Thank you very much. I hope everybody can hear me clearly. Also from me, welcome to this conference call. Today will be our new CFO, Martin Nerfeldt, and myself who will lead you through this presentation regarding Concordia Maritime's results and operation for the first quarter of 2021. We both will have to say that we need to change page whenever that is needed. From now, we change page, and I think we skip disclaimer page, but now you know that it's there. Let's go straight into picture number three, which is the first quarter 2021 in short. Let's start off by diving straight down to the result for the first quarter, which is negative SEK 120 million. That is a bit of a record bad first quarter, I have to say. I've been in the market or in the business for a long time and never seen such a bad first quarter. It's of course, the post-corona that has affected it. I have to admit that we did expect the post-corona recovery to not take this long, but it certainly has, for various reasons of second wave of corona, this fall, et cetera. With that result and the fact that we had a number of bad years behind us, too, all the way from at least second half of 2016 up to 2019, followed by the corona year 2020. It has led us to a situation where we have tried to be a little bit precautionate and managed to get a waiver on one of the covenants with our lending banks. We also started a negotiation with the lending banks and Stena to strengthen our financial position and liquidity. We are coming back more to that particular subject later on in the presentation. On the operation, you can see that we've had three planned dry dockings completed. We've said it many times before, we communicated that in every quarterly report that we have had and still have a heavy dry dock ballast water treatment investment CapEx program. Second to last bullet, Stena Polaris has been extended on a consecutive voyage charter contract, which is nice to see. We see those types of contracts coming in more and more, Stena Paris has been chartered out on a short-term TC contract until August of this year. Let's change to the next page number four, earnings Q1 and coverage Q2. The market has been very, very poor. We can see the average market numbers from Clarksons in dollars per day for the product tanker market and the Suezmax market of $6,300 per day versus $8,700 per day. Even if it's a bit of a poor comfort, we are at least beating that market average by several thousands of dollars per day. Possibly more interesting would be the guiding of fixed so far in Q2, where you can see that 44% of the product tanker fleet has been fixed at an average of $15,400 per day, which is no doubt significantly more than the $9,700 per day in the first quarter. There are signs of some better markets out there, and we hope to be able to continue that streak, so to speak. The Suezmax markets has not really started its journey yet, so we're guiding $14,500 per day for the 40% fixed in Q2. Next page number five is a bit of a busy slide, but it's trying to depict the fact that we've been through an exceptional period. Even if you go all the way back to 2019, you could see, and we've been communicating that and saying that many times, that that was a time when we started to see a structural upturn in the market and things were going to look rosy for the year 2020 when corona came. Even though you see a spike, a short-term spike, a very short-term spike in 2020, which was solely due to the fact that the oil price crashed from $70- $20, and there was a stock build, enormous stock build. When people started to draw from that stock and we had low oil consumption in the world and the OPEC producing countries had started to impose cuts in their production, we certainly had a bad tanker market, and that was from last summer and up until now. That is an explanation or a picture of how it has been looking and the reasons for the bad market. It is COVID-19, which is the main factor. Next page is a conventional page, a traditional page, number six, which we are using or showing every time, and it's showing the fact that we are beating the markets, in particular in bad markets. Over the years, we do it most of the time, unless like it was in Q2 last year, a very short-term spike, then it can be difficult to actually match that. You can see the peers are having a similar pattern, too. Same thing on the next page seven, the Suezmax market. Short-term peaks could be difficult, but over time and in particular bad markets, yes, we are beating the ClarkSea Index. Next page eight, is the fleet status, the P-MAX fleet. Four still on spot market. As I was mentioning in the earlier part of the presentation, we're finding more contracts for the P-MAXes. Now we have two ships on consecutive voyage charters that are paying a premium rate to what otherwise would have been a spot market rate. We have now four ships on what we would call the niche or premium time charter contracts. IMOIIMAX, nothing new. They are still in this bigger, wider pool within SB, which is Stena Bulk product and chemicals pool. The mix of CPP, veg oils, and chemicals is still there, and nearly 80% of the time we go laden. Suezmax position is unchanged, and we're in the Stena Suezmax Pool, and we did add the equivalent of 1.7 Suezmaxes during the fall or autumn last year, which in retrospect was a little bit too early to do since the market has been so poor in Q4 and Q1. We hope that will change from this summer onwards. Next page, number nine, is showing the fleet list and how it's been employed right now with the various darker blue bars showing time charter or CVC contracts. With our firm expectation of a clearly improving market from the summer onwards, you can see that we will be able to have at least a number of our ships enjoying that upturn in the market from this summer onwards. I will be back in a while after Martin has been doing his presentation and talk about what we believe in the market going forward over the next couple of years. With this, I hand over back to you, Martin. Thank you very much, Kim. Firstly, I will go through the Q1 result. As you see, the total income is much lower, and that's, of course, because of the lower rates that we disclose. You could benchmark Q1 figures against corresponding period last year. If we move down in the result, we see voyage-related operating cost. I would like to highlight that our oil hedge positions are included there of SEK 2.9 million. If we move further down, we will see that depreciation is a little bit lower. That's mainly because of lower dollar rate against the SEK. Other things that is interesting is the finance net, almost or more than SEK 10 million lower. That's because of lower LIBOR. Right now, we have 0.25%, and last year it was almost 2%. Q1 result after tax, SEK 121 million compared to a plus result of SEK 29 million last year. We move to page 11, equity ratio. Equity ratio is equity divided by total assets, that is 25%. Available liquid funds has reduced quite a lot. That's because of a negative cash flow that you have seen, also that one of our credit lines is drawn by one of our banks. There you see the equity per share is SEK 15.9. I move to page 12. As we have seen or as you know, we have had a quite weak tanker market between 2016 and 2020. We had some high peaks during 2020 and also 2019, in general, it's been quite weak. We also have had large investments because of dry docks and ballast water treatment. Also we started the year very low. Because of that, we asked for a temporary waiver to the bank group that we also received, and that waiver is valid until end of June 2021. Right now there are negotiations between the company, lending banks, and Stena concerning a solution to strengthen the company's financial position and liquidity. An outcome of this will be presented as short as possible in due course. Let's move to sustainability and on page number 12. We try to divide the sustainability work into three sections. Providing a safe tanker transport. Second, reducing our environmental impact, and taking responsibility for employees and society. On page number 14, we have a lot of KPIs and results for this outcome. If we look at the left side of this picture, we have the statistics for incidents and accidents, and we're very happy to say that we didn't have any LTIs during the quarter. We have had 18 vetting observations and 10 inspections, so that is an average of 1.8, which is fairly good. We have had, during the quarter, two high potential near misses. On the emission side, as you can see on the middle section, we have lowered the bunker consumption and also the emissions. The efficiency is fairly similar to last year. If we move to the right side, we have had one restricted work case that happened during the quarter when a seaman slipped in a ballast tank. He's back in business again. A very good quarter from a sustainability point of view. With that, I leave over to Kim again for the outlook for 2021. Thank you, Martin. Page number 15 is the outlook, and it's actually the outlook for 2021 and 2022. That should have been in there as well. Anyways, for the rest of 2021, it's not only us, this is the IMF figures. I'm looking at page number 16, sorry. Page number 16. We see a recovery in economy and an upswing for the year as a whole. If there is anything lately we've seen, it's the revisions have been upwards rather than anything else. Economy is coming back. With economy, if you look at page 17, it is the oil consumption. The oil consumption broke its neck back a year ago. We know that. We recovered reasonably quickly after that. It's been a little bit flatter. We've seen obviously ups and downs in that line. It's not a straight line, there is expectations. With that economy coming back, we are seeing more and more oil consumption, although oil consumption is coming back. Towards the pre-corona, towards the end of the year, at least we seem to be able to be breaking 100 million barrels a day towards the end of the year. This extra oil, this is the demand in oil. That is what we are going to ship, and that is why we believe that the tanker market is going to increase, because the world needs more oil. If we look at page 18, it's basically saying the same thing, but it's aggregated and put in one place. As an average for the year, there's going to be a lot more oil consumed and thereby shipped for this year and next year. The driving factors behind this is described in picture number 19. Well, simply with the vaccine going out and going around, and making its way through the world. We see a normalization of mobility. We see the emerging markets coming along. China is already having an oil consumption that is where it was before COVID-19, and domestic flights in China are back to where it was, but not the international flights yet. Of course, that's where we still have some way to go. It is coming back slowly but surely, and that's nice to see. With this extra demand, we'll be shipping a lot more oil, that's for sure. Next page is page 20. I said, and I told you during the spring last year when oil market crashed, oil market had crashed price-wise from $70- $20. People were stocking up like there was no tomorrow. When people are having their stocks full, there's no need to ship extra oil, and this is what been hitting us so hard for the last 12 months. However, we have at least managed now with a consumption that is slightly going up. We are drawing from these inventories, as you can see, and we've been saying for a long time now that soon or within three to six months, we expect it to be where it was pre-corona. Now we are very soon in May 2021, and at least for the OECD inventories, we are now weeks away from actually being on that level. The world will, in order to not to decrease the inventories even more, we will start to ship more oil to keep the balance. All of this together in the page 2021. The page 21, I should say, is trying to put a number on the tanker demand. All of this extra oil that's going to be shipped, et cetera, for the reasons we all heard and know, there is an expectation that the demand for seaborne crude and refined products is going to go up by 5%-6% as an average for the year. The other side of the coin, page 22, is then obviously the order book. We don't see many orders going in. The order book is reasonably low and has not been this low for quite some time. You can see that the order book, on average, is about 6% of the existing fleet. We normally do this little extrapolation in page 23, to see if the order book is about 6% and it's coming out to the market in the next couple of years. With some estimated scrapping, we foresee a growth in the product tanker fleet net of around 2%. We'll then take a look at page 24, adding it all up, and in a quite simplistic way of describing it, we've been through the reasons for the demand in seaborne oil transportation, growth in the neighborhood of 6%, and supply only by 2%. These are the reasons why we believe that from very short period of time, we'll start to see tanker rates going up. I know we've been saying it before, but now at least, we have the inventories at the five-year average. We have the vaccine out, and we see the demand for oil going up. All the oil analysts are absolutely convinced that the consumption is going up, and we need to replenish the inventories, too. Already now in May, this month of May, OPEC will start to produce and export more oil, and it's 700,000 barrels a day in May and another 700,000 barrels a day in June, and another one in July. They agreed to that one more time yesterday. We are, as we speak, starting to see more oil coming on the market. We should be weeks away from at least starting to see that improvement in the tanker rates. Finally, as a summary, picture 25. We've been through it. Bad quarter, bad result, one of the worst. We have started negotiations with the lending banks just now. We've been through that. We have this temporary covenant waiver. The rest we've been through. On the market side, on the very right-hand side, I think the most important part is that we are very close to a start of an improvement in the tanker market. I hope we've been able to describe that as simple and yet as good as possible. With that, we go over to a question and answer session. Please back to the operator. Thank you. If you do wish to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. Once again, it's zero one on your telephone keypad to register. There will be a brief pause while questions are being registered. Our first question comes from the line of Dennis Angelopoulos from ABG Sundal Collier. Please go ahead. Your line is open. Good afternoon, gentlemen, and congratulations on the new job, Martin. Thank you very much. Just a question right off the bat for you, Martin, or a couple. You guys talked about the main covenants which are being waived. Could you provide some color on what kind of covenants these are, just so we can maybe model them ourselves? We haven't disclosed the covenants before, and I will not disclose them today either. I'm sorry to say that we're not going to disclose the covenants. It's between us and the bank group. No. That's fair enough. What happens if the waiver is rescinded then? Should we expect that to sort of mean that the revolvers are pulled, or is that sort of your expectation? We will not go into that. To be honest, we don't know. We have a toolbox that we are working with, and now we got the waiver. If not, there were other options. I will not go into any speculations in that sense, to be honest. I could just say that the toolbox is there, and we are working the way through it. That's fair enough. Sure. Just to put some color to it and reiterate what Martin is saying, we're not trying to be cute not to disclose things. That's certainly between us and the banks, and we've never been disclosing the covenants before. We were proactive in making sure that we got a waiver. We have discussions going with the banks and Stena for a solution, and we're absolutely convinced we'll fix that, something will come out of it. We have various options and various alternatives that we're looking at, and in a very proactive and positive way, we're negotiating with the banks and Stena. I'm absolutely sure that we will be, within short, coming out with something that we can release. Okay. That's fair enough. For the modeling purposes here as well, are there any changes, at least to the debt as it currently stands, besides the waiver? Are you going to continue on amortizing as you were before? Are you getting an amortization holiday for the quarter? That's the question you were referring to, right? Yeah. It is. Yeah. To be honest, we don't know in this moment what will happen with that. That is, of course, one issue that we have. Today we don't know the outcome of that, so I will not speculate. Okay. Just let us not speculate, let's talk on facts then. Let's talk on the SEK 8.5 million reduction that happened in this unutilized credit facilities that you guys talk about. Was that just the bank pulling out, or was that a maturity of a facility? If you could just elaborate on that. It was. I could say like this. When we applied for the waiver, it was a thing that happened automatically, so to say. They couldn't have any unsecured credit lines in connection with a waiver request. That was things that is happening in the bank system. Okay. Nothing to worry about. Okay, I'll just leave the banks behind now. That's a lot of questions there, just focus on now just the shipping side of this. The question for you, Kim, the Suezmax vessels are sort of going off the ones that you're JV with Stena in, I think Q3, Q4. Are you considering extending those you can capture some of the market upside in 2022? Is that something you've discussed potentially? Yeah, that option is always there. Of course, since we went in with it earlier, I'm more than keen on extending them so that we can get a bit of 2023 under our belt, too. It's certainly something we're looking at, but it's not on the table as we speak. In the meantime, we hope to be able to utilize the ships or make some money on the ships somewhere onwards until expiry. We'll see. We'll see if we manage to extend on good terms or not. Okay. Just the last one there is just for, again, modeling purposes, how many more dry docks do you guys have remaining in 2021, just so we can sort of get the operating days for dry dock? Two, Martin? Two. Yeah. Yeah. Okay. Two more dry docks sort of are going to be paid for in the remainder of the year. Okay. Yeah. Perfect. Thank you very much for taking my questions. Have a good afternoon, guys. Sure. Thanks. Thank you. If we have no more questions registered, I now hand back to our speakers for any closing comments. Okay. Thank you very much. I thank everybody for listening, and looking forward to seeing you soon again, if not before. It will be certainly in August when we are presenting our Q2 results. Thank you very much for today. Bye-bye.
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