Welcome to Concordia Maritime Q4 Report 2022. For the first part of the conference call, the participants will be in listen-only mode. During the questions and answer session, participants are able to ask questions by dialing star five on their telephone keypad. I will hand the conference over to CEO Erik Lewenhaupt and CFO Martin Nerfeldt. Please go ahead. Good morning everyone. It's February 9th 2022. Welcome to the Concordia Maritime Q4 report. I'm CEO Erik Lewenhaupt, and I'm sitting here with our CFO Martin Nerfeldt. Just wanna mention the beautiful picture you see on front here is our vessel, Stena Polaris, in front of Algeciras or the Rock of Gibraltar. Disclaimer, and I hand over to Martin for presenting the Q4 summary. Thank you very much Erik, we're very proud, first of all, to present a robust and a strong result for the full year of 2022. The strong result is mainly due to vessel sales. During the year, we have delivered six P-MAX vessels, now in the last quarter, we delivered Stena Primorsk and Stena Performance. In the, as we have said before, we also delivered one vessel in 2023. We're also very happy and proud to go down in bank debt. You'll see that in the balance sheet, we have done a massive repayment. The bank syndicate is out. We have repaid during 2023. In January, we paid all bank debts to the bank facility, and the bank facility was five Nordic banks. During the quarter, we have had a profit sharing of around SEK 22 million. The board proposed a dividend of zero krona for the general meeting. If we go over to the P&L, you'll see it's a quite big impact in income if you compare 2022 to the corresponding year 2021, 263 versus 151. Bear in mind, in those 263, 152 of that is result of vessel sale. We also had a profit sharing according to the agreement that we have with Stena Bulk, and that was SEK 22.3 million. Gives us an operating result of SEK 174 million. The result before tax is SEK 142.8 million, and that gives, per share almost, SEK 3 per share. With that, I will leave over to Erik Lewenhaupt for next page. Very good. Let's have a look on the fleet and the employment structure as of today. After the sales of last year and also the delivery of Stena Provence in January, we are left with four P-MAX vessels, which are the most modern out of the 10 that were built. So 2009, 2010, and 2011 respectively. Of those, three are on the charter agreement that we have with Stena Bulk, which, as those of you who have listened before know, is a five-year time charter at $15,500 per day with a 50/50 profit share on earnings above that. The final vessel is the Stena Polaris, which we have on bareboat charter to the U.S. company Crowley Maritime, and they in turn have chartered the vessel to the U.S. Military Sealift Command. All vessels employed on long-term charters of the current fleet. We continue to look on the market during the quarter. I mean, the last year was a fantastic development, unfortunately, due to sad events, which was the war in Ukraine that triggered an enormous upturn in the markets in Q2. Q4 continued on the high market from Q2, Q3, and Q4. What you can see, however, is on the top graph is that the year ended on a downward note, from basically from Christmas and up until New Year, and January has continued in the same way. For those of us, those of you who read our monthly market report, the last one for January was called A Bump in the Road, and that is what we believe that it is. However, the spot market for the quarter was around $37,800, and a year ago, that was almost a 10th of $3,800. Concordia earnings for the quarter, including profit share, was $20,3 00 per day. We continue looking on the strong TC rates. Again, interesting to have a look on the historical perspective. This graph is for the past six years. Funnily enough, the average on both one and three-year charter during that period has been around SEK 15,000 per day. The January average is around 27-ish for a one-year charter and 20, 21 for a three-year charter. Still very firm levels. Continue looking on the asset values during the quarter. They have not really been affected by the recent couple of weeks downturn in the market. Of course, if this market continues, the softening in the market, it could affect asset values as well. We believe the sentiment is still bullish out there. As you can see, the estimates from brokers for a five, 10, and 15-year-old MR in February this year is higher than they were at on the December numbers. Still a firm sentiment in the midterm in the market. We continue having a look on new building prices, and this is a, it's a long-term historical graph here you see. And as you can tell, the price levels in shipyards at present is the highest since 2007, 2008 that season. This has been fueled by the orders in predominantly container and gas carriers, which account for the bulk of the shipyard orders. Today, a new building MR is estimated to be around $44 million, which is high historically speaking, and the last quarter was no different. Just to recap then on the sale of vessels. Last year, we sold, in total, we contracted for sale, six P-MAX and one Suezmax. Out of those five, plus one were delivered in 2022, and the Stena Provence was delivered now in January 2023. We took advantage of the high market and the high asset values, particularly in the second half of the year, by clearing out our oldest vessels. With that, I lead the word over to Martin, b ack to you. Thank you very much. Let's move to liquidity and financial position. As Erik just said, we see the implication of the successful vessel sales on this picture. We see an equity ratio has gone up. Since last year, we had 14%, and now it's 33% t hat's a massive increase. Equity ratio is balance sheet divided by equity t hat's a function that equity has increased. Our available liquidity last year, as in 2021, SEK 34 million, compared to SEK 98 million as it was in December 2022. Equity, big increase from SEK 296 to SEK 410 because of the result. Also the equity per share, massive increase, SEK 6.21 to SEK 8.60. Then we see interest-bearing liabilities also gone down almost with 70% from SEK 1.6 billion to SEK 600 million. Everything here is because we have sold off in a very strong market. Let's move to the next page. I will go into the result in a bit more of detail. We see an income of SEK 263 million compared to last year of SEK 151 million. As I said before, in this SEK 263 million, there are sales of vessels of SEK 152 million. Voyage-related operating cost, SEK -4.5 million compared to SEK 22.6 million. We don't have any vessels on the spot market right now, this is a function of that. This is a figure that is coming in late, I would say. In the best world, that figure should be zero. Operating cost, minus SEK 16 million compared to SEK 35 million t hat's a function of that we have gone down in fleet size. Also, if we look at the seagoing partial costs, also a function that we have sold of vessels. If we look at the personal expenses and other external costs, that is mainly admin costs, we also see a quite big decrease in that. That's even when we sell off vessels, admin costs are going down. The depreciation, there's a big gap there, of course, SEK -29.6 million for 2022 compared to SEK 326 million last year. There we have to remember that last year, we took a write-down of SEK 268 million. If we deduct SEK 268 million of the SEK 326, that figure should be SEK 58, and that SEK 58 should be compared to SEK 29, and that is because we have sold off vessels. We move down to the finance net. Here is a quite interesting figure. If you look at interest and similar expense, has gone up at SEK -31.4 compared to last year, SEK -18. This is a function. Last year, we didn't have any vessels sold, but LIBOR was almost zero. Now LIBOR has gone up to above 4% e ven if we have sold off six vessels, LIBOR has gone up to SEK -31. Bear in mind that we have paid off the majority of the bank loans. They are repaid at this stage. That ends up with the result of the tax of SEK +140.9 million compared to for the quarter, compared to SEK -307.8 million for the corresponding quarter last year. For the full year, it makes SEK 123 million compared to SEK -668 million, a huge change since last year. Let's continue to next page about safety. First of all, I must say that we are extremely proud and happy that the LTI, lost time incidents, is zero. As a company, we are very, very happy and proud of that. We have an average number of vetting observation of 2.5, and I must say that in the industry that's a very low figure. We didn't have any port control detentions. We had one damage to property. We think these things are quite important, so that's why I go through them. We have one damage to property, and that was import, one rope that was broken. We also had two high potential near miss, and it was one vessel that had a touch with a sandbank, and it was 5 L of sludge that was in the engine room. If we look at the environmental impact, the column in the middle, this is also a function. If we look at the bunker consumption, that's a function that we have sold off vessels. We are going down from total 10,000 compared to last year, 18,000 t hat's in line with the ship sale. That goes hand in hand with the emissions on all lines. If we look at the efficiency ratio for the quarter, that is 18.79 compared to 14. That has actually been a little bit worse, and that's because of the composition mix. We have sold off Stena Supreme that we had last year. She was a little bit more efficient. Now we only have four vessels left, and two of these vessels, they are trading in Brazil, and they are most of the time in ports. That's why that figure is going up and is worse compared to last quarter. On the medical side, we had one case, one case that is called medical treatment case. It was one seaman that cut his finger. Nothing seriously. Otherwise, no restricted work case f rom a safety point of view, a very good quarter. With that, I will leave over to Erik for some birthday talk. Absolutely. We're bringing in the birthday cake, and we just wanna acknowledge that Concordia is celebrating our 135th anniversary this year in 2023. Looking back, Concordia was founded in Gothenburg in 1888 by a gentleman called Justus Waller and a young seaman, Wilhelm Lundgren, and they named the company after the Roman goddess and the word for unity, Concord. Initially, owner of steamships, eventually that transferred into tankers. Concordia has also been active in RoRo and offshore, and from the eighties forward, it's been a pure tanker company, initially large tankers and last, what is it, 15 years, a fully focused product tanker owner. Fun fact is that the initial owner, Wilhelm Lundgren, parted ways with Justus Waller, and he founded his own company, which later became Rederi AB Transatlantic. We wanted to highlight this. We're proud of this, and this will also be celebrated at our annual shareholders meeting in May. With that, I move on to the market outlook. As mentioned, during the Q4 roundup as well, we still have a very solid market in most tanker segments looking on historic comparisons. We've had a setting in January, w hy is this? Well, as usual, there are a number of factors coming into play. Milder winter than expected. There's been a start up of refinery maintenance season, both in the U.S. and in the Middle East. We've seen reports of stockpiling, particularly in Europe ahead of the EU embargo on Russian products, which came into force on the February 15th. We've also seen the U.S. Strategic Petroleum Reserve exports winding down. Worth noticing as well has been that during January, there's been quite a high divide between East and West in product tankers. The East markets has been substantially higher than the West, which shows that there's been an imbalance in how the fleet has been positioned during that time. However, the outlook going forward is still very positive on a general note. If we look in historical context, and this is both MR product tankers and VLCC crude carriers, we are in a very high market compared to historical numbers. Why is this? Well, in general, the volumes are back since post-COVID in terms of crude production and demand. There was a report coming out a couple of weeks ago from IEA. It's hard with all these abbreviations, EIA, IEA. IEA saying that predicting the global oil demand was gonna rise in record numbers during 2023. They were relating this to the growth in Chinese demand after lifting COVID restrictions. That is definitely one positive note in the outlook going forward. If we go to the next slide, another one is the low order book, where you can see product tankers in general have a fleet on order percentage of around 5.4%, which is historically low. Comparing this with some of the other segments I mentioned earlier on shipyards and shipyard prices, as you can see, both LNG carriers and containers have been very high in demand in the order book the last couple of years, and they have a percentage of fleet compared order book compared to fleet of LNG, almost 50%, and container or close to 30%, which of course is very high numbers. We have seen at least one report so far of a Greek owner switching a container order and converting it into tankers. It's possible more will follow, but that has to be quite early in the order, so to say, so that the actual building and production has not gone too far. Order book, go to the next page. These are numbers from Howe Robinson and from Clarksons. They expect in MRs, in the MR product segment, a net growth this year of around 1.5%, and next year, 1% or 1.1% around there. Historically, very low numbers t hat contributes to the, to the positive outlook. However, going to the next slide, owners with pockets full of cash has a tendency of ordering new ships. Looking on this historical graph from 2007 and 2008, you can see that there was an overhang even after the market corrected, the order book continued to grow and then came down quite hard, which also caused a shipyard capacity, basically shipyards closing, particularly small new yards in China, of between 20%-40%, depending if you count the number of yards or the capacity in number of ships or tons dead weight, et c.. There is definitely a chance or a risk that we will see much more orders coming in. The high shipyard price level right now and the uncertainty on the regulatory outlook and types of fuels to be used is maybe hindering many owners from ordering or has done at least up until now. Looking on demolition has been relatively slow. If you look on the numbers of demolitions on tankers in total on the bottom right, 67 vessels last year compared to 96 the year before. I think that's a clear reflection of the firming market. There are also other challenges. The dollar price is high, which makes buying ships expensive for the recycling and scrap yards. Also some of the countries, Bangladesh, for instance, have had serious financial issues on a more national level, which has done make it difficult for scrap buyers to issue letters of credit, et c.. We definitely need to see a continued growth, I would say, in demolition to ensure that we will have the firming market that is predicte t hat leaves us with the final slide on the summary. In terms of markets, we still have a very strong market for the fourth quarter. We've seen a setting in rates in January. However, the outlook going forward is still positive on the short and the midterm. We still have firm asset values in the market. There is definitely a lot of X factors relating to sanctions, relating to OPEC production cuts, relating to both Chinese recovery in demand, and for that matter, for their own product exports and the world GDP in general. The MR segment, the fleet growth in 2023 is expected to go back to somewhere between one and something, maybe two, but 1%-2%, which is historically very low. Thank you very much, Erik. I would like to conclude this quarter. As I said before, we are both proud and happy that we have had such a strong result for the last quarter, and that is mainly due to successful vessel sales. We have been paying off a lot of debt during this year. Now the banks indicate in January they are all repaid. We still have some loans to one other bank and some loans to other parties. Right now we have four vessels left, and they are on quite stable employment. One vessel is coming off in the spring, and otherwise they are on okay charters. The sub charter is coming off the spring. Yes, the sub charter. Yeah. Sorry. Yeah, you continue, Erik. No, and that's it. I mean, we are in a place where the market is still in a very high note. As we communicated before, we are looking and evaluating on further sale of assets if we can benefit from the high market and get a satisfactory return. We don't know as of right now, but the company could end up with an even smaller or no fleet and excess liquidity. Meanwhile, we are evaluating next steps. We are looking at concrete business proposals for the future. Exciting times ahead. With that, we leave the presentation. We would like to do a push for our monthly market updates, which you can subscribe to and be found on concordiamaritime.com. After that, we open up for questions. Let's see if Einar has anything on the phone lines. I see nothing in the written questions so far. If you wish to ask a question, please dial star five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial star five again on your telephone keypad. There are no questions at this time, so I hand the conference back to the speakers. Okay. In that case, thank you very much for listening and joining. You're always welcome to contact myself and Martin direct email or phone. We welcome any questions from shareholders and the rest of the concerned parties. With that, we leave the Q4 report, and thank you for your attendance. Talk to you in May. In May. Bye-bye. Cheers. Bye. Take care.