Ladies and gentlemen, welcome to the Nakilat Fiscal Year 2020 Earnings Results Call. My name will be Connell, and I will be coordinating your call today. If you would like to ask a question during the presentation, you may do so by pressing star on your telephone keypad. If you have joined us online, you can press the flag icon on your web browser to ask a question. I will now hand over to your host, Ahmed Hazem, to begin. Ahmed, please go ahead. Thank you, Connell. Good morning and good afternoon, ladies and gentlemen. Hope everyone is staying safe. This is Ahmed Hazem from EFG Hermes Research, and we are pleased to welcome you today to the Nakilat 2020 Results Conference Call. Today's call will include a recap on the fourth quarter results and the full-year results, followed by a market update and a Q&A session. With us on the line today are Mr. Hani Abuaker, CFO of Nakilat, and Mr. Fotios Dhourutis, Head of the Investor Relations Department. I'd like to hand over the call to Fotios. Please, go ahead. Good afternoon, everyone, and welcome to Nakilat's Fiscal Year 2020 Conference Call. For your convenience, the transcript of this call and presentation will be available on the company's investor relations section of our website. As a reminder, this conference call is being recorded. Many of our remarks contain forward-looking statements, and for factors that cause actual results to differ materially from these forward-looking statements, please refer to Slide 2 on the investor relations presentation. In addition, some of our remarks contain non-IFRS financial measures. A reconciliation of this is included in the notes of this presentation. Nakilat CFO, Hani Abuaker, will begin today's call with a discussion of company's highlights, followed by a brief discussion of group earnings results. After, I will give you an overview of the LNG shipping market and IR updates. Finally, Nakilat CFO, Hani Abuaker, will walk you through the company's business outlook. We will be happy to open the floor for further questions. Now, I would like to hand it over to the CFO of Nakilat, Mr. Hani Abuaker. Hani, please go ahead. Thank you, Fotios, and thank you, everyone, welcome to Nakilat Full Year 2020 Earnings Results Presentation. Together with Head of Investor Relations, Mr. Fotios Dhourutis, I will guide you through today's presentation. I hope that everyone and your family remain safe and healthy through this period of COVID-19 pandemic. Before we can discuss Nakilat's financial achievements of 2020, I would like to take the time to thank all our seafarers and shore-based staff for their continued dedication to maintain the business continuity and bringing clean and reliable energy to the world without disruption. Even though that the global economy and the LNG shipping market felt the negative implication of the COVID-19 pandemic for the majority of the 2020, Nakilat continued to demonstrate a strong resilience as reflected in its outstanding operational and positive financial performance during this challenging year. Nakilat's resilient business model has allowed us not only to navigate through this challenging and uncertain environment, but also to generate a sustainable return to our shareholders. Despite of the COVID-19 pandemic challenges and uncertain economic environment, Nakilat recorded a highest profit of QAR 1.16 billion since inception, which translates into an increase of 15.7% fiscal year 2020. In line with Nakilat's commitment to reward sustainable return to its long-term shareholders, yesterday, the company's board of directors has recommended a cash dividend equivalent of QAR 11 per share, an increase of 10% compared to the same period of last year, as a result of the company's strong financial performance in 2020. First of all, I'm pleased to announce that 2020 was a very successful year for Nakilat in terms of executing our strategy, which has resulted in the safe completion of the 2nd phase of fleet management transition involving seven LNG carrier delivery of one ME-GI LNG newbuild. The 2nd ME-GI newbuild will come in on January 21st, or came on January 21st. As well as the 1st FSRU transition to Nakilat Shipping Qatar Limited and achieving high profitability for our shareholders in spite of the extremely severe business environment and challenges due to the pandemic. Turning to Slide eight and nine of the presentation, the company achieved a strong net profit of QAR 1.16 billion, compared to QAR 1 billion during the same period of 2019, which translated to an increase of 15.7%, which was supported by the vast majority of our LNG shipping segment, wholly owned and jointly owned, contracted with a revenue that is fixed daily with a very minimal exposure to market conditions and ensure extremely high rate of fleet utilization. That is despite of the weak performance related to our shipyard entity and one-time write down of legacy costs pertaining to investments in JV and subsidiary at inception. Shipping and support segment showed a positive trend. In similar positive trend, Nakilat EBITDA was up 4.3% year-over-year to reach QAR 3.2 billion. This continues to be aligned with Nakilat goal to maximize sustainable bottom line growth and create value to our shareholders and stakeholders. Other significant factors that supported Nakilat 2020 bottom line were the lower G&A by 28% compared to 2019. I would just also like to highlight that even our operating cost, apples-to-apples comparison, without having the impact of the INSW acquisition in 2019, which is used to be reported at joint venture levels and not consolidated by line. Our actual operating cost for operating our fleet was down actually 4%. All of these outcomes have achieved due to Nakilat management emphasis on cost saving initiatives and the delivery of the 10, including the second Q-Max on January 21st, under the management of Nakilat Shipping Qatar Limited. This has improved our economies of scale in a way that we efficiently deliver our services in order to maintain healthy cash flow and return to our shareholders. I would like to talk about Nakilat financial position by turning to the slide 10 and 11. You can see that Nakilat strong, healthy balance sheet with a cash and cash balance of almost QR 2.9 billion, as well as a total asset of QR 52.6 billion. We can see our scheduled debt amortization continues the repayment with the freeing up our balance sheet capacity. In 2020, we repaid almost close to QR 1.16 billion, we added a new loan of $910 million to fund a new business opportunity, the net borrowing reached at QR 21 billion. Last but not least, Nakilat current ratio is at 1.41%, the return on equity has increased to reach now 12.3% due to the full utilization of our growing fleet and our effort at cost savings. Let me hand it back to Fotis to take you through an overview of the LNG shipping market and company's IR development. Fotis, if you can please, take it further. Thank you so much, Hani. Before I discuss with you the overview of LNG shipping market for 2020, I would like to take a moment and mention that we intensify our efforts of promoting excellence in investor relations and enhancing corporate value through effective communication with the global investment community in order to ensure that Nakilat attractive investment proposition is spread among global investors in 2020. Our strong commitment of promoting the world's best practices on investor relations reward us with a record number of investors participation in Nakilat quarterly earning results conference call for 2020. In addition, on top of that, Nakilat inclusion of MSCI Large Cap Index, which demonstrated the great confidence of global capital markets in Nakilat. These achievements are testament to investor relations commitment on an open and transparent communication with the global investors and all stakeholders of the company. The global economy and energy demand, as well as LNG shipping market, felt the negative ramification of COVID-19 pandemic for the majority of 2020, as we said previously. In the first quarters of 2020, when the COVID-19 pandemic caused lockdowns in Asia, in Europe, leading to economic decline and a fall in energy demand, the LNG arbitrage closed, implying much less demand for U.S. LNG to be transported in Asia, which were translated to a smaller tonne-mile demand for LNG shipping. However, since then, the picture has changed dramatically. Initially, the impact of the pandemic started to ease, and the economic recovery brought little bit higher demand and increased LNG prices, pushing the margin back into positive territory in the last months of 2020. According to Affinity, the total global energy exports reached to 359 million tons at the end of 2020, which is 3% higher from 2019. The pandemic-led recession remains in force and continue to impact the global demand. Strong demand growth came from East, particularly in China with 16% and India 20% year-on-year. Drewry projects that LNG trade to continue to expand at the current rate of 4.5% in the period of 2020 to 2025 due to the strong demand in power generation. Now, I would like to give you an overview of the global energy shipping market for the fourth quarter of 2020, the page 13 and 14. As you can see in this page, at the fourth quarter of 2020 and January of 2021, a combination of factors such as a very cold weather, a rapid rise in LNG price in Asia, significant transit delays at the Panama Canal, and the lack of LNG shipping availability Tonnage on the market has positively impacted the charter rates in the fourth quarter of 2020 and January 2021. According to SSY, the current spot charter rates for the new technology vessels like ME-GI and X-DFs are around $90,000 per day. The DFDEs are $71,000 per day, and the steam vessels at $52,000 per day. The term contract, which dominate the LNG shipping chartering, has not been impacted substantially like the spot market. SSY assess the one-year LNG shipping charter rates at $60,000 for the new technology vessels, $55,000 per day for DFDEs, and $33,000 per day for the steams. Which is a very helpful benchmark when an owner discuss the term charter opportunities. Now, please turn to the slide 14 of our presentation. In the 2020, the LNG sea new build cost have stabilized at the average price of $186 million. Furthermore, you can see that the global LNG fleet has 543 vessels in operation and another 138 conventional vessels on the order book until 2024 as per Clarksons. This implies an increase of 25% of the total LNG fleet in terms of number of vessels as of December 2020. It is worth of mentioning that the 90% of the existing LNG carriers are chartered with the term contracts of more than six months, and the remaining is available to the spot market as per SSY. The overall consensus among the participants is that the LNG shipping market will continue to be volatile in the upcoming quarters due to the following different factors, such as COVID-19 pandemic, which is still ongoing, new build orders, fleet utilization, trade arbitrage and Panama Canal transit restrictions, et cetera. I would like to hand it over to Mr. Hani Abuaker, our CFO, to give you an insight into Nakilat business outlook. Hani, please go ahead. Okay. Thank you, Fotios, and thanks for the brief about the LNG shipping market during the fourth quarter of 2020. I will move in to slide 16, I will shortly discuss about Nakilat business outlook before we open the floor for questions and answers session. Committing on our growth strategy, Nakilat has put considerable efforts to expand its current excellent in-house ship management operation. For this reason, Nakilat has recruited workforce to continue to deliver a first-class services to its customer around the clock and to ensure the reliable LNG transportation services being provided. In 2021, we expect to see another successful year for Nakilat due to the management focus to expand its own core LNG shipping businesses and to persist on control closely its operating expenses. In the second half of 2021, we expect to receive the third new build LNG carrier that is jointly owned and is going to be under Nakilat commercial and technical management. In addition, we're working closely with our shipyard team to mitigate any adverse exposure to this segment. This shipyard business is expected to see an improvement in the following quarters in 2021 due to the normalized business environment that we expect to see, compared to 2020. Before we open for questions, let me say that everything we do is rooted into our own culture of focusing on the long-term perspective and contributing to more equitable, resilient future, to benefit our client and stakeholders. To benefit also the people in the communities where we live, where we work and where we operate. I firmly believe that the effort of 2020 will position Nakilat to deliver value to all of our stakeholder over the long term. With that, I will ask the operator to open the floor for questions so we can provide the answers, hopefully, right now for you. Ladies and gentlemen, if you'd like to ask a question, please press star 1 on your telephone keypad now. If you change your mind, please press star 2. For those who have joined online, please press the flag icon. When preparing to ask a question, please ensure your phone is unmuted locally. We have a question from Santosh Gupta from Drewry. Santosh, your line is unmuted. Please go ahead. Thank you. Hi, Hani and Fotios. My question is primarily on the fourth quarter. If I look on the quarter-on-quarter basis, I believe the share of joint venture earnings have declined from, I think, QAR 133.7 million in 3Q 2020 to QAR 55.9 million approximately in 4Q 2020. I would like to understand what is driving this decline. That is my first question. Second question is, I understand that you completed your second fleet transition plan phase sometime in November last year. And I believe there are approximately seven or eight more vessels that there's a potential that you can transition. By when we should expect those transition plan to start? These are the two questions I have. Thank you. Okay. Maybe I will take the first question and, Fotios, if you want to take the second one, I'm fine with that. Yes, we have seen a drop in our segment reporting for that jointly owned. That's mainly due to two factors we talked about. One is we have one-time write-off related to deferred assets for some of the start-up financing of our joint venture and subsidiaries. Okay, as part of our assessment each year, these assets or these deferred assets related to financing of the joint venture and the subsidiaries were identified. We believe as a management that maybe they should not have met the capitalization criteria required under the international IFRS standards, and that's something that was done before back in 2007 or 2008. As such, we have evaluated, and we thought it is prudent for us to derecognize these balances and correctly provide what is exactly as Nakilat's financial position. Also, we had a provision. We reversed a provision that was taken last year because of the winding down of one of our shipyard facility, which is the NDSQ. If you add both of them together, one was QAR 150 million written off and one was QAR 54 million. Total net impact was around writing down of QAR 95 million. This is why we have seen in the fourth quarter that drop. I hope I answered your question. Yeah. Thanks a lot. Hello, Santosh. Good afternoon. Regarding your second question, yes, as you know, we have completed the second phase of transition from STASCO. STASCO initially had, at the beginning, when we had 25 wholly owned vessels they were managing. From the completion of the first and the second phase, we have taken the 17. Plus, we have also another two new build vessels that we expect to take them. The third new build vessel is expected on the second half of 2021, and the third new build is expected January 2022. Of course, as you have seen previously, even with COVID-19, we managed very well to transition all of these vessels in a very challenging year, on time and on budget. Hopefully, the conditions will improve with COVID-19 the following this year and at the same time, we will try to do our planning for the remaining vessels as well. I hope I answered your question. Yeah. Thanks a lot. Thank you. As a reminder, ladies and gentlemen, to ask any further questions, please press star followed by one on your telephone keypad now. We have a question from Siddharth Subbu from Arqaam Capital. Siddharth, your line is unmuted, please go ahead. Siddharth, your line is now open. Please ask your question. Siddharth, can you please check whether your line is muted? Okay. Unfortunately, I am going to move to the next question from Waruna Kumarage from SICO. Waruna, your line is now open. Hi. This is Waruna Kumarage from SICO. My question is on the debt repayment schedule. How do you see the outlook of debt repayment in the next, say five to 10 years? When the debts, do you expect them to be repaid over the course as per the schedule? Because the thing is, this gets muddled because of some JV acquisition that you make, which tends to increase the debt levels plus new vessel acquisitions. As for the fleet which was standing, say in 2014, do you expect that debt stock to be paid down gradually? Yeah, for sure. Absolutely. We believe that the amortization of the debt that we take to buy these vessels, or one for at least for wholly owned or even for the jointly owned, will be paid off within the 25 years firm charter contract that we currently have. Even if we have to any time refinance in the interim, we still have the schedules being built based on to match that 25 years charter, the contract that we currently have with the charterers. Yes, you should expect all that kind of debt to be paid off as we are coming closer and closer, which is another 12 years, to the maturity of the firm charter, which is 25 years, even though that we have an option plus five plus five. I hope I did answer your question, and I hope that makes sense. Yeah. Thanks for the clarification. In terms of the interest rates of contractual rates of these loans, since they were agreed upon, say, five to 10 years back. Under the current low interest rate environment, do you plan to refinancing of these or any other way that you can benefit from a lower interest rate? Yeah, it depends on where we are. In some of the wholly owned, okay. We're already like, as we said, we have almost 75% hedged, 25%-30% unhedged in the group level. On the wholly owned, maybe the potential of refinancing is limited. However, in some of our jointly owned or even some of the vessels that we acquired with INSW, they are due for refinancing in the next couple of two years, maybe 2022, 2023. Potentially we might really enjoy some of the lower costs on these vessels. If any other joint ventures that they have similar kind of refinancing that is coming up, they might as well enjoy the lower rates compared to what was the rates when it was locked back in 2006 or 2007. May I ask how significant is this refinancing opportunity in the JVs? In the JVs, we cannot give how significant it is, it is coming up. If you want to, just for the time being, for the next couple of years, you can model the INSW that we really acquired, and these four vessels will come for refinancing very soon, the next two years. That's where potentially is going to be the amount. For the other ones, we haven't disclosed it, to be honest with you. We will see how is the rate, because I cannot really commit if rates goes up tomorrow or comes down and if we decided to continue with the high rates. I really don't want to avoid to go further than more than two to three years. If there's something that I can see and I'm comfortable to give more information about, I'm happy to do that. That's where I talked about the INSW one, because they are fixed almost quite well, almost higher than 90%. When we refinancing them in 2022, 2023, assuming the interest rate is below what it was in 2006 or 2007, then a lot of saving, hopefully, might achieve then. The remaining ones, I think it's also within our control, it's also with our joint ventures. If there's any sort of more clarity as we move on in the future, we usually are happy to really give more color about who are they and what significant it is. We currently have no further questions. I'd like to hand back to Ahmed Hazem for closing statements. Thank you, Colin, and thank you, Mr. Danny and Fotios. With that, I'd like to thank you very much for this call, and if you have any closing statements, please go ahead. Okay. Thank you again for all of you for joining us this afternoon and for your continuing interest in Nakilat. I hope that Nakilat 2020 results, it's a direct of our commitment to serve our clients and our stakeholder. Hopefully, 2021 will provide us another successful year. Again, we're happy always to answer your questions and clarity, and also myself if needed. Thank you very much. Thank you so much, guys, participating. All your questions have received and we'll communicate to the top management. Again, stay safe, you and your family. Thank you so much. Thank you. Have a great day. Ladies and gentlemen, this concludes today's call. Thank you for joining. You may now disconnect your lines.