Welcome to Concordia Maritime Q2 Report 2023. 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. Now, I will hand the conference over to CEO; Erik Lewenhaupt and CFO; Martin Nerfeldt. Please go ahead. Hello, everyone. Summer is almost over, and it's time for the Concordia Maritime Q2 Report. I'm CEO; Erik Lewenhaupt, and I'm sitting here with our CFO; Martin Nerfeldt. So, let's get started. We move across the disclaimer and present second quarter. Martin. Thank you very much, everyone. Yeah, we jump into the highlights of Q2. We have sold and delivered Stena Penguin, and the liquidity effect of that transaction was SEK 215 million after paying back outstanding vessel loans. And in total, for the quarter, for the second quarter, we have repaid around SEK 230 million of debts. We also continue to evaluate of future business opportunities. Erik will go into further discussion about that later. And then after the quarter, certain things has happened. We have sold Stena Premium and Stena Progress, and Stena Premium has been delivered, and we have also got the proceeds for that vessel after the quarter, so that's not shown in the balance sheet. I would just shortly tell you a little bit about how the company looks in end of June right now. I'll just talk you through the balance sheet a little bit here. We have one vessel recorded as ships and equipment of SEK 200 million book value. We also have cash of around SEK 156 million. We have two vessels, Stena Premium and Stena Progress, coded as assets held for sale of SEK 232 million, and one of that vessels, Stena Premium, was sold in Q3, and we have got the proceeds of that. Then on the liability side, we have SEK 375 million, and the majority of those money will be repaid from the proceeds of Stena Progress that will be sold during Q3. Then I jump into the figures of Q2, 2023. Bear in mind here that in Q2 we only had, depends on how we calculated, three or four vessels. And for the corresponding period, it was around eight vessels. So both the cost side and the income side is higher. Even though, I must say, we had results of the tax for the isolated quarter of Q2 of SEK 37 million compared to SEK 35.7 million for the corresponding period last year. And I could say that we're quite happy with the result, but we're maybe even more happy with the healthy balance sheet that we have right now. And with that, I hand over to Erik. He will continue with the tanker market for Q2, 2023. Okay. So, the market during the second quarter was mainly in line with Q1 in terms of of earnings, which is still a very solid tanker market, but lower than the earnings were during the second half of last year, which so far has been the peak, basically. During the end of Q2, June, and also during July, after the quarter, the spot market has come down. We've seen earnings for MR tankers of around $16,000 a day for these two months, but in the last couple of weeks and days, they've rebounded again. The period market for the second quarter dropped somewhat in line with the spot market, especially on shorter, say, 12 months period. The longer, three and five years were relatively flat, which shows the still positive long-term outlook. Asset values also stable. On the index, there was a slight lowering just towards the end of the quarter and also during July. But if the market stays where it is right now, I think that will probably correct itself back up to where we were just before the summer. The order book is still low, it's around 5%, but I will come back to that as well. There's been an increase in ordering, which has been sustained. Overall, you could say there is still a firm demand for energy in general, which includes both renewables and oil, post-COVID, and with the predictions that we have, that will extend itself into 2024. There are, for the tanker market, concerns for further OPEC cuts, and also the general macroeconomic situation, and in particular, the rebound or the growth in China, which is a potential source of worry going forward. If we look on this graph, you have Suezmax and MR earnings. If you just look on the second half of 2022 on the graph, you can see that the market in general was higher than it's been during both first and second quarter in 2023. Suezmax is on spot during Q2, $58. Today, they are around $20-$25 a day. That is lower. I saw Frontline reporting their Q2 numbers on Suezmax at around $62 per day, so slightly higher than this index number that we have here. On MRs Q2, the index here is $27,400. We saw Scorpio reporting $28,500 on their spot vessels. These numbers are from Clarksons. We also have a lot of data from Howe Robinson. Their spot earnings on MRs are slightly lower than this, so it depends a little on what routes you take into account when calculating a global average, and also what type of ships, how modern they are, et cetera. Concordia earnings Q2 on the spot was $15,500. We didn't, with the underlying contracts, manage to beat the time charter rates that we have with Stena Bulk. We move on. If there's been any doubt on why we've chosen to phase out our mid-age tonnage for the past year or a bit more, a year and a half almost, then I think the asset values here for 5, 10, and 15-year-olds shows very clearly that we have been in a spike. For us, this has been a long-term strategy. I mean, we started a phase out of the older ships already the end of 2021 and early 2022. So you could say we missed the upturn in the market on the first 2 sales. But since then, we've been fortunate enough to be able to capture the high market on the remaining sales. Just as an example of how asset values have gone up, you can look on a five-year-old MR in the table, first of January, $28 million, 1st of January 2022, and in July 2023, valued at $41 million. So that's an increase of 46% over a year and a half. So very firm, and percentage-wise, it's it goes higher also on the older ships. So the highest asset values that we've seen this year was during May and June, and then, as I said, they dropped slightly in July. Last year, around 700 tankers were sold, secondhand ships, that is. Year to date, we have around 350. So it looks like we will be on par, and this is historically a very high number, which is quite natural, given the high high markets. We move on to new buildings. This is one of the challenges in all segments, tankers included, is that the new building prices are very high. Yards have full order books, mainly with LNG and containers, but they are starting to fill up also in some other segments. So, we've seen if you look on the last line there in the box, the past three years, there's been an average new ordering of tankers of 277 ships per year. Year to date, we have 261 ordered, according to Clarksons data. Last year, it was just above 200. So there has been an increase in tanker ordering. There's still historically a low order book, but shipowners with a pocket full of cash, they have a tendency of ordering ships. So that is something to watch. And then we go to the sale Premium and Progress, which Martin mentioned. This is a process which was started during the second quarter, and we've concluded the first delivery of Stena Premium in Montevideo in August. And we will, all going well, conclude the delivery of Stena Progress in not too long outside of Trinidad. And this deal gives us a liquidity surplus of roughly SEK 100 million. We move on, Stena Polaris, as you know, the ship is now the, or will soon be at least the, remaining ship we have in the fleet. She is on a stable bareboat hire from Concordia to Crowley Marine in the U.S., and they, in turn, have her on a time charter with the U.S. flag and the U.S. crew on board to the Military Sealift Command. And, for increased transparency, we have a valuation on her, which is $28.9 million from, that is a broker valuation from, three broker sources, and this is basis charter-free delivery, as of, 30th of June. And we should say that given the charter that she has, which is likely to run up until 2026, the market price that could be achieved for a ship with this charter and this age is probably more likely to be closer to her book value, which today is 21.9 million, sorry, 219 million SEK. And she is, as you know, on a bareboat. The TC equivalent, as we've stated before, is around $18,000 per day. And with that, we move on into the Q2 results. Yes. Uh, Martin. Thank you, Erik. Guide us, please. Here we are comparing Q2 2023 compared to Q2 2022, and it is very important to see that in 2023, we had four vessels, and the corresponding period last year, it was 8.5 vessels because we sold one in the middle of the period. So it makes it quite difficult to analyze the figures. And in the total income, that's also inflated by the result of ship sales. In 2023, the result for the vessels was SEK 74 million as a gain, and for last year it was SEK 39 million. And as you see here in operating costs, seagoing personnel costs, and other operating costs, they are almost half of what it was last year, and that's because we have half of the fleet. If you look at the other external costs, and look at the actual quarter, it looks a little bit, strange here. We have SEK -7.5, but if you look at the H1 figure, then it's SEK -12-SEK -14 for the same period, 2022, so that's mainly a timing effect. Depreciation, of course, we have less vessels going down dramatically. Interest net or finance net, going down also, even though if interest has gone up quite a lot, and, we estimate that after Q2, Q3, or in Q4, we will not have any interest at all. So, result of the tax, SEK 37, compared to SEK 35.7 for the corresponding period last year. Then we move to slide number 11, and here's the liquidity and financial position. This is fantastic figures. Now, our equity ratio is 55%. Equity ratio is equity divided in balance sheet. And if you remember 2021 and 2022, it was quite low in my mind, so this gives us some comfort, and as I said before, a very healthy balance sheet. Available liquidity, SEK 189.7 million. Bear in mind here that if you look at the balance sheet, it says SEK 156 million, and the difference is what we have in unused facilities. Equity, SEK 466 million. Equity per share, SEK 9.78. And our interest bearing liabilities as of June is SEK 138 million, and we anticipate to repay everything in the near future. Then we move to page 12, and also excellent safety statistics. We have had two vetting inspections during the quarter. One had three observations, and the other one had two observations. So all in all, we had an average of 2.5 for the quarter, and in my mind, that's a very good or a very low figure. And when it comes to incidents and accidents, we only have two recorded high potential near misses. That was one defective hose and one incident that never was an incident, but it was during mooring, some problems with the lines. And if we look at the bunker consumption, you see here it's slightly lower compared to last quarter. The only thing that you see that is a little bit worse compared to last quarter is the effectiveness, and that's due to the current charter we have with Petrobras. So, we can't influence that, unfortunately. When it comes to medical treatment case, restricted work case, everything, it's zero. So all in all, touch wood, a very good quarter from that point of view. And with that, I will leave over to Erik to go through further in the presentation. Yeah, and we start with a report from our expedition vessel, Stena Polaris, who now for the second year running has been participating in the Operation Pacer Goose. And this was done during July and August this year. So, the vessel was loaded with jet fuel in Spain, and after that, steamed up to Greenland, where she met another freight vessel and an icebreaker tug. And in convoy, they went to the Thule Air Base in Northwest Greenland, where Stena Polaris discharged her cargo. And this is done during summers to ensure that the Thule Air Base have sufficient fuel for the rest of the year. The air base was built in 1943, and houses roughly 600 servicemen and women at any given time. We do believe that she will be performing a similar voyage during the winter this time to the McMurdo Research Base in Antarctica. We hope to be able to come back with some reports from there as well. We look on the focus going forward, and if we start just with recapping the status as of today, we have... Well, as of today, we have two vessels, but in a short time, we will likely have only one vessel left, which will be Polaris on a stable charter, which we estimate will last until 2026. The company has, as Martin was going through, a stable financial position, and something we would not expect a year and a half ago or at the early start of 2022. We are in a process of evaluating the next step. What is important here is, of course, what segment we are looking at, the context for a potential deal, and timing. If we look on the various, well, the main shipping segments, it's of course important to look on where they are in the cycle, because that certainly helps if you manage to get it relatively right when entering a segment. We do have some of the large factors affecting the market on the left with legislation and the regulatory environment, the macroeconomy in China, as I mentioned, the demand for energy and oil in particular, and the various situations with politics, trade barriers, and sanctions that affect many of the segments in this graph. Some of the segments that we've been mentioning are tankers, obviously, and product tankers. I mean, as things are right now, you could say in short, that you have very high valuations in almost all sizes in tankers. Order book is still low, new building prices are high, and the earnings are high with a positive outlook for the coming, say, two, three years, all else equal. If we look on the, on the offshore wind, which we think is another interesting segment, extremely high growth in demand. Order book is a bit difficult to judge because the market is just being established. So percentage-wise, you could say the order book is very high, but at the same time, the base and the demand is growing quickly. And I guess the main challenge here is whether there will be risk for delays in offshore wind installations going forward. The dry bulk market, which is sliding, you could say, in terms of asset values, and the market has certainly in earnings come down quite substantially since the peak, maybe two years ago. Asset values have also come down, but not as much as of yet. It's most likely the high yard prices, the cost for swapping tonnage and or selling tonnage and ordering new has been high, which has prevented a drop in asset values, so far, at least. But that remains to be seen. We do cover some of this in our monthly oil and tanker market update. So far, mainly focused on the product tankers and tankers, but we'll see going forward how we deal with that. We have good support from shipbroker Howe Robinson there with the data analytics. And then again, the process going forward, we are right now in the first two stages, you could say here, analysis of various segments, projects, and timing for potential deals. And we have very healthy discussions between ourselves in the management and also with our board of directors. The ambition we have is to come up with a decision during the second half of this year. At the same time, this is a cyclical business, and timing is important. So, we don't want to feel pressured into making a deal, but also ensuring that we have a good timing on what we do. And what we need to come back to for a next step is, of course, the business, the structure of a deal, financing, potential partnerships and other collaborations. So summing up where we are in Q2, we've had a continued firm market in terms of spot markets and also asset values. We've seen a seasonal softening during the summer months, June and July. We do expect it to come back now in September after summer holidays. For Concordia, we've shown a positive result mainly due to vessel sales. We managed to repay bank debts and loans in full. We have delivered the Stena Penguin and also agreed the sale of Premium and Progress, and just now recently delivered the Stena Premium. We do continue to review future business opportunities with a focus on finding the right deal, the right segment, and with the right timing. With that, we leave over to Q&As. There are no questions from the teleconference, so I hand the word back to Erik and Martin for written questions or closing comments. Okay, and as of right now, we don't have any written questions, so we hope this was crystal clear. You are, of course, always welcome to contact Martin or contact myself, phone or email, if there is anything that comes to mind. And if nothing else, we hope to be in touch for the Q3 report. All the best. Take care. Thank you and goodbye. This concludes today's call.