Hello, everyone, and welcome to Nakilat's first quarter 2025 results call. My name is Nadia, and I'll be coordinating the call today. If you would like to ask a question, please press star followed by one on your telephone keypad. I will now hand over to our host, Ahmed Hazem from EFG Hermes to begin. Ahmed, please go ahead. Thank you, Nadia. Good morning and good afternoon, ladies and gentlemen. This is Ahmed Hazem speaking from EFG Hermes Research. We have with us today Mr. Hani Abuaker, CFO of Nakilat, Mr. Fotios Zeritis, Head of Investor Relations of Nakilat, and Mr. Kamaran Jomah, Financial Planning and Reporting Manager. They are going to be presenting the first quarter 2025 results. We would like to thank them first and obviously congratulate them on a great set of results in the first quarter. Without further delay, Fotios, I'd like to hand over the call to you, please go ahead. Thank you, Ahmed. Good afternoon, everyone, and welcome to Nakilat's first quarter 2025 earnings results conference call. For your convenience, the transcript of this call and presentation are available on the company's investor relations section of our website. As a reminder, this conference call is being recorded, and the media or press are not allowed to attend this investor relations conference call. 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 two of the presentation. In addition, some of our remarks contain non-IFRS financial measures. A reconciliation of this is included in the note of this presentation. Kamaran Jomah, our Nakilat Financial Planning and Reporting Manager, will begin today's call with a brief discussion of the group's earnings results. After, I will give you an overview of the LNG shipping market. Finally, Nakilat CFO, Hani Abuaker, will walk you through the company's business outlook. We'll be happy to address your inquiries. I would like to hand it over to Mr. Kamaran Jomah. Kamaran, please go ahead. Thank you, Fotios. Good afternoon, everyone. I welcome you to Nakilat's first quarter 2025 earnings call. To begin, I would like to walk you through the highlights of our financial and operational performance for the period. Turning to slides 10 to 11 of the presentation, I am pleased to report Nakilat delivered a solid start to the year, building on the momentum achieved throughout 2024. For the first quarter of 2025, Nakilat reported a net profit of QAR 433 million, which translates to QAR 0.08 per share, representing a year-on-year increase of approximately 3.2% compared to the same period last year. This growth reflects the ongoing stability of our long-term charters, strong operational performance, and prudent financial management. To provide further insights into the results, revenue from operations stood at QAR 1.1 billion, increasing by approximately 0.7% compared to Q1 2024. This growth was primarily driven by higher revenue contributed from the wholly owned vessels, supported by strong charter coverage. Our LPG joint venture delivered another strong quarter, outperforming the comparative period due to improved charter rates, cost efficiency, and increased operating days due to two vessels drydocking in Q1 2024. This was partly offset by a marginal reduction in our LNG JV portfolio. Vessels that completed their charter were recontracted at lower rates, though operational performance remained strong. In addition, the shipyard division reported a modest increase in income driven by an uptick in activity levels during the quarter. Interest dividend and other income totaled QAR 34 million, reflecting a decline of approximately 43.6% year-on-year. This decrease was largely due to lower interest income because of strategic cash deployment towards Nakilat's fleet expansion under the new build program. Vessel operating expenses amounted to QAR 184 million, a decrease of approximately 3.8% compared to the QAR 192 million incurred in the first quarter of 2024. This was primarily driven due to timing differences and proactive cost management across the fleet. General and administrative costs increased by approximately 10.5%, driven by cost optimization and operational enhancement initiatives. EBITDA for the quarter stood at QAR 912 million, representing a decrease of approximately 1% compared to Q1 2024. As mentioned earlier, the reduction was largely due to the decline in interest income, partially offset by improved revenue from wholly owned vessels and cost efficiencies. Depreciation amounted to QAR 212 million, reflecting an increase of approximately 3.5%. This was mainly due to completion of the 2024 drydocking cycle, which increased the depreciable asset base. Finance charge decreased by approximately 12.9%, primarily due to scheduled repayment of interest-bearing debt, strategic refinancing of loans at lower interest margins, and capitalized interest associated with the new build program. As tax becomes a more prominent focus due to the introduction of the OECD's global minimum tax rule under Pillar Two, Nakilat has taken steps to enhance transparency by separately presenting tax expenses, which were previously reported within general and administrative expenses. The impact of the new rules on Nakilat remains minimal, given the company's limited exposure to non-shipping income. Now turning to slide 12 to discuss the key areas of our balance sheet. Property, plant, and equipment stand at QAR 24.87 billion, reflecting an increase of QAR 327 million. This was primarily due to capitalized interest associated with the installments made for Nakilat's new-build program. Additionally, Nakilat is now accounting for its full 100% ownership of two LPG vessels previously held under the Gulf LPG joint venture. In prior periods, only 50% of our four LPG vessels were recognized under the joint venture accounting. Importantly, this has no material impact on the company's overall financial results. Our Gulf LPG joint venture partners will account for their remaining two vessels in a similar manner by recognizing full ownership in their respective books. Cash and deposits stood at QAR 2.75 billion as of the 31st of March 2025, reflecting an increase of approximately 5.1% compared to December 2024. This growth was primarily driven by strong operational cash flows during the quarter, partially offset by payments made for Nakilat's new-build program. The current cash position continues to reflect the company's strong liquidity and improving cash flow management, providing a solid foundation for our shareholders. Borrowing decreased by approximately QAR 57 million, in line with the company's ongoing repayment of interest-bearing debt. Nakilat continues to manage its capital structure conservatively and in line with its long-term financial strategy. The net fair value of interest rate swap decreased by approximately 121%, reflecting a movement from a net asset position to a net liability position. This was mainly driven by mark-to-market adjustments in response to a decrease in the floating interest rate, as well as a reduction in the notional amount of the hedge instrument. While this marks the reversal from the prior quarter, it is consistent with our proactive approach on interest rate risk management in support of future financing of the new-build program. These results underscore Nakilat's ongoing commitment to operational excellency, prudent financial management, and long-term shareholder value. Thank you for your attention. I'll now hand it over to Fotis, who will provide you with an overview of the LNG shipping market. Fotis, over to you. Thank you so much, Kamaran. Hello, everyone. Very happy to have you here. I'm pleased to present an overview of the LNG shipping market. As the world's leading LNG shipping company, Nakilat remains steadfast in its commitment to delivering long-term value to our shareholders while navigating global energy economic shifts with confidence and agility. Let's now take a closer look at the LNG shipping landscape for the first quarter of 2025 and beyond. The LNG shipping market in the first quarter 2025 reflects a complex interplay of supply dynamics, evolving demand, and geopolitical developments. Notably, new importers and exporters are entering in the LNG space, reshaping trade patterns. Over the long term, this shift will significantly impact global flows with countries such as Canada, Argentina, and several African nations adding substantial new volume to the market, primarily targeting Asia, thereby supporting increased demand of LNG shipping. Turning to slide 17, Wood Mackenzie projects strong growth in the global LNG trade, with liquefaction capacity expected to rise from approximately 411 million tons per annum in 2024 to around 673 million tons by 2030, representing a substantial 64% increase. This surge in supply will further strengthen the global LNG shipping demand. While short-term rates currently reflect some softness, they have had minimal impact on the long-term charter contracts, which continue to demonstrate resilience and support on Nakilat's long-term chartering strategy. On slide 20, Clarksons notes that the global LNG fleet stood at 724 vessels in operation as of the first quarter of 2025. An additional 314 conventional LNG carriers are on order book through 2031, representing a 46% increase in the global fleet. Meanwhile, the new-build price appears to have stabilized, currently ranging between QAR 255 million and QAR 265 million per vessel. In summary, the LNG shipping market presents a mix of challenges and opportunities. While ongoing geopolitical tensions and evolving tariff regimes could influence trade flows and shipping dynamics, Nakilat's emphasis on long-term stability, operational excellence, and sustainability position us well to continue to creating value for the shareholders. LNG continue to play a vital role in the global energy transition, helping countries to move from the traditional fossil fuels like coal and oil towards cleaner alternatives. Although short-term rate volatility may persist due to the influx of new vessel deliveries, the long-term fundamentals of LNG shipping remain robust, supported by sustained demand growth and market expansion. With that, I would like to hand it over the discussion to Mr. Hani Abuaker, our CFO, who will share further insight into Nakilat business outlook. Mr. Abuaker, the floor is yours. Thank you. Okay. Thank you, Kamaran and Fotios. We're pleased, as the team has shared earlier, that we have delivered a resilient performance in the first quarter of 2025. Again, driven by our stable revenue model and disciplined cost management. Our strategic focus continues to strengthen our position as the world's leading LNG shipping company. Despite economic uncertainties, trade tensions, market volatility, and elevated interest rates, Nakilat long-term charters with top-tier counterparties often span between 10 to 25 years, provide a reliable revenue foundation and visibility. These contracts shield us from spot market fluctuation, ensuring predictable cash flow. Combined with our diversified fleet and strategic joint ventures, this approach enable us to deliver consistent value to our shareholders in such challenging conditions. Sustainability is the core of our strategy. Nakilat is investing in a state-of-the-art fuel-efficient vessels and exploring alternative fuels to align with the IMO 2030 and 2040 emissions targets. Our shipyard services and repair capabilities further enhance our fleet reliability, minimizing downtime and optimizing costs. Our commitment to the 34 LNG vessels under construction with delivery scheduled between 2026 through 2031 is fully supported by a long-term contract with QatarEnergy LNG. This disciplined strategy captures growth opportunities while mitigating market risk. To address financing challenges posed by fluctuating interest rates, we maintain conservative financial profile with a strong liquidity reserve and staggered debt maturities. Proactive refinancing at competitive rates and strict capital discipline allow us to balance growth with stability, ensuring sustainable value creation. As Kamaran noted, Nakilat achieved a profit of QAR 433 million in the first quarter of 2025, reflecting our operational strength. In the following quarters, we will continue to build on this momentum, supported by the resilient business model and world-class fleet. Looking ahead to the remaining of 2025, the LNG shipping market presents both opportunities and challenges. Nakilat remain focused on proactively optimizing our financing activities by evaluating and pursuing the most cost-efficient funding structure to support ongoing cash requirements. We remain well-positioned to navigate economic and geopolitical complexities, leveraging our operational excellence, sustainability initiatives, and strategic financial planning. We remain confident in our ability to advance our global leadership while delivering enduring value to our stakeholders. With that, I would like to thank you and I wish to open the floor for questions and answers. Please go ahead. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to remove your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. Our first question goes to Santosh Gupta of Drewry Maritime Financial Research. Santosh, please go ahead. Thanks. Hello, Nakilat team. As I understand, and I would just like to clarify, the LPG fleet is still four vessels. Now, two are wholly owned by Nakilat and two are in joint venture. Am I correct in mentioning that? Thank you. Sure, I can take that question. During the quarter, there was four as a joint venture and also during the quarter, two vessels are economically owned by Nakilat and the other two vessels now are fully owned economically by our joint venture partners. Great. Thank you. The next question goes to Rob Skepper of Ashmore Group plc. Rob, please go ahead. Hi. Good afternoon, everyone. Thanks for your time today, and congrats on the good results. Just a couple of things from me. I guess just looking at overhead, looking at G&A, it was quite low this quarter. I'm just wondering, was there any one-offs in there, or is there some easing going on costs, and is it sustainable? Hi, Rob. The G&A costs had a marginal decrease. This was due to effective cost optimization measures that were implemented during the quarter. We do see some timing differences, and we expect to streamline throughout the year. I hope that covers that point. Yeah. Yeah. Just on JVs. JVs were kind of weak in the fourth quarter. Looking at my notes, it was to do with some legacy charters rolling off. It seems like JV income's improved again. Is this a sustainable level for that, or is it going to be a little bit more volatile going forward if there were more spot exposure there? Like, how should we think? Yeah. On the JVs, you're right. Some of our joint venture LNG vessels did have some charters falling off towards the end of the year, which have been fixed at lower rates. In terms of the volatility, I think it seems to be stable. We foresee similar performances going throughout the year. Got it. Okay. Great. Thanks very much, Shiv. Thank you. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. We will pause for just a moment. We have a question from Robin Thomas of Epicure Investment Management. Robin, please go ahead. Hi. I have two questions. One was, could you explain the primary driver behind the increase in the net profit for Q1 2025? Do you expect this to continue? My second question would be, could you elaborate in more detail about the decrease in the expenses? Was there any specific cost-saving initiatives or any operational efficiencies that contributed to this reduction? Thank you. Hi, Robin. As I mentioned with the expenses, we are always looking at cost optimization, which is part of our strategy. We will continue to do that throughout the year. Of course, there are elements of timing differences for orders, but we do not see significant fluctuations with those. Could you repeat your first question again? I was asking on the primary drivers behind the increase in the net profit, particularly for Q1. Do we expect this trend to continue for the rest of the year? Yeah. In terms of the net profit, the main drivers were the wholly owned vessels having increased revenue. We had lower OpEx, as mentioned, and reduced financing costs. We don't see any, or foresee any fluctuation or volatility in that trend. Thank you, Robin. The next question goes to Ricardo Rezende of Morgan Stanley. Ricardo, please go ahead. Hi. Thanks for taking my question. Two, if I may. First, on the CapEx for 2025, would you be able to just provide some color on the breakdown for the year, if we should expect any acceleration or if I shouldn't see much volatility across the quarters? Then the second question is on the funding for the new build. If you could also provide some indications on how are the negotiations going and on the timing as well as we just see an increase on the expected payments in 2026, or should we expect anything, any major developments in 2025, or it's something a bit more on the medium term? Thank you. Sorry, Hani, did you want to say it all? Yeah, that's fine. I'll just give sort of insights. I believe that as part of our quarterly results, we had one slide that really shows the CapEx amount and percentages that has been already presented earlier, and I believe it's also as well available in our package, and we will continue to keep it and update it, so for you guys to kind of get sort of insights about the CapEx payments. Yes, it's still the same. As you understand, there's already a planned schedule of payments of milestones that we have to pay to the shipyards. On delivery, we pay around 15%-60%. As we have a lot of vessels coming in end of 2026, beginning of 2027, and going through 2027. You should still expect the same kind of CapEx. From funding, the company is always looking about optimizing our funding needs. There's a lot of hard work in the background in order for us to get the most cost-competitive funding for these projects. We are still going through it. We believe that all kind of fundings will be as per the scheduled payments towards the CapEx that's needed for building vessels. I hope I really give you the answer that you're looking for. Sorry, just to follow up, if I may. On the CapEx, when we look throughout the year, especially in 2025 where there's no deliveries expected, should we see any meaningful variation across the quarters or should we expect CapEx to be pretty much consistent quarter on quarter? No. It should be based on the guidance that we have provided. I think in our presentation, we usually provide guidance about the CapEx, because it depends on the milestones. In shipbuilding, it depends on the milestones. If it is expected in a specific quarter, it could change. Like one quarter it goes up, one quarter it comes down. I believe that's something that we have already provided as part of our quarterly results. I hope that if you follow that, you should be able to see exactly the percentage or the amount of the $7.8 billion across until 2031. That slide should be able to really provide you that guidance, and we are happy to also share it with you separately, which is, we did provide it, I believe, in the previous quarters, and we will continue to provide it going forward. The question is about, is it going to be more or less? Again, there's not much in 2025. It's mainly, I would say 2025 to almost towards the end of 2026, it should not really have that kind of fluctuation. Definitely towards the end of 2026 and during 2027, it's going to start to ramp up with actual delivery of the vessels. Okay. Thank you. The next question goes to Thomas Mathew of Kamco Invest. Thomas, please go ahead. Hi, thanks for taking my question. Just wanted to check in terms of how we should look at JV income and how the vessels are sort of split on the JV side. What's the current split of vessels that are running on long-term charters versus short-term, and how should we look at it for the rest of the year and probably 2026? Thank you. In terms of the split, the majority of our vessels are on long-term contracts. We do have some vessels that are on slightly shorter term contracts, but I think throughout the year, you shouldn't see significant fluctuations with those. Very clear. For 2026, from the JV side as well, it should be largely stable, or? They should be largely stable and in line with what's going to happen in Q1, seen in Q1 and Q2. Understood. Very clear. Thank you. Okay. I would like to really highlight to you guys is that we believe that the level that we are seeing right now is sustainable. You have to take into consideration that as we de-lever, which is also we do it on the joint venture, we should really start to see some sort of a cushion in case of any small fluctuation. The company will de-lever on the joint ventures and their interest costs will be lower. Hopefully, we should expect that also to be reflected in going forward at 2026 to mitigate any of these minor kind of performance related to the charter rate. We should expect a sort of more or less sustainable kind of performance in the joint venture level over the next quarters into 2026. Thank you. As a reminder, that is star followed by one on your telephone keypad. The next question goes to Bobby Sarkar of QNB. Bobby, please go ahead. Thanks. Hi, it is Bobby, QNB FS. Couple of questions. I joined the call late, maybe you've already answered them. What was the driver behind the growth in the wholly-owned vessels, the revenue this quarter year-over-year? Could you explain the small tax item that shows up in the quarter? My third question is, you have this agreement with Shell for the management and maintenance vessels. You are taking more of that in-house. Could you please update us on where that is and what do you expect going forward, please? Thank you. Hi, Bobby. In terms of the revenue, as you know, we have an increment for the OpEx revenue element, which increases with inflation. That is one driver. Of course, the other driver is the part recognition of some of the LPG vessels that we took on board. We do have pass-through revenue cost that goes through there. That is mainly the driver behind the revenue portion of the LNG wholly-owned vessels. And your question regarding The Shell agreement for those, as you know, we've taken some of the management over into Nakilat. There hasn't been any movement or change in the amount of vessels that we are managing. That's something we're constantly looking at and developing in the future. Of course, we'll keep everyone updated on those. You had a third question. Just if you can remind me. Yeah. The small tax item that shows up in the quarter. Yeah. As I mentioned in my section, due to the OECD rules, especially Pillar Two, it's becoming a prominent factor and it's becoming of interest, we have taken a prudent approach in separating it out to allow better transparency. Okay. Just to clarify, we don't see any impact on the new rules with the OECD due to the shipping exemptions that we have. The only impact that we would have within the global minimum tax is minimal, and it will be in relation to non-shipping activities such as interest income. Okay. All right. Understood. Thank you. Thank you. As a final reminder about star, follow by one on your telephone keypad. We'll pause for just a moment. Hi. If I can take this chance to ask you a question. This is Ahmed Hazem from EFG. I just want to get a sense on, given the global tariff situation and the pressure we're seeing on some Chinese-built vessels, what's your current exposure to that right now? Do you have any Chinese-built vessels right now that are basically serving U.S. markets that could be liable to pay a higher fee when entering the U.S.? No, we don't have any vessels that Chinese-built as of today that serving the U.S. We have nine is being built as part of QatarEnergy, nine Q-Max, QC-Max. As of today, we have no any sort of impact related to the LNG vessels. All our current LNG vessels were built in Korea. Thank you very much. We have another question from Marc Adib of CI Capital. Marc, please go ahead. Hi. Thank you for the call. I just have a question on the payable, the timing on the balance. Does this reflect a change of current policy, or if you can give us more color on the nature of it and how we should think of it going forward? Yeah. In terms of the payable movement in the balance sheet, again, this is all to do with timing, it's mainly due to the advances that we have during our hub businesses. No, you won't see any significant volatility. As you know, with quarter and quarter, there are changes in terms of the accruals, et cetera. There isn't any significant business matter that would affect the accounts payable and accruals area. Okay. Just to make sure I'm getting this clearly. This is mostly tied to the ship build program, right? No, it is not. No. It's related to we having one of our marine services is called Nakilat Agency Company. Basically, we do hub services for ship owners, also we do it for charterers, where basically as an agent, you do have advances and you do have payables. It just depends on the quarters when you receive the advances and you pay back the vendors on behalf of the ship owner, which is us, or on behalf of the charterers when once we go and visit different ports around the world. It's purely more of a kind of a business for agency business that is very quite normal for a hub agent. Okay. Thank you. It appears we have no further questions. I'll hand back to Hani for any closing comments. Thank you all for joining today our conference call and for your interest and engagement. It's really greatly appreciated and valued. We remain dedicated to deliver transparency and comprehensive investor relations. I'm sure some of the questions that need further details. I'm very happy if you can approach Putias and Kamaran, and they can get back to you with more details that really address your questions about it. Hopefully, we're going to take all your kind of questions and discuss it internally and to make sure maybe we can address it in the future as part of our transcript, to make sure that you guys really are fully aware. With that, thank you very much. I'm looking forward to see you in person in the near future. Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your line.