Good morning and good afternoon, everyone. The H1 of 2021 earnings results conference call is now underway. My name is Bethany, and I will be coordinating your call for you today. I now have the pleasure of handing floor over to your host, Ahmed Hazem from EFG Hermes Research. Ahmed, over to you. Thank you, Bethany. Good morning, and good evening, ladies and gentlemen. Hope everyone is staying safe and healthy. This is Ahmed Hazem from EFG Hermes Research. We are pleased to welcome you all today to Nakilat's H1 2021 results conference call. We have with us on the line, Mr. Hani Abuaker, CFO of Nakilat, and Mr. Fotios Zeritis, Head of Investor Relations. First off, I'd like to congratulate management for a very solid set of results. Now hand over the call to Fotios. Please go ahead. Thank you, Ahmed. Good afternoon, everyone, and welcome to Nakilat H1 of 2021 conference call. For your convenience, the transcript of this call and presentation will be available on 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 the slide two of investor relations presentation. In addition, some of our remarks contain non-IFRS financial measures. A reconciliation of this is included in the note of this presentation. Nakilat CFO, Hani Abuaker, will begin today's call with a discussion of company's highlights and followed by a brief discussion of group earning results. After, I will give you overview of LNG shipping market. Finally, Nakilat CFO, Hani Abuaker, will walk you through the company's business outlook. We will be happy to address any of your questions. I would like to hand it over to the CFO of Nakilat, Mr. Hani Abuaker. Hani, please go ahead. Thank you, Fotios, and welcome all to our Nakilat semi-annual earnings results presentation for 2021. I hope all of you and your families are staying safe, and you follow up precautions' measures against COVID-19. Once again, before we get into our results, we will take this moment to say thank you for our seafarers, shore-based staff for their extraordinary dedication to maintain our business continuity and resilience during these challenging moments so we can bring cleaner energy to the world without any delay or disruptions. Now, I will turn to slide eight and nine of the presentation. Despite of the COVID-19 pandemic challenges, I'm pleased to announce that we have reported a profit of QAR 636 million for the H1 of 2021, which is reflect a 15.6% increase compared to the same period in 2020, which was effectively supported by streamlining our expenses and creating additional saving to ensure our sustainable return to our shareholders. You can see specifically our Nakilat G&A and operating expenses has decreased by 15.6% and 2.4% respectively, compared to the same period in 2020, due to Nakilat management emphasis on cost rationalization, structure, and economy of scales. All of the above emphasize Nakilat ability to deliver the required and sustainable return and cash flow during any cycle of an LNG shipping market. We can see that Nakilat EBITDA has reached QAR 1.6 billion in H1, and also, we can see that our current ratio standing up at 1.3 and our return on equity is close to the 12.7%. This is, again, due to our strategy to optimize utilization of our fleet and our continuous effort to cost savings, which will benefit our stakeholders. Now, let me hand it back to Fotios to take you through an overview of the LNG shipping market. Fotios, if you can please take it away. Thank you so much, Hani. Hello, everyone. I will give you a brief update on the LNG shipping market. The market participants retain the positive long-term outlook on LNG as it shares has been a rise in the energy mix for the most economies under their decarbonization goals. According to Drewry, the LNG imports for the top five Asian countries grew up by 12% in the H1 2021 due to the harsh winter season, which depleted their gas storages. Second, lower nuclear output, and third, an increase in the coal to gas switch. Specifically, China's and Japan's LNG imports in the H1 2021 were up 26% and 9% from 2020 respectively. In the H1 of 2021, the global LNG exports have been increased 15% year-on-year. LNG shipping will also benefit from this positive LNG trade outlook as it translates to a rise in LNG shipping demand. Drewry projects the LNG shipping tonnage of demand to increase at a CAGR of 8.1% by 2026. If you turn to slide seven to eight in our presentation, according to Poten, the current spot charter age for modern two-stroke ton is approximately $90,000 per day, $75,000 per day for VLGCs, and $60,000 per day for Steamers. SSY assessed the one-year LNG shipping charter rates at approximately $100,000 per day for many VLFs, $90,000 per day for TFDEs, and $55,000 for Steamers, which is a very helpful benchmark when owners discuss term opportunities for their LNG vessels. Please turn to slide 9 of our presentation. In 2021, you can see that the global LNG fleet is 556 vessels in operation, and another 153 conventional LNG vessels on the order book until 2025 after collections. This implies an increase of 28% of the total LNG fleet in terms of the number of conventional LNG vessels as of July 2021. Currently, the LNG shipping market is enjoying counter-seasonal strength for numerous reasons, particularly due to the fundamental LNG demand. The long-term fundamentals of global LNG shipping are healthy, which would be beneficial for Nakilat due to the fact that our core competency is around the transportation of LNG. Now, I would like to hand it back to Mr. Hani Abuaker, our CFO, to give you an insight in Nakilat business outlook. Hani, please go ahead. Thank you, Fotios, for the brief. In 2021 or the H2, we expect to see another successful year for Nakilat due to the management effort to maximize the utilization of the entire fleet and to optimize our operating expenses. In the H2, we expect to receive our third new build jointly owned LNG carrier under Nakilat's commercial and technical management. In addition, we're closely working to make sure that we optimize all our costs with the shipyard team and to mitigate any sort of adverse exposure to this segment. In addition, we are continuously working and screening the global LNG shipping market to identify attractive business opportunities which would add value to our company and shareholders. Before we open the floor for questions, as we have emphasized before, we will not be taking any questions related to the QP LNG shipping tender announcements that has happened over the last months. We cannot comment on the commercial and technical details related to the tender, which is the project that is owned and managed by QP and QG. For additional details, you can go to the QP announcement, I refer to QP press release, which is on their own website. With that, I will ask the operator to open the floor for questions, hopefully we can really address them today. Thank you. If you would like to register to ask a question, please press star followed by one on your telephone keypad now. We have a question from Lee Beswick of QNB. Lee, your line is open. Hi. Thanks for the presentation. Just a quick question on margins going forward, for not necessarily related to QP, it could be related to anything, as long as there are new ships. Correct me if I'm wrong, the day rates that you have on the current fleet are around $120,000 per day. Is that correct? We do not comment on what is the charter rates of our fleet. Okay. It is commercial sensitivity. We do not disclose the charter rates of Nakilat ships. Okay. You're not going to give us any idea where they are at all in relation to current day rates? If you want just to understand what is the average charter rate for a new build vessel the last 10 years, I can tell you the reference number for the market is $75,000 average the last 10 years. This is for the global shipping LNG. I just wondered if you sign something today, what the typical margins would be, especially considering the new build price of ships, I presume they're going to be going up if steel prices are up 50% over the five-year average. It will cost more to build a new ship irrespective of anything else. I'm just wondering how the margins would look, given ship prices will inevitably have to go up, and day rates are not going up right now. Let me complete- Okay, Fotios, you can go ahead. No problem. No, I just want to mention some parts that the new build prices historically wise is always approximately $200 million. This can change between good times and bad times. For example, can be from $180 to high $220. The average, if you take all this historical wise is $200. Right now, the new build price are approximately $200 million. There is no huge volatility on that. In terms of the returns, always my class, whatever deals we have done in the past, usually we have said that we are looking for a double-digit leverage IRR as that. I will let the CFO, if he wants to elaborate further. Yeah, exactly. The price of newbuild ships has been up. There's been no indication that the price of newbuild ships has gone up given steel prices is double what it was five years ago and 50% higher than what it was a couple of years ago. There's no indication that the price of ships has gone up yet. No, there isn't. Currently, if somebody wants to go ahead and place a new build in South Korea, for example, it's approximately $195 million. This is a range because it depends on what technical specifications you need to build the vessel, what to refit inside. It depends, a little fraction or something else that you need. Approximately right now, it's approximately $195 -$200 million. If you asked me the same question, let's say six months ago, it was approximately $185 million. This is the price indication. If somebody wants now to go ahead and place a new order, let's say you are a shipowner and you want to place order, this is approximately the rate currently. Okay, thank you. Another reminder to participants to press star followed by one to ask a question. The next question comes from Ashwani Gupta from Drewry. Ashwani, please go ahead. Hi, Fotios and Hani. I wanted to know about how your LPG ships are, and in heading and what is your outlook for LPG in general. I have a follow-up question as well, not related to LPG, but to steam turbine vessels. Like recently we are seeing a lot, each week, CII regulations. I think they are going to come. How do you see adherence to the regulations? Yeah, that's all from my side. Thank you. Okay, I can take this question. Regarding the LPG, as you know, Nakilat has only four LPG carriers, which means that we have, let's say, minor exposure LPG relative to LNG. As you know, for example, the approximately VLGC rates in 2020 was $46,000 average-wise. Currently, it has been dropped due to seasonality. The average for the first year of 2021, the market for VLGC is approximately $ 40,000, $ 38,000. The current fleet order book remains at reasonable levels and supports the LPG market in the medium long term. Looking to the future, the market participants, what they expect is actually optimistic. As you know, the LPG is a more volatile market than the LNG, who has the majority of the contracts of LNG are more term or long term. This is my answer regarding the LPG. Regarding EEXI, what I want to tell you is that Nakilat always complies with the new regulation of IMO. We have done it all these years and we will continue to do this one. What I expect is we expect to see the market, how we react with the new regulation, our Steamers are still on term contracts. We expect to see how the market will react, how they will comply in shipowners. Also from Nakilat's side, we will comply with IMO. This is what we can say and what we can do always. I hope I answered your question. Sure. Yeah. Thanks. The next question comes from Neat Path of Axiom. Neat, your line is open. Hi, thanks for the opportunity. I just have only one question. Can you give us some sense of why was there a decline in the JV income in Q2 compared to Q1 2021? If you can give us a sense of that. Yeah, I would take this one, Fotios. We just had a one-time charge in the shipyard entity for a legacy cost, and we took it in our Q2. We should really expect Q3 to normalize in line with the Q1 and hopefully, it will be even better than Q1 due to the fact that actually, operationally, the shipyard entities have performed very well. Just we took this one-time charge that makes the difference. We should really expect Q3 to be stronger and better than Q2, but not only that, but also better than even the Q1 for the joint venture. I hope I answered your question. Yes. Should we expect any reversal in the charge which you have taken, or will it be there on the books? No, it will continue to be there on the books. We as a company have looked at this potential cost and we made a prudent decision to take that charge. However, we believe in Q3, when that charge is not being present, due to the fact that the shipyard facility actually from an operational point of view, they're doing very well. You will start to see a way better result in Q3 than what has been achieved, compared to Q1 and Q2 alone by itself. Perfect. Thank you. Thank you. We have no further questions at this point, so I will hand the call back to yourselves to conclude. We've just had a question come through from Nafez Al Abbas from Ajeej Capital. Nafez, please go ahead. Thank you gentlemen for the presentation. Just as a follow-up from the previous question, how much was the charge in Q2 on the shipyard? We haven't disclosed it exactly yet, how much the charge, but you should expect to be, if you really move that charge, you should normalize it with the Q1 results. I see. Thank you. Thank you. I'll take this opportunity to ask a question myself, if I may. Can we get a sense on when you will continue the ship management transition and getting the rest of the vessels to be managed in-house? Thank you. Ahmed, as you can see, we're continuously doing something, transferring the ship management. Currently, for the new vessels that is taking the delivery, we are the one who's really managing them. For the two global ships that is coming up in this fall and early 2022, we're doing that. We just took the Al Karaana. Now, for ship management, I'm sure that we will disclose if we're ever going to be planning to take more further ship management in due time. You have to understand, we always try to have the capacity in-house in case there's a new business opportunity that might arise any time. We should be able to take that and capture that business opportunity. For now, as of today, we see that our focus was on taking the delivery of the next two LNG ships, is to make sure that we get them in-house and to be technically managed and commercially managed by our team. We took Al Karaana back in December. We're trying to manage that vessel and build in-house the expertise, not only the know-how in managing the Al Karaana. As you know, there's a lot of things going on with Nakilat. We're exploring a lot of global opportunities. If they come, then we will be the one who's managing it technically. I think if there's anything comes as an opportunity, we will let you know guys in due course. Thank you. We have another question on the phone line from Maya Kheir from Schroders. Maya, please go ahead. Yes. Hi, Fotios and Hani, thank you for the call. Maybe following up on what you just said, I'd like to understand what your operational capacity is to take on a big order of vessels. Can you handle, let's say, 10 new vessels at the same time coming from the Qatari supply increase, operationally? Yeah. I think we have a track record of being able to take over the operation of a large size of number of vessels. We've done it twice already with STASCo, in two phases. This year we have done also a number of vessels, which is almost Al Karaana in December, two vessels last year, two vessels this year. I think the company infrastructure that we have built over the years has the scalability factor built into it. We have a pool of seafarers that allows us any global opportunities that might arise to us that we can capture that. I think Nakilat as of today, and that really also reflects in what we're repeatedly saying, the cost saving that you guys are seeing in the G&A and the OpEx year-over-year, it's not a reduction, it's a saving. It's sustainable because there's an economy of scale and scalability factor built in within the organization. Going forward, for us to manage more vessels based on the opportunities that might arise globally or from anywhere, we think that we can manage more vessels, and also we have done it twice already. I think we have no issue to do it another three times or a third time or fourth time. Just to be able to understand in terms of number of vessels, when you say a large number of vessels a year, are you thinking double digits or seven, eight or 10 plus? Again, it depends. Are you- No, go ahead. What I'm trying to understand is, let's say, the Qatar LNG capacity that's going to come in by 2025 will be 33 million tons, and that will require a certain number of vessels. I'm trying to just assess how much additional capacity Nakilat will have to take advantage of shipping these volumes. Maya, again, we said in my comments, we don't comment on a QP and QG project. If today any project anywhere else in the world, okay, if you have a lot of number of vessels, rest assured that Nakilat is ready and got the scalability to do as much number of vessels anywhere in the world. It doesn't matter where it's being located. Again, I don't want to comment on QP or QG because that's something sensitive, that's something commercially. For us as a company, as a global leader, as the company who has the largest LNG shipping capacity, I can assure you that we can do large number of vessels. Please, if you have anybody who has globally 10 or 20 vessels that need somebody to really run these vessels, we're happy to do that. Just let us know for sure. Great. One more question from my end. The first two vessels, the newbuild vessels under the Maran JV, that was received over the last 12 months had short-term contracts. Have you managed to renew the charters for the first two? They are still on charter. Once they finish, we might have to provide further information, but currently, we cannot provide any further information as they are still on charter. As you know, this is part of our commercial sensitivity for sharing information, but they're currently on charter. Any idea when they will be up for renewal? Can you share with us? I cannot do that right now, unfortunately, because again, like we said, they're commercially sensitive information, and we would like to always keep it as part of our best interest to the company and to the shareholders of Nakilat, because it allows us to negotiate and secure always a better rate when we know exactly when these vessels might be renewed. Again, you don't have to worry about not being chartered. Most probably, we will do that. We don't communicate or announce it before they are being closed or before the deals being closed. Yeah, great. Understood. For the third one that's coming this year, do you have a confirmed date that you can share with us? Sorry, Qatar? February. I think Fotios can give approximate date this time. Yes. The date specific we can't give, all you can expect is approximately October, November of 2021 will be the third. The last one is expected at the beginning of 2022, January, February. This just will give you a rough idea. Okay, great. Thank you so much. We have a question registered from Nikhil Arora of Franklin Templeton. Nikhil, please go ahead. Yes. Hi, Hani. Hi, Fotios. Thank you so much for the call. Maybe a couple of questions from my side. First of all, just continuing with the last question that was asked. On a capacity point of view, let's say if you were to expand, would you rather go via the JV route like you have done in the recent past, or let's say, would you have the capacity to take on more debt on the standalone balance sheet and own that asset 100%? To be honest with you, we are indifferent. I think our balance sheet is very strong. People appreciate the Nakilat story. People appreciate that contract that backs the Nakilat story. That's why we have bonds that are best rated in the world in the shipping segment. If we have decided to expand through the joint venture or standalone, our balance sheet, our contracts should always give us the right support to secure the cost of funding that we need for any project. Okay. Thank you for that. This is not related to the North Field, but to the Texas project where Qatargas is also involved. Has a tender for ships been floated from that project as well and do you intend to participate in that? As we said, anything related to QP or QG, I think you will need to go and seek that information directly from them through their website or listening to their press release. As we said, we don't comment on the commercial matters that have not been disclosed publicly, and that's something that is related for QP and QG, so they will provide you more detail. For us, as I just said, for GemiMa, is that we are an energy shipping company. We have been established for the last 16 years. We are operating close to 28 vessels. We have a track record of potentially able to manage in one year, a number of vessels. As a global shipping company, we're happy to participate anywhere in the world in dealing with any charterers or any business opportunity, and usually we only disclose it when it is the right time to do so. Anything specific to a specific project related to QP, for their energy production, I'm sure they are the ones who can provide further details if needed. Okay. Maybe lastly, on your G&A expenses. Although I think year-on-year they continue to go down, but we have seen some pickup in the last two quarters. If you could comment on what's a more sustainable level, or if Q2 is something that we can expect to be the quarterly run rate going ahead. I think you have to understand, last year we had 50% or 28% drop. The year we had 18%. These levels are supposed to be more or less sustainable. As I just said, these are not about cost reduction, these are about scalability factor. It's about us doing cost savings. It's about us taking, leveraging that economy of scale of the company with the number of vessels that we are managing. A lot of the resources and the infrastructure that was built over the years for that number of vessels to be managed now is being utilized and charged as part of the OpEx part, rather than just staying in the G&A side of the business. I'm very comfortable that this level is sustainable. Maybe going forward, we'll be in the same level or with a minor increase due to inflation factor. As we can see at these current levels, I think we're almost tracking 30%-40% down compared to what we were. I see these things are sustainable, the levels that we can see or be at least for the next one or two years. If we have more vessels to be managed in the future and we have further number of vessels increase, maybe that number will be even further optimized. Okay. Thank you. Just like to make a last reminder to participants to press star one on your telephone keypad to ask a question. If you've joined on the web, you can press the Request to speak flag icon as well. We don't appear to be having any more questions coming through, so I'll hand it back for you to conclude. Okay. I would like to thank all of you for taking the time again to participate in our conference call today. All your questions is well received, hopefully we can share it also with the management of the company, and we look forward to seeing you always. If you have any questions, please contact Fotios. He's always happy and maybe can provide further details, if you guys require it or need it. Fotios, I'll just leave it from here with you. Thank you so much, guys, for your attention to participate in our call. Always happy to hear your feedback. Have a great day and take care of yourself and stay safe. Thank you very much. Bye-bye. Thank you, Mr. Hani. Thank you, Fotios. Thank you everyone for attending. Have a good day. This concludes today's conference call. Thank you very much for joining. You may now disconnect your lines.