The second ship will be delivered towards the end of February, early March, and is also on a three-year bareboat charter to Hygo Energy. The loan facility of $53 million in place for the first two ships, the drawdown of each tranche on delivery. As we have announced earlier, we have four additional ships to be delivered, two 7,500 and two 20,000 tonners. There are a lot of interest for these ships. The last remaining ships will be delivered towards the middle and second half of this year. As we stand, we don't have any firm commitments, but a lot of demand for those positions. The Sardinia terminal that we have built, we expect commissioning in March of 2021 with commercial operations starting in May of 2021. Next slide, please. That's over to you, Jens. Thank you. Thank you very much, Niels. Good afternoon to those in Europe and good morning to those of you who are in the U.S. As normal, I will review the financials and also go through a few key balance sheet items. Also want to remind you that we have today posted on our website at stolt-nielsen.com under Investors and Reports and Presentations. We have posted the earnings release from this morning. We have posted the interim financials as well as this presentation. Also want to remind you that our fiscal year starts December 1st every year and ends November 30th. Also something to be aware of when you compare the 2020 numbers with 2019 is that the 2020 numbers are based on IFRS 16, while the 2019 volumes still follow the old methodology. If we could go to the next. Oh, that's good. Thank you. Looking at the operating profit before one-offs for the fourth quarter was $58.2 million, and that was down from a relatively strong third quarter where we were at $72.6 million. This reduction we've gone through, and Niels has gone through already to a great extent, it reflects a higher operating cost and lower utilization at Stolthaven Terminals. Higher move-related expenses at STC, not fully compensated for in the revenue due to the lag effect, and a slight reduction in turbot sales as is normal in the fourth quarter. On a positive note, Tankers has continued to experience rising freight rates despite somewhat lower volumes and with the regional trades in particular showing a good improvement. The main one-offs this quarter relate to the net $8.8 million impairment at Stolthaven Terminals. That's the $12.4 million Stolthaven one-offs, less the $3.6 million impairment reversal of a JV loan. After this impairment, we feel we have cleaned up the Stolthaven balance sheet quite well, and that we are in a good position going forward. Operating profits before one-offs for the full year of 2020 was $198 million. That was slightly up from $185 million in 2019. Going down on the quarter, net interest expense for the quarter was down, reflecting the earlier partial repayment of the bond SNI07, which matures in March of this year and also related debt issuance cost write-offs. FX cost was insignificant this quarter, but you will note that the income tax is down to $900,000, and that's a decrease of about $3.7 million. That mainly reflects the decrease that we've seen in the performance of Terminals, Tank Containers and the Sea Farm divisions. Consequently, we ended up with a net profit from continuous operations at $15.6 million. With an EBITDA for the quarter of $128 million, which puts the full year EBITDA, as Niels mentioned, at $490 million. That is up from $441 million in the prior quarter, but there is an IFRS 16 impact to consider in that adjustment. Also for the full year, our net profit ended at $25.4 million. Next slide, please. Covenant. This is a view of the balance sheet from a covenant perspective. You will see that we have three main financial covenants in our loan agreement. It's the debt to tangible net worth, which is shown in the top left quadrant. It is the EBITDA to interest expense, which is shown in the top right quadrant. Then we also have a covenant that requires a minimum tangible net worth of $600 million, which we're well above. If you look at the top left, you will see that we ended with a debt to tangible net worth of 1.53 to one, and that is driven by the debt of $2.5 billion, down $37 million from the prior quarter, and an improvement in the tangible net worth reflecting the underlying profitability. If you look at the top right, the EBITDA to interest expense continues to improve, very much driven by the improvement in EBITDA, and we ended the fourth quarter at 3.55, up from 3.41. Not strictly a covenant, but important to track nonetheless is the net debt to EBITDA on the bottom left quadrant. You will see here there's been a steady improvement since it peaked at the first quarter of 2020, and ended the quarter at 4.68. Our goal here is still to get this to below 4 to 1. You can see what is driving the improvement on the bottom right quadrant, where you can see the EBITDA development, where the recent three quarters improvement in EBITDA have helped strengthen our performance under these covenants. Next slide, please. Capital expenditures for 2020 were $137 million, of which $20 million was during the fourth quarter of 2020. This was primarily reflecting about $12.6 million spent on terminal CapEx, with the balance split between tankers, tank containers and Stolt Sea Farm. You should also keep in mind, as it says in the highlights box to the right, that Stolt Tankers CapEx excludes dry docking, which is capitalized separately. In 2020, we spent $22 million on dry dockings. Subsequent to year end, we started taking delivery of the CTG ships, and you will see an increase in Tankers CapEx, and that reflects the delivery of those five ships in the first quarter of 2021. The first ship entered our service on January 4th, and subsequent ships will now be delivered sort of by the middle of March is the expectation. The good thing about these ships is, yes, it does increase our capital expenditures and we will take on debts to finance them. We are pretty close to completing that financing, but also that these ships will be cash positive from day one when we take the delivery. The 2021 Terminals CapEx, that reflects capital spending that was postponed from 2020 into the future. This was part of, as you might recall, our COVID pandemic response when we, back in March pushed forward expenditures, preserved cash as much as we could and shored up on liquidity. Also want to note is on Stolt-Nielsen Gas, we have $21 million in 2021. That reflects our further commitment for equity injection into Avenir LNG. With that, 2021 looks like we will be spending about $211 million. That's up from $137 million in 2020. If we can go to the next slide, please. Cash flow and liquidity. Niels has already touched on that. I would like to emphasize it. In the fourth quarter, we generated $121 million from operating activities in cash flow. If you take away the interest paid of $41 million, typically the fourth quarter is a relatively intense quarter when it comes to interest payments, you see interest payments were up by about $20 million from the prior quarter. You end up with net cash produced by operating activities after interest of about $80 million. In comparison, we used about $20 million in investing activities, that left us with $59 million after both capital expenditures and interest to pay down debt and to also pay dividends. This strong cash flow generating capability is also reflected in the full year 2020 and also even in 2019, which were two non-strong years by any means. We have shown that we have a very strong capacity to generate cash flow after interest, after capital expenditures, so that we can continue with our focus on reducing debt and putting the company in a stronger position going forward. Next slide, please. This is our debt maturity profile. We have talked about the SNI05, which is maturing in March of this year. We have raised the cash and are ready to pay that off in full on maturity date. That leaves us really with only regular principal payments for the balance of 2021. Our next significant repayment is the bond that matures in 2022, $175 million. That doesn't mature until September for 2022. There's ample time to deal with that. Our intention is to maintain a presence in the bond market. We will keep an eye on how that develops. There's no pressing factors on maturities. The $138 million relates to two sale-leasebacks done with tank containers security, and our intention is to continue to roll that forward once that matures. What we have done so far since the end of the quarter is that we have closed on a $65 million secured loan, secured by our Moerdijk and Dagenham terminal and on a $100 million revolving credit facility. Our expectation is that we'll draw on the $65 million facility, probably within the next few weeks, and then the revolving credit facility will keep in reserve. Also, we are close to completing the financing, as mentioned on the five CTG ships, two of which will join our joint venture with NYK, called NST, NYK Stolt Tankers. Three that we will take onto our balance sheet. From a cash perspective, these will be fully financed 100% at quite attractive terms. With that, I would like to hand it back to you, Niels. Thank you, Jens. Key messages to take away. We want to become more transparent in what we do when it comes to ESG. As I said, you will see this in our annual report, and you will see it also on our website in a consistent manner. Stolt Sea Farm, we are considering doing an IPO to visualize the underlying and making the underlying value in Stolt-Nielsen more transparent. Stolt Tankers, we also have an ambition of doing an IPO of Stolt Tankers, and preparations are ongoing. We need to wait for the right market conditions. As Jens has shown you, the balance sheet is strengthening, debt covenants continue to improve. We have a growing positive free cash flow. We are optimistic for the medium to long term. We can always try to speculate when this pandemic is going to come back. Sorry, it's going to be past us, but I'm quite certain it will be. We are very well positioned in each of our businesses for a global economic recovery. That brings us to the end of the presentation. Now I will be reading out the questions that has been submitted. The first one is from Danske Bank. Anders, can you elaborate how much of your? Somebody. I'm sorry, but somebody changed it there. You can look in published. I can look at published. Can you elaborate how much of your contract portfolio, approximately in%, that was renewed in the fourth quarter in Stolt Tankers? The fourth quarter and the first quarter are the most busy quarters, around 35% in each of those two quarters are renewed. Whoever did it, don't change it or publish it after I've read it, okay? Petter Haugen from Kepler asked how much of your COA volume that did expire was renewed this quarter. Did you win any new contract? What is the average duration of the new contract? I'm not going to state specifically how many contracts we let go and how many we won, but we increased, as you saw from the contract coverage, we increased our contract coverage slightly. Again, we did also win new contracts. We were net positive for the quarter. What is the average duration of the new contract? This is a good question. Because we expect or we are seeing a rising market, the contract that we did renew were all one-year contracts. If it is a multiple year contract, the caps have been increased, not 5% anymore, but more like 20% increases. Most of the contract, because we do expect there's a strengthening market, were renewed for one year. Anders, Danske Bank, on the tank container side, are you able to full recover pass through the increased shipment expenses, both land and sea? Yes, we are. It lags. Bendik Engebretsen, could management comment on what it aims to use the proceeds. Can you stop, Ellie? I'll take care of it. You don't have to publish them. I'll take care of it. Sorry about that. Just a second. Could management comment on what it aims to use the proceeds from a potential IPO at Stolt Sea Farm? Jordi, if you can answer that. Yeah. Not with a lot of detail, but the main intention obviously is to take the necessary steps to roll out the, what we call the near-term growth plan. You've seen that some of the things happening in the near term happened within our already owned or leased land. That's going to be a faster rollout, but we will take necessary steps to prepare for the rest of the near-term growth in terms of acquiring further land, for example. Not much more in detail. Thank you. Thank you. The next one, Jens Hillers from H&P Capital Advisors. On Avenir, can you please provide some color on the charter rates you expect for the delivered vessels? I do not want to comment upon that. I don't want to give specific numbers, but there's quite a bit of demand for these positions, so they're well-timed and well-positioned. I do expect attractive returns on those ships. The same question from the same person. Can you please elaborate on the path to a potential IPO for the Avenir business? Yes. I could say that Avenir, our ambition is not to be a shipping company but is to become a supplier of small-scale LNG to remote customer or stranded customers, as we call it. We are in the process of decommissioning the first terminal. We will then source it, ship it, store it, and distribute it, and also sell the gas. That, as you probably understand, takes time. I feel like we need to have a little more contracted business or have a slightly bigger company before we consider an IPO. In the long run, it is our ambition to do an IPO of Stolt Sea Farm. Timing-wise, it's too early to say. Jordi, there's another one for Sea Farm. Can you provide potential annual EBITDA when sole and turbot production capacity is fully operational at mid-cycle prices? That's something you'll elaborate on, Jordi? Well, again, not with detail on the figures, obviously, we cannot provide at this stage. What I can mention is that the sources for EBITDA growth are going to come from, well, first volume growth from the growth plan. The positive evolution we're seeing in average prices, and then going forward with that and sustaining those average prices high. Finally, yes, with the rollout of the sole farming in recirculation, relevant savings in production costs and therefore much better results. That's as far as we can go at this moment. Thank you very much. Thank you. I would also say that in the presentation, you can see what the EBITDA from each of the modules are. I dare say it's a conservative estimate. It's based on the growth that we're seeing today on these modules. You can see from the growth plan that he presented, you can also calculate the potential EBITDA both for the turbot and the sole. From the information that we had provided, you can make assum ptions. It is Lukas Daul at ABG. You made a bit of a U-turn on dividend, declaring $0.25 in late 2020. Given your market outlook, what is your thought on this subject for 2021? Well, it is our job to provide a return to the shareholders. I feel, as you know, we canceled after announcing a fine dividend for 2019. We held back or we canceled it because we want to preserve cash because of the uncertainty or we stated that we want to plan for the worst but hope for the best. We did it. We took a lot of action as you know, and we did a lot of cost saving and we raised enough liquidity. End of the year, it turned out, as you can see, profitable. We felt that it was the right thing to declare $0.25 interest for an interim dividend for 2020. Going forward, if we continue to see a recovery in the market, needless to say, we will go back to normal dividend. Historically, normal dividend has been around $1 per year. We will manage our balance sheet and conservatively, I'm making certain that we have a strong balance sheet and a strong liquidity position. For Tankers, you write about a weakening spot market, yet your COA rate renewals was up. Is it a result of a low starting point or the COA market being somewhat decoupled from the spot market? I would say yes. Most of our large customers, they do their business with COAs. They can't really operate in the spot market. There is a slight decoupling between the spot market and the COA market. I think our customers that are dependent upon having a steady supply of a steady, reliable service. They see how the market conditions are, they see the supply situation, so most likely they understand that the market is on its way to strengthen. Therefore, even though the spot market has been low in the fourth quarter, we were able to get higher COA rates, and I think that will continue going forward. Also the COA rates have been low because we have had a horrible shipping market for the last, I dare say, last 20 years. It's a long way until we get to the right level. It's not right to say it's been bad for 20 years, overall, the return in shipping over the last 15, 20 years has not been sustainable. It's a long recovery, with the current supply situation, I think that we will get there. I think we will continue to see an increase in COA rates. That's also why we're only willing to fix for one year. For containers, high activity is negatively affecting the margin. Do you consider to prioritize profitability versus growth, or is that difficult? Well, I think that the tank container market has changed. It is changing. It was a young industry where I would say the relatively healthy margins, but it's become more and more competitors, more and more operators. It's become more competitive. The margins will come down, but we need to be, and this is what we see, the demand for the transportation of products in tank containers continues to grow. It still is cannibalizing from drums, or it's taking away from drums. It's cannibalizing from tankers. It's become a very efficient way of shipping products and a very competitive way of shipping products. The demand for the service is growing, but under more competition. The trick of the game is to have the right platform. That is to be able to calculate your pricing correctly, so that you minimize empty repositionings, and we have that platform. I think it's going to be a low margin business, but with more shipments. Hopefully overall higher profitability. What amount of debt are you planning to raise against the five new vessels? I think Jens addressed that. On the Japanese ships, we were able to obtain 100% financing or close to 100% financing. Sorry, on the two Japanese joint venture ships, 100% financing. On the three ships, it was what? 80% financing? Jens? 95% financing. 95%. Yeah, sorry. What is the reason for buying more Golar LNG shares? It's because we believe in the company at an attractive price, and subsequently, the share price has appreciated from what the issue was priced at. That was Lukas Daul, and then we go to the last one we have. Jens, if you can take that one. Can you indicate level dry docking cost for 2021 for tankers? Yeah. Without going into specifics, if you think of us spending around $20 million on dry dockings any given year, that's a good measurement to use when you do your analysis. That completes all of the questions. Thank you very much for participating over Teams. It's a new world and we operate. Unfortunately, we have to continue to do these Teams presentation, but hopefully in the not too distant future, we can go back to regular face-to-face meetings and also these presentations that we usually do in Oslo. Thank you very much for participating, and that completes our fourth quarter earnings release. Thank you.