The conference is now being recorded. Hello, and welcome to Concordia Maritime Q3 report for 2022. Throughout the call, all participants will be on listen only mode. There will be an opportunity to ask questions. If you have any questions, please press zero one on your telephone keypad. Today, I'm pleased to present CEO Erik Lewenhaupt and CFO Martin Nerfeldt. Please go ahead. Good morning, everyone, and welcome to the 3rd quarter of 2022. Just to say that, in general, that we are quite happy with the asset market. As you know, we have completed the sale of Stena Paris this quarter, making a small book profit and, making a quite big liquidity effect of around $7 million that we have used for repayment on other vessel loan. As we have also communicated, we have sold but not delivered three P-MAX vessel. The sale of these three vessels are not recorded in the P&L this quarter. They will be recorded on delivery. In Q4 and in Q1 2023, that's the plan right now. The sale of these three P-MAXs will result in a liquidity effect of $30 million, and that will also be used for repayment of loans. We are also both happy and proud that we haven't had any incidents reported at all this quarter. The profit sharing for so far for this 3rd quarter has been seven and a half million SEK. We expect that could be slightly higher for the 4th quarter in 2022. If we then look at the results, we've had a total income of SEK 118 million. If we compare that to 2021, it's a reduction, but that is because we have sold off several vessels. We also have a small gain of sale of vessels, and that is Stena Paris. That has a book gain of SEK 2.9 million. We also have a profit sharing of around seven and a half million Swedish krona. Positively, if you compare 2022- 2021, we have an EBITDA of almost SEK 40 million. Our operating result, unfortunately, minus 3.6 million SEK compared to 117 million SEK last year at the same time. If we then add interest costs, we're adding up to, as a result before taxes, minus 22.8 million SEK compared to minus 141.4 million SEK for the same quarter last year. With that, I will hand over to our CEO, Erik Lewenhaupt. Thank you, Martin. We go to next picture, please, which is the fleet and employment structure. As you are aware, we now operate the fleet of the sister vessels, which are the seven P-MAXs, the 65,000 ice-class product tankers. We have all of the ships, apart from Stena Polaris, on a time charter agreement with Stena Bulk, which is a five-year time charter with profit share. In this table, we've also included an overview of Stena Bulk's employment of the ships in the market towards end users, which is a combination of mid-term time charters and shorter-term market-related contracts. The Stena Performance, Primorsk, and Provence are undergoing sale, as Martin mentioned. We can go to the next picture, please. Q3, as you can see, has been a very strong quarter when it comes to the tanker market in general and the product tanker market as well. Of course, it's no beating around the bush. It's very unsatisfying that we have an earnings result for the quarter of SEK 16,400, including a conservative, we should say, estimate of the profit share for the quarter. Still, compared to the spot market, of course, we are way off. As you can see, spot market has, on the top graph, had a strong development even though it fell back towards the end. On this index that we're using, which is from Clarksons, spot market around 33 for the quarter, a 12-month time charter at 26, and a three-year time charter at 18. Worth remembering as well is that we are on a five-year time charter with a profit share element, which was entered into end of the summer last year. We can move to the next picture, please, which is the asset values. This is a more positive note for us. We should say that thanks to the strength in the market since March this year, the asset values have also had a very firm development. The graph is showing 10 and 15-year-old MRs on an index. As you can see on the higher line, for a 10-year old asset values have increased from somewhere around $17 million, $18 million up to around $28 million for a 10-year old reference ship. As it looks on this graph, the asset values have maybe plateaued out in Q3. We have done a valuation of our fleet. Usually, we do that every six months. This time, because of the strong development, we've done a valuation also after Q3 and can just conclude that the fleet has increased in value with around 20% during the quarter. This is also, I should mention, a MR index, so it's a 47 deadweight ship against our 65 deadweight. Just to be clear, then we can move to the next picture, please. Thank you very much, Erik. This is the result for the 3rd quarter of 2022. Total income, that's an effect of that we have a much smaller fleet now in the actual quarter, SEK 180 million compared to SEK 165 million. I will go through the cost items more in detail here. Voyage related operating costs. Here we code spot trades. Right now we have all our vessels on time charter, so there are no costs for this line. Operating costs, the quite big decrease since last year. That's why we have sold two P-MAX vessels, one Suezmax vessel, and also handed back the Suezmax time charter deal that we had. If we go on seagoing personnel, that's our owned vessels, also quite big reduction. Personnel expenses, that's our head cost, also reducing when we sell off vessels. Other external costs, also quite big reduction. The case here is that when we sold the IMOIIMAX last year, even it was a liquidity boost last year, the SEK 37.5 million, we got the book loss on that vessel. We could use the money anyway. So liquidity-wise, it was a really good deal. Depreciation is going down also because we have sold off vessels from SEK 60 million to SEK 40 million. If we look at the interest also going down, but on the other hand, there is an increase because of higher LIBOR. If you compare each vessel right now compared to Q3 2021. Unfortunately, that's adding up to a minus result of SEK 22.8 million compared to the same period last year of minus SEK 141.4 million. We change page to key ratios. Equity ratio, quite stable. Equity ratio is equity divided by the balance sheets. It's been a little bit lower the previous quarters and seems quite stable now around 20%. We have available liquid funds of almost SEK 90 million, SEK 86.1 million, compared to 70 at the same period last year. We have an equity per share of around 7 SEK. Our interest-bearing debt is also going down quite rapidly because we are selling off vessels. Gone down from almost SEK 1.6 billion to SEK 1 billion. All in all, we are a much stronger company when we are using the very, very strong market as we are doing right now. If we then move to page nine here, go into more detail what we're going to do with the proceeds after we have sold these three P-MAX vessels. We can just say that this is an ongoing sale which was agreed in mid-September for the three ships. These are the oldest ships that we have in the fleet after the delivery of Stena Paris, so they are built 2006, all of them. Deliveries now are scheduled for Q4 and early Q1, as per the current itinerary. We should say that this exceptional strength in asset values has made us take advantage of this opportunity of our oldest ships. With the proceeds from these three vessels, we are going to pay off the bank group. We estimate a repayment of almost SEK 550 million as you see in the table on the right. That is a quite big step for us to be able to repay the whole bank group. After we have repaid the bank group, we have loans to Svenska Skeppshypotek and also facility regarding ballast water installation. Then we have some other smaller facilities. This money or in the balance sheet, you will find this. We have treated this as, because we want to pay it back, we have treated it as short-term liabilities. You will see that in the balance sheet. If you then look in the right box, interest-bearing debt, $1 billion, then we plan to repay $550 million. The difference there would be our forecasted outstanding debt after the sale of these three vessels. We move to page number 10. First of all, we are of course both happy and very proud. I would say that one of the most important thing for us is to have a safe operation. For the quarter, we have had an excellent track record. We haven't had any incidents at all. At the same time, we have had a very, very good vetting result, and the average number of observation for the entire fleet have been only 2.75, which is a very low and good number. With that, I hand over to Erik. Yeah. We can just reflect a little on the energy efficiency. As you can see, we had an increase in EEOI, which is the energy efficiency index that's relating to the change in the fleet composition compared to a year ago, where now the P-MAXes with a wider body are not as efficient on this index as the average fleet was back then. We can also just highlight on the IMO regulations, EEXI and CII, that for EEXI, we will be installing a EPL, as it's called, engine power limitation, during the first half 2023, which is scheduled for the fleet, which will not affect operational capabilities. Cost for that will be around EUR 35 thousand per ship. For CII, which is an operational index that IMO has launched, there is still, we should say, quite big uncertainty on enforcement of CII going forward. We are doing preparations regardless, and one of those is to install a fleet performance management system called StormGeo on the fleet, which will be installed during the winter or early spring together with our technical manager, Northern Marine. We leave that, and we go on to the next page, which is the market outlook. We move on to the first page there, a volatile couple of years. Just to put things into context, I know this is a graph which is hard to follow maybe from a computer screen, but it really has been a very dynamic market within the different segments the last couple of years. The yellow line that you see here is an index for LNG. Then you also have dry bulk, VLCC tankers, MR tankers and container ships. We can just conclude that VLCCs have been extremely volatile over the period, but nothing that compares to gas. Currently, gas is really in a record high territory, so large LNG carriers are on record type of levels. Meanwhile, dry bulk, which is one of the big segments, alongside of tankers, is somewhere in the mid-teens, roughly, depending on size and geography of it, obviously, but relatively flat. One segment which is on a downward swing now is containers, which has really peaked in early part of this year and have had quite a drastic fall in levels since then. Still historically high rates in containers, but nothing compared to the peak earlier this year. We move to the next page, overview of the tanker market. Summing up the Q3, we could just conclude that it's been a solid spot market in most tanker segments. Product tankers have been relatively stable on a high level while crude tankers have been firming during the quarter. This is mainly, of course, due to the increase in ton-mile, which is the function of the war in Ukraine and how that has tilted trade flows in the tanker markets. We can also see that we have historically low global inventories and a very high refinery utilization, making the market extremely volatile when it comes to changes in demand. The fleet has a modest increase in fleet growth and a low new ordering in tankers in general. There is a firm demand for oil post-COVID. We move to the next page. As said, the balance is very tight in the oil market. It seems like even though the economy in general is definitely weakening, the oil demand is not falling as quick as the economy as such. Analysts are still debating when peak oil will happen, but we can just conclude in one report from IEA, the International Energy Agency, the speed up in shifting away from fossil fuels does change the composition, you could say, of fossil fuels. In their latest prediction from October, mid-October, oil demand is not expected to peak until the middle of the next decade and plateauing somewhere around 2050. We expect a very tight balance also going forward. If we move to the next page, on inventories, that is also something which is definitely contributing to the tight markets. Inventories are still on an average very low. Usually, inventories can be a buffer for demand increases. Currently, inventories are so low, so when OPEC cuts come into effect, et cetera, it could result in quite big volatility in energy prices, and ultimately, that could affect tankers as well. We move on to the next picture, please. As mentioned before, thanks to the market, the increase in asset values and prices on product tankers and tankers in general have been very firm. The graph you see here is for a MR 47 deadweight, 10-year-old ship. It's easy to see that the last time we had this type of asset pricing was somewhere in 2008, 2009 levels. If you look on the table on the right, a newbuilding today on MR size is somewhere around $43 million-$44 million priced. In 2008, it was 52. We haven't really reached those heights. The question is, of course, if we will this time. Even so, asset value is very high, and we expect the outlook on asset values to be relatively stable going forward. Of course, it's a very volatile market, so stable is the prediction as of right now. We move to the next picture, and we can see that the order book is still under control. If you look on the table on the right, you can see that product tankers order book is around 4.9% of existing fleet, which is historically still a relatively low number, and also worth looking on dry bulk, LNG, and container, in particular LNG, which has almost 45% fleet on order right now. We move on to next page, which is the product tanker forecast. This is again MR 47 deadweight. This year we've had 29 additions to the global fleet, which is around 1,500 vessels and 14 scrappings. Last year, as you can see, quite a high number of deliveries and also a higher number of scrappings. All in all, the expected net growth this year 4% and in next year 2%. As you can see on the graph on the right, in 2024, down to 1%. We should say that some analysts are expecting a negative growth in 2024. Historically, this is numbers well below average. Therefore, we do expect a positive market outlook for 2020 through 2023, albeit though it is a highly uncertain environment. What do we mean with an uncertain environment? Well, we turn to the next page and can see that there is probably the uncertainty. I don't know when we've had this type of geopolitical uncertainty in the world. As of right now, it's uncertainty with regards to Russia and Ukraine, Taiwan and China, Iran and Saudi, and of course, North Korea and the region around it. This will lead to a continued uncertainty and volatility and how that affects both energy prices, sanctions, and thereby trade flows. We have the global economic situation. We have a very strong U.S. dollar, which is affecting both oil buyers, but also scrap or recycling ship buyers. We have the climate change related concern and corresponding regulation, and as mentioned before, the enforcement of such regulation. Then finally, the status of COVID in China, in particular, port congestion and a question mark for scrapping of ships or if they will continue to sail. Uncertainty, but a positive outlook in general. Next page, if we sum up, we can conclude that we are a smaller company than we were 12 months ago, but that we are also a stronger company. We've had a very reliable and safe operation over the quarter, no spills, no accidents or incidents reported. The fleet is on Time Charter, a five-year with Profit Share, and we have one ship which is on bareboat. We've had a negative result this quarter, mainly due to the subcharters that we have out and the existing contracts from our charter out to the market and the Profit Share arrangement not being enough to lift us into positive territory. We've also had an increase in interest rate costs per ship. On the plus side, we have a positive EBITDA, and we have an improved liquidity. We have a strong tanker market, although a geopolitical uncertainty, and we have capitalized on the firming asset values in the market. With that, I think we move to the next page, and we want to do a little marketing here as well. For those of you listening, we hope that you have a look on the Concordia webpage in the first week of every month, where we release the oil and tanker market update, which is a one-page summary of markets and asset values in our industry. Thank you for that. With that, we go to Q&A. 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. There will be a brief pause while questions are being registered. I could say that we have got one question over email, and I could just read it here, and we will answer it. Erik will answer it. It's regarding our low time charter. How could it be that low? We're talking about $16.5 in the most bullish market that we have seen. If you could try to explain that a little bit more in detail. It's a fully natural question. As mentioned, of course, it's not satisfying to present a negative result in a firm market. What we should bear in mind is that the contracts that the fleet is under, the time charter contracts, I should say, were taken in the middle of 2021 under very different market circumstances. At the time, they were completely necessary for the company's continued existence. They were a large commitment from our charter. 10 ships on a five-year charter with a profit share arrangement is not a deal that you see every day in the market. At the time, this was the right thing to do for the company. It assured a stable cash flow with a market upside. Things changed in the 2nd quarter of this year and a contract which was so important for the company's continued survival, of course, now limits our upside. In the underlying subcharters, there is a delay because some of these have been entered into during a lower market than we have today. In time, that will change. As of this quarter, of course, and with the conservative estimate that we have done on the profit share, it's not enough to get us into positive territory. I can also add that, even if we are doing a loss from a asset value point of view, we got almost the full benefit of this increase. The values has gone up, as Erik told us, almost 20% the last quarter. 20% is a fairly big figure when it comes to these operations. All in all, from a financial point of view. We are happy, but not from an operational point of view. I see there was a follow-on question there. What happens when the options expire? If this is relating to the five-year charter that we have with Stena Bulk, there are no options. It's a straight five-year charter. Stena Bulk themselves in the underlying subcharters have, as we presented in the quarterly report, a couple of ships which have options attached out to the end user. As this is not our contract, it would be difficult for us to go in and describe exactly what type of rate structures they have. We have tried to give guidance by providing a date when these contracts were entered into. We also got another question here coming in. Was it necessary to sell off the vessels? It decreased income. Would you like to answer or shall I answer? Well, I can start. I can say we are at all times, of course, trying to compare what type of earnings for the company we can expect given the market, the contract structure that we have and the asset values for the ships, and trying to make best judgment out of that. This year, of course, we've had large increases in spot and period markets, but we've also had large increases in asset values, in particular for older tonnage, such as the 15-year-old MRs, as we've shown in this presentation as well. With that, I think we conclude the presentation. If there are no further questions, and if there is questions, you could always give me or Erik a call or an email. We're always available for that. With that, we would like to say goodbye and, we'll hear from you in the beginning of 2023. With that, we say goodbye. Very good. Thank you. Bye-bye.