Hello and welcome to the Concordia Maritime Audiocasted Teleconference, Q3 2021. Throughout the call, all participants will be in listen only mode, and afterwards there'll be a question and answer session. Just to remind you, this conference call is being recorded. Today, I am pleased to present CEO Kim Ullman and CFO Martin Nerfeldt. Please go ahead with your meeting. Hello, everyone, and welcome to the third quarter earnings call for Concordia Maritime. I would like you to go to slide number three, where we see the third quarter of 2021 in short. We could say that the quarter has been a very weak market, unfortunately. As of September, 9 of 10 of our P-MAX has been on this Stena charter. One vessel started early October. We also would like to announce that the bank financing for all 10 P-MAX is completed as of yesterday. We completed the two that was left yesterday. We have also sold all of our IMOIIMAX vessels during the quarter, and we would also like to say that we have docked two of the P-MAX vessels. As I just started with, it's been a very weak market, and that is very clear in the figures. We have a total income of SEK 165 million, leading to an operating result of -SEK 117.5 million and result before tax of -SEK 141.4 million. Now we go to the next page, that we have tried to see where we compare quarter two against quarter three. From an operational, the quarters has been quite similar. The two main differences that in quarter three is the sale of IMO IIMAX vessel, leading to a P&L effect of -SEK 3.6 million, but a positive liquidity effect of $5.5 million. We also have had two dockings, and those off-hire days leave us 10% higher off-hire compared to last quarter. The third is that we also had lower TC rates. That is adding up to a net result of -SEK 16.3 million. Okay, next page. This is Kim Ullman speaking now. We are going back and forth between us. The next page number five, is then trying to just simply describe what we already know, the fact why the market has been as bad as it's been for such a long time. It's COVID related. We can see that the graph is showing an OPEC+ production in the regions of 41-42 million barrels a day, and which came down to 34 million barrels per day during the worst part of the pandemic. That has been gradually going up, but not really enough to make a material impact on the market, as we certainly have seen. We still have a bit to go. We're still missing it 2-3 million barrels a day from OPEC+ to make this material change so that we'll have this impact on the market. That's one way of describing the fact why the market has been bad, and we see the market is bad all over the place. On the next page, we're putting it into the context of our own results for the quarter. Page number five. Page number six, I'm afraid. Sorry. Page number six is then showing product tankers earnings for Concordia at $12,400 per day against the market of $9,700 a day. The Suezmax market has been exceptionally poor. Clarksons is showing $4,200 a day and our results $9,700 a day. The Clarksons average, as you can see, is really telling the story, isn't it? I mean, it's been exceptionally poor across the markets in the underlying markets. It should be Q4. Guidance, the fixed in Q4 2021, the percentages there is, of course, Q4. Sorry for that. We're not showing a figure there on the product tankers since we do not have the IMO II-class vessels anymore and all the P-MAX vessels are on time charter. They are on a fixed charter and not exposed to the spot market, hence no guiding on that segment. The Suezmax, we have fixed the 31% of the open days at a touch under $10,000 a day. Let's go to the next page. Page number seven, which is simply describing the fleet and the fleet list as it is today with its employment and where all the 10 P-MAXs are on this charter at $15,500 a day that we've been announcing many, many times now. In addition to the 15,500, there is a profit-sharing mechanism as well, and the fact that we can sell the vessels anytime during this charter. At the bottom of the page, you can see that the Stena Supreme is still there and operating in the spot market. Next page. Market development, MR, is showing what we just basically have been talking about and showed in figures that we continue to outperform the index. There's a Clarksons Index and the various indices in that segment. We're also basically on par with peers. It seems like we are one of the first to report the Q3, so we don't have the peer figures for Q3 there yet. Next page is the same thing for Suezmaxes, nothing dramatic. We're above the market. The market is just exceptionally poor, as you can see. We just manage a touch over, which is at least a comfort. Next page, Martin, please go ahead. Yeah. I take over with the results for Q3. If you compare Q3 2021 compared to last year, it's not apples for apples here. I just wanna explain the main differences. If you look at the voyage-related operating cost, that is lower, and that is actually just in our books. It is the number of spot vessels that we have, and that could differ between the quarters. If you go to operating costs, you see that that figure is higher, and that is because we have more TC vessels, Suezmax vessels, compared to what we had Q3 2020. Other main differences you see on other external costs, the big difference compared to last year, and this is the P&L effect for the sale of the IMOIIMAX vessels. Depreciation in line with last year. Finance net, if you add the interest income and interest expense, that's the finance net, and that's also quite equal to last year. All this is adding up, unfortunately, to -SEK 141.4 million for the quarter Q3 2021. If we then turn to the key ratios Q3 here, we see that the equity ratio is 25%, and that is if you take the equity divided by the balance sheet. We have available liquid funds of SEK 70 million. We have equity per share of SEK 12.49, and that should be compared to today's share price of around SEK 6.5, I think it is right now. We go to next page, sustainability and safety. I will just first say that here we are presenting fairly or very good figures that we are quite proud of. We didn't have any LTIs for the quarter. It was 0 LTIs. We have had a very good vetting result. The average number of vetting observations during the quarter is 1.75, and that is a very good figure. During the quarter, we have had two potential near miss, and that is two minor things that was found. One corroded wire, and then it was some miscommunication between the pilot and the captain. Nothing really happened, but still it's very important to report all incidents on board. From an environmental point of view, you can see that the bunker consumption compared to last year, all figures here are actually better than last quarter. I will not go through every single figure here, but both consumption and emission is lower. From an efficiency point of view, it's almost spot on where it was last quarter at the same time. When it comes to accidents, we had no medical treatment cases. We had two restricted work cases. It was two minor accidents. It was one seaman that damaged his finger, and then we have one sprained ankle. Minor things, but still it's very important to report all accidents. I leave over to Kim for the outlook. Okay. Thank you very much. Let's look forward. If we take a look at page 14, there is nothing wrong with the world economy now that it finally bounced back after the COVID after 2020. You can see the figures are pretty robust. They seem to be continuing being robust going forward, with IMF's expectation of 5% in the world for next year too. There's really nothing wrong with the economy per se. With that, if we then turn page, yes, with that demand comes with it, so to speak. We expect that to continue to increase. The demand is going up. You saw it in one of the previous graphs that it's slowly creeping up, and it is continuing to do that, you know, together with the world economy. If we take a look at the next page, you could say, well, with all that extra consumption that we've seen developing during this year or coming back this year, then why isn't the market any better? Well, it's simply because that people or the oil consuming countries have been tapping their reserves from their own built-up inventories, which happened during 2020. We are today below the five-year average or below wherever we were before the pandemic. We've been, you know, saying it for so many times that we've been expecting it to come down and all the rest. But here we are. Now we are below. I have to admit that I thought that the market was going to start improving the day we hit the five-year average or the equilibrium of what the inventories were before the pandemic. Fair enough, that did not happen. The oil has come out in small portions, and people are continuing tapping the reserves. This is going down and down the oil inventories. It shows importantly that we are at least consuming more than we are producing for. Sorry, we should have, you know, swapped page quite some time ago. 16 is the page I'm on. Sorry about that. I'm not gonna repeat everything I said, but the picture shows, as you hopefully have seen, the fact that there was a buildup in inventories during 2020, and it's now been tapping on these reserves for a long time, and it's continuing doing that. It shows that we are consuming more oil in the world than we are producing. Something got to give. If we then turn page to page 17, if nothing happens, if we continue doing that, then oil prices will could go to $100, which I don't think anyone wants, as a matter of fact, not even OPEC, because it has other implications. Don't take this picture now as a projection from us that we believe it will be $100. We don't believe it will be $100, and it is not a projection. We're just saying that it could be a result of if we continue tapping the reserves or the inventories. We are rather saying that more oil will need be needed to come to the market. We are expecting that to happen. I'm borrowing a slide here from one of the analysts. Simply, we are expecting the production in the world to go up to balance what the demand is looking for in order not to have the $100 barrel. With this is the basis, this is what we live on. That is the production and the export of oil, of course. If you then look at page 19, it's the repetitive slide we're always showing. We have a low order book. We have a low fleet net growth. We haven't seen a lot of scrapping, I have to admit. Assuming that is coming on stream again, the net growth is still quite low. Demand is going up and supply is manageable. Next page is summarizing it all with positive macro effects, oil and demand. Oil demand goes up and GDP goes up, and oil production is therefore expected to increase. We have low oil inventories now, not something we're expecting. We have it. Low net fleet growth, as we know. Next few slides from 21 and onwards is a few slides that we're showing to show that it's not only us kind of dreaming up these scenarios and these expectations. It is widely expected in the market, and firms are reporting in their reports, you know, things like, as the statement says, "That there is a new pulse in the market and momentum seems to swing further to favor of owners and more volumes are coming," et cetera, et cetera. The next slide is saying, you know, basically saying the same thing, but then focusing on the inventories, and it could hit a low and refineries keep strengthening the margins. It suggests a very solid demand situation. Furthermore, there are, you know, statements like crude volumes to continue higher on crude production increases, et cetera, et cetera. As a complete summary, if you will, of this presentation before we go into the Q&A, is that we have had very weak markets for a long time. We know that. Now we know the reasons why, and we're all in the same boat. We did the P-MAX vessels delivered only in September. Talking about the result, which didn't have a big effect on Q3, therefore. The bank financing is fine. We've sold the two IMOII vessels, and we docked two more vessels. We're continuing as planned. Market-wise, let's not use many words on the market, but it seems like we're at the low and rates have started already in certain segments to show improvement. We expect that to continue, and we expect 2022 to be quite strong year. That concludes the presentation, and we are more than happy to take questions. 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. There'll be a brief pause while any questions are being registered. Again, just as a reminder, that's zero one on your telephone keypad to ask a question. There are no questions on the audio lines at the moment, so I'll hand back over to our speakers. Well, in such a case, we just finish the call, and thanks everybody for participating and listening. Looking forward to seeing you next time again. Thank you very much. Thank you very much.