Hello everyone and welcome to Nakilat Second Quarter 2025 Results Call. My name is Ezra and I will be your coordinator today. If you would like to ask a question, please press star followed by one on your telephone keypad. If you change your mind, please press star followed by two. We will be taking questions after the prepared remarks. I will now hand over to The Chair to begin. Please go ahead. Thank you. Good afternoon, good morning everyone. Welcome again to Nakilat Second Quarter 2025 Results Conference Call. Today, representing the management team, we have the pleasure of having with us Mr. Hani Abua ker, who's the Chief Financial Officer, Mr. Fotios Zeritis, the Head of IR and ESG Reporting, and Mr. Kamaran Jomah, Financial Planning and Reporting Manager. With the introductions done, I would like to now hand over the call to Mr. Fotios to take it forward from here. Thank you. Thank you. Good afternoon and welcome to Nakilat 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 will not allow you 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 the slide two of our 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. Kamaran Jomah, Nakilat Financial Planning and Reporting Manager, will begin today's call with a brief discussion on the group's earnings results. After, I will give you a review of the LNG shipping market. Finally, Nakilat's Chief Financial Officer, Hani Abu Aker, will walk you through the company's business outlook. We will be very happy to address your questions. Now, I would like to hand it over to Mr. Kamaran. Kamaran, please go ahead. Thank you, Fotios. Good afternoon and good morning everyone, and welcome to Nakilat First Half of 2025 Earnings Call. Before I begin, I would like to take a moment to sincerely thank all our employees, both at sea and onshore, for their continued professionalism and resilience. Their unwavering commitment ensured the continuity of our operation and the safety of our assets, enabling us to deliver clean energy to the world without any interruption. Their dedication was instrumental in delivering a strong performance for the first half of this year and safeguarding the company's success. Let me now turn to the company's financial performance and operational highlights for the six-month period ending 30th of June 2025. Turning to slide 10 to 11 of the presentation, Nakilat continued to deliver a solid performance during the first half of the year. Nakilat reported a net profit of 860 million QAR, which translates to 0.16 QAR per share, reflecting a 3.7% year-on-year increase. This result demonstrates the stability of our charter profile and the resilience of our business model, supported by consistent asset utilization and disciplined financial execution. Revenue from operations reached QAR 2.2 billion, increasing by approximately 1.3% compared to the same period last year. Growth was primarily driven by stronger revenue contributions from the wholly owned vessels under fixed-rate charters. In the LPG segment, Nakilat began to account for its 100% ownership of the two LPG vessels during the period, previously only 50% of the four vessels which were recognized under a joint venture accounting treatment. As a result, revenue from those two vessels is now fully consolidated. While the reclassification has changed, it is important to note this has had no material impact on the company's overall financial results, as our economic exposure remains effectively unchanged. The performance of the LPG vessels during the period was notably stronger, driven by a higher number of operating days following the completion of the dry dock in 2024, and both vessels fixed-on-time charters resulting in an increase in the average daily charter rate. In the LNG JV portfolio, overall contributions were marginally lower compared to last year. This was due to certain vessels concluding their initial charters and beginning recontracting at prevailing market rates. However, operation performance remained strong and in line with expectations. The shipyard segment overall activity was lower compared to the prior years. This was due to reduced activity driven by vessel dry docking cycles. This reduction was expected and aligned with schedules of the Nakilat fleet. However, this was partially offset by increased activities in our fabrication segment, which saw a stronger project throughput during the first half of the year. Looking ahead, we do expect the shipyard segment to deliver stable performance for the remainder of the year. Interest, dividend, and other income amounted to QAR 65 million, down 44.4% year-on-year. This was primarily driven by lower interest income, as excess cash was strategically allocated to fund the equity portion of our new build program. Vessel operating costs amounted to QAR 414 million, reflecting an increase compared to the QAR 408 million incurred in the first half of 2024. The increase of approximately 1.6% was driven by the first-time recognition of operating expenses associated with the two LPG vessels transferred from the joint venture earlier this year. General and administrative expenses declined by approximately 23.8%, reflecting ongoing initiative, timing of planned activity, and disciplined overhead controls. Now, putting what I have discussed together, EBITDA for the first half of the year stood at QAR 1.82 billion, representing a decrease of approximately 1% compared to the same period last year. The decline was mainly attributable to the reduction in the interest income, lower contributions from our joint ventures, and lower shipyard activity during the period. These were partially offset by higher revenues from the wholly owned vessels, including the consolidation of the LPG vessels, as well as a reduction in the G&A costs. In line with our commitment to shareholders and our announcement during the first half of last year, we're pleased to confirm that the Board of Directors has approved the distribution of an interim dividend for the period ending June 30th, 2025. The Board of Directors have approved an interim dividend of QAR 7.2 per share for the first half of 2025. The interim dividend will be granted to shareholders who own shares at the close of the trading session on the 6th of August 2025. These dividends will be distributed in line with the directives of the Qatar Financial Markets Authority through Edaa. Depreciation and amortization increased to QAR 434 million, up 5.9%, primarily due to the capitalization of dry docking costs, which resulted in an increase in the depreciable asset base. Finance charges decreased by 14.2% to QAR 511 million, resulting from scheduled repayment of interest-bearing loans, successful refinancing at more favorable margins, and capitalized interest linked to the new build program. As mentioned in the first quarter results, we have taken steps to enhance our transparency of our reporting with respect to tax-related disclosures, including the provisions under the OECD Global Minimum Tax Pillar Two framework, which has adopted by Qatar. Our exposure remains minimal, as the rules provide an exemption for international shipping income, and our exposure is therefore limited to our non-shipping income in line with the OECD guidelines. Now turning to slide 12 to discuss the balance sheet, property, plant and equipment increased to QAR 24.85 billion, up by 1.3%, primarily driven by capitalized interest from the Nakilat new build installments and the reclassification of the LPG vessels following their transition from the joint venture to a wholly owned asset. Cash and deposits stood at QAR 2.37 billion as of the 30th of June 2025, representing a decrease of 9.5% from December 2024. This reflects strong operational cash flows, partially offset by ongoing capital expenditure under our fleet expansion. Our liquidity position remains healthy and supportive of future growth. Nakilat generated QAR 1.45 billion in operating cash flows, excluding movement and working capital, representing a 4.8% increase compared to the same period last year. Borrowings decreased by QAR 18.9 million, in line with our scheduled amortization profile. As per our strategy, Nakilat continues to manage its capital structure, aligning it with its long-term financial strategy to maximize shareholder returns. Net fair value of interest rate swaps declined by approximately 112%, shifting from a net asset to a net liability position. This movement was driven by mark-to-market adjustments of the floating interest rates. It is important to know that this is a non-cash valuation impact, and our interest rate hedges strategy remains aligned with our broader financing plans for the new build program. In summary, Nakilat continues to demonstrate financial resilience with a stable half-year result and a clear focus on driving sustainable future growth. Thank you for your attention. I'll now hand it back to Fotios, who will take you through the market outlook for the LPG shipping segment. Over to you, Fotios. Thank you, Kamaran, and hello everyone. I'm pleased to provide an overview of the LNG shipping market today. As the world's leading LNG transportation company, Nakilat remains steadfast in its commitment to delivering long-term sustainable value to our shareholders. We continue to navigate the evolving global energy landscape with confidence, agility, and strategic discipline. Despite the ongoing economic uncertainty and market volatility, we remain confident on the long-term prospects of the LNG shipping sector. We believe that the industry will continue to grow and adapt to the changing needs of the global energy system. Our positive outlook is underpinned by several key factors: the sustained increase in demand for natural gas, particularly from emerging markets, alongside the growing diversification of market participants' trade routes, and the continued expansion of LNG infrastructure across the value chains, and the ongoing development of innovative technologies that are enhancing operational efficiency and environmental performance. Nakilat is uniquely positioned to benefit from these patterns and trends. Through our modern fleet, strong partnership, and unwavering focus on safety, reliability, and efficiency, we continue to deliver to the world LNG transportation services that support energy security and energy transition to the global scale. Let's now take a look closer at the LNG shipping landscape for the second quarter of 2025 and beyond. Turning to the slide 17, Wood Mackenzie projects strong growth in global LNG trade, with liquefaction capacity expected to rise from approximately 411 million tons per annum in 2024 to around 675 million tons by 2030. This is representing a substantial 64% increase. This surge in supply will further strengthen the global LNG shipping demand. Moving to the slide 18-19, Clarksons assesses average one-year charter rates in the second quarter of 2025 at $33,000 per day for major X-DF vessels, $17,000 per day for DFDEs, and $4,000 for steam vessels. While these short-term rates reflect some softness but improved levels from previous quarters, they have minimal impact on long-term charter contracts, which continue to demonstrate resilience and support Nakilat's long-term chartering strategy. On the slide 20, Clarksons notes that the global energy fleet is at 752 vessels in operation as of the second quarter of 2025. An additional 299 conventional LNG carriers are on order book through 2031, which represents approximately a 39% increase in the global fleet. Currently, the new build price appears to have been stabilized at a range between $255-$265 million based on the specification of the ships. In summary, as the world accelerates in transition toward a lower emission future, countries strive to meet these climate commitments while ensuring that energy remains affordable, accessible, and secure. In this context, LNG continues to prove itself as a vital enabler of the energy transition, offering a cleaner, cost-effective, and dependable alternative to fast-growing markets seeking to replace higher emitting fuels. While we acknowledge that the short-term charter rate volatility in shipping may persist due to the wave of new vessels delivery entering the market, the long-term fundamentals of the LNG shipping industry remain very strong. This strength is underpinned by sustainable growth demand, increasing energy diversification, and continuing expansion of LNG trade routes and infrastructure. Nakilat remains strategically positioned to capitalize on these long-term trends, reinforcing our role as a critical link in the global energy value chain. With that, I would like now to hand over the discussion to Mr. Hani Abu Aker, our Chief Financial Officer, who will share further insights into Nakilat's business outlook. Mr. Hani, the floor is yours. Thank you, Kamaran, Fotios, and hi everyone. I am pleased to report that Nakilat continues to demonstrate strong operational and financial performance during the first half of 2025, supported by our robust revenue model and disciplined approach to cost management. Our unwavering focus on operational efficiency and long-term strategic planning continues to reinforce our position as a global leader in the LNG transportation. Despite persistent macroeconomic headwinds, including market volatility and elevated interest rates, Nakilat's business operation model remains resilient. Our portfolio of long-term charter agreements, underpinned by highly creditworthy counterparties, provides a stable and predictable revenue stream. This contractual structure effectively insulates us from fluctuation in the spot market, supporting reliable cash generation throughout market cycles. Coupled with our diversified fleet and strong joint venture partnership, this foundation enables us to deliver consistent shareholders' value under a range of market conditions. Sustainability continues to be central to our long-term strategy. Nakilat is investing in a new generation of fuel-efficient LNG carriers and exploring viable alternative fuels in alignment with IMO emission reduction targets for 2030 and 2040. In parallel, our in-house ship repair and maintenance capabilities support fleet availability while optimizing lifecycle costs and vessel availability. We're also progressing with the delivery of all our 40 new build vessels, which are scheduled for phased delivery from late 2026 through 2031. Reflecting our commitment to long-term value creation, this disciplined strategy captures growth opportunities while mitigating market risks. From a financial management perspective, we remain committed to maintaining a prudent and resilient balance sheet. In the face of fluctuating interest rates, Nakilat continues to proactively manage its capital structure through staggered debt maturities, healthy liquidity buffers, and selective refinancing of our debt at a competitive rate. Our well-structured leverage profiles, combined with strong cash flow visibility, allow us to pursue growth while preserving financial stability. As it was mentioned earlier, we recorded a net profit of QAR 860 million in the first half of the year. As a result, that reflects our operational strength and financial discipline. We are confident in our ability to sustain this momentum in the years ahead, backed by our world-class fleet and enduring partnerships and sound financial governance. Looking ahead to the remainder of 2025, we remain adaptive and proactive in response to the global dynamics. Our priority will be further to optimize our capital allocation and financing activities, ensuring we continue to support our growth pipeline in the most cost-effective and efficient manner. Nakilat is well-positioned to navigate smoothly the complexity of today's global environment while delivering on our strategic objectives and creating long-term value for our shareholders. Thank you for your continued trust and support, and I look forward to your questions during our Q&A session today, so please go ahead. Thank you very much. If you would like to ask a question, please press star followed by one on your telephone keypad now. Please ensure your device is unmuted locally, and if you change your mind or your question has already been answered, please press star followed by two. Our first question comes from Rob Skepper with Ashmore Group. Rob, your line is now open. Please go ahead. Hello. Thank you for the presentation. I've got a couple of questions here. First of all, can you give us a bit of an update on the new build program? What can you share about sort of the current progress, anything on that? And also, can you give some latest guidance on the CapEx for FY25? My next question is sort of when are the next sort of large installments due on the new build program? And if any, you can give any guidance on sort of peak leverage for the company and sort of timelines in terms of, yeah, which years and what quarters that would be perfect. Sure. I can try and answer that for you, Rob. In relation to the update on the vessels, it's as per schedule. Everything is going to plan, so we don't foresee any changes in the deliveries. And in terms of the CapEx installment, what we've tried to do in the investor relations package, we've tried to give an indication of the installments as a percentage-wise over the next four quarters and then for the prevailing years, which will help give you some guidance and support in terms of what you need. I hope that answers your question, Rob. Perfect. Thank you. And about the sort of the next large installments and the peak leverage for the company, is there anything you can give on that? As I said, I think if you look at the presentation, I think you'll see the guidance in terms of the installments for the next few quarters. And sorry, what was the second part of your question? Just in terms of guidance on peak leverage, sort of if you can give a timeline for that in terms of which years and quarters, any guidance on that would be great? I think we've touched on it before. I mean, we aim to have an equity of around equity contribution of around 10%, and the remainder would be through some kind of financing, whether it's traditional bank financing or any other instrument. But we see that probably in the next three years that will be coming into play. Okay. Perfect. Thank you. You know, Robert, I think if you look at what we have presented in our investor relations package, this is something that's going to change quarter by quarter. You're going to see the amount of money that we're going to deploy, which mainly is going to be at debt finance, and that will change the leverage going forward. You should really expect. The problem with your question is we would like to maybe we can give you more details with Fotios and Kamaran, but the question comes in, as you understand, we have new debt coming in, and new debt is being from the old vessels is being amortized. It will fluctuate based on when the payment happens and when the debt is being amortized. That's something we can give you a little bit more details. This is no specific number we can give right now because as the debt is incurred and as the debt is being amortized, the numbers will continue to fluctuate. But as what Kamaran said, we're targeting a leverage ratio for the new vessels between around 10%. Maybe it will go 15%-20%, the max for equity portion. The 80% will be debt out of this $6 billion can of investment on the conventional. So you can say around $5 billion is going to be deployed as a project finance. So that's where you can start to really add up as per the investor relation package. But also, you need to take into consideration that also in the existing fleet, we're deleveraging. So you need to add up both of them, and I'm sure you're going to see the level of leverage that we're going to go through quarter by quarter and even monthly, so over time. Thanks. Our next question comes from Santosh Gupta with Drewry Financial Research. Please go ahead. Thank you. Hello all. Can you please throw some more light on the Sukuk financing of new build vessels? So in the previous, I think you answered on the loan to value. Can you also suggest on the number of years for which you are getting the financing? Is it for, say, complete life of the contract, which I would think should be 15-20 years? And also the interest rate, any indication of the interest rate at which you are getting the Sukuk financing for the new build vessels? Thank you. I can try and answer that one for you, Santosh. But the financing in terms of the tenor, sorry, it will be probably around the 15-year mark and in terms of the profile, around 20 years. That's what we have traditionally aimed for, and that's what we'll be targeting. Okay. Thank you very much. Our next question comes from Giuseppe Villari with Morgan Stanley. Please go ahead. Hi. Thank you for the presentation and for taking our questions. We have a couple, if we may. First one is about the CapEx amount. If we look at the presentation from the first quarter, on the slide you were mentioning with the installments and the percentage of delivery, we can see total shipbuilding commitment, and it's around the $10 billion mark. And then if you look at the presentation for the second quarter, this amount is not there anymore. Is this because of just the way you want to present the data, or is that amount subject to change depending on interest rates fluctuations or the agreement with the shipbuilder? And then second question, if we may, about dividends for the second half. What should we expect? Should we expect a similar level as first half or dividend payout percentage? Thank you very much. I'm not sure which slide you're referring to in terms of the installments, but we've always been presenting it as a percentage of the payments required. But maybe we can, if you send us an email to myself or Fotios, we can help you clarify that point. But we've never put any monetary value. In terms of dividends, Hani, can you take that one? Yeah, absolutely. I'll start with the dividends. As you can see, and we have said before, we are planning to sustain the level of absolute dividend that we pay to the shareholders. And we assess that always on the time the board assessed that at the time of the declaration of our dividend. As you can see, we have increased it by a little bit, which is reflecting the increase in our profitability from last year. So you should really expect going forward, as we have highlighted many times in the past, I was part of our capital allocation and ensuring that we reward our shareholders, that we are getting to maintain an absolute sustainable dividend until we start to deliver and receive more of the vessels towards the end of 2026 and during 2027. And then we're going to reassess the amount to be paid based on the financial performance and the generated revenue that we receive from. I'm sure to elaborate a little bit more, and I'm sure the guys can give you more details question. The total program, when you talk about the 25 LNG vessels, remember we have 25 conventional. They're going to cost around $6 billion-$6.5 billion, and QC-Max, which we're going to be funded for 2028 towards the end of 2030-2031 when we receive the large vessels, which is another around $3.5 billion. So that will add up to the $10 billion. What we tried to do in the presentation that was in the IR presentation, we chose what we see for the next four quarters, how the CapEx is going to be secured. All that CapEx, as we said before, will be funded through project finance. So I hope we have answered the question. Yeah, that's clear. Thank you very much. Our next question comes from Fraser Harle with Aberdeen plc. Please go ahead. Hi, thank you. Can you hear me? We can hear you loud and clear. Great. Thank you. Two questions, if that's okay. The first one's to do with, I guess, general administration expenses. The G&A is quite substantially year- over- year. I guess in terms of the optimization initiatives that you have done here, is there any sort of ability to replicate those to drive further reductions at the more material operating cost line? And then secondly, just with the comments you provided about the growth of liquefaction capacity globally, a reasonable proportion of this is coming or will be built out of America. So it'd be interesting to understand any sort of engagements you're having as being a potential shipping partner for these projects there. And if not yet, what's the typical lead time or when do these operators tend to engage companies like yourselves to tender for these contracts? Thank you. Hi, Fraser. I can take the G&A question. Look, I think the G&A has had a decrease, and as I mentioned, it's due to some timing differences. We do expect it to be stable throughout the remainder of this year. And to answer your question, we are always working on optimizing costs, improving efficiency to ensure that we can control and drive the number down. But I'll leave the commercial aspect to Fotios to answer that one. Hello. Can you repeat the second question, please? Yeah, of course. I was wondering if you've, well, when we can expect or when typically you would engage with, I guess, some of the new producers of the liquefaction capacity, I guess some you've got here like Cameron LNG Phase 2, I guess Corpus Christi LNG. I'm not very familiar with the projects, but I guess in terms of new vessel wins or tenders there, have you started engaging with these producers? Or typically when would that occur, I guess, the lead time before these projects come online for you to do the shipping? Okay. Let me tell you clearly. As the world's largest LNG shipping company, always we are very active to the market, engaged with charters, oil and gas companies, traders. So there is no like kind of we're waiting timing. Always we're open discussion to see open inquiries, to understand the market, to see the right opportunity that we're looking, always to have good investment criteria to invest our money and to deploy our capital. So it is not about it's about always to try to find the right opportunity, the right business opportunity on the right timing. And we currently always engage with all the companies around the world. As you know, we have chartered our vessels with oil and gas company kind of like US LNG companies like Cheniere, with Shell, BP. We have many companies who have chartered in the past, and we always engage. There is no specific time, but the most important is to find the right opportunity, the right duration of the contract, the right economics to get in. I hope I answered your question. Okay. Chair, thank you. Thank you very much. Just as a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad now. And please ensure your device is unmuted locally. Our next question comes from Rob Skepper with Ashmore Group plc. Please go ahead. Hello. Sorry, last one from me. Just a question regarding the joint venture contributions. They're still obviously lower than last year. Just would like to know a little bit more about what sort of needs to happen for the JV contribution to improve and sort of what are your expectations regarding this front? Hi, Rob. Yeah, as I mentioned earlier, the biggest contributor is the recognition or the accounting recognition of the LPG vessels. Of course, last year they were fully recognized as joint venture. And during this year, they have moved from a joint venture to wholly owned. So that's the biggest contributor there. I hope that answers the question, Rob. Yep. Thank you. Thank you very much. We currently have no further questions. So I will hand back over to Hani for any closing remarks. Thank you. Thank you very much for joining us today in the conference calls. We really appreciate your comments, and we will try to address them whether separately because some of them are about more of detailed questions. However, we will take the inputs that you guys have raised and will try to have it reflected in the future to give more insights. So we did address the question you were asking about, whether it's about the payment profile, the level of CapEx, and also the level of amortization of our existing funds. With that, thank you very much. Looking forward to seeing you guys in the future, and thank you for joining us today. Thank you very much, Henny. And thank you to all our speakers on today's call. We appreciate everyone for joining. You may now disconnect to your line.