Welcome to Concordia Maritime Q3 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, and welcome to the Concordia Maritime third quarter report of 2023. I'm Erik Lewenhaupt, and I'm sitting here with our CFO, Martin Nerfeldt. Good afternoon, everyone. So we start with a disclaimer, and then we head on straight into the presentation. So, third quarter 2023, the big news of this quarter is the completed sale and also delivery of the two vessels, Stena Premium and Stena Progress. As an effect of that, we have also been able to repay all loans to related parties. Bear in mind, the bank debt and loans were repaid already during Q2. Martin, would you like to shed some light here on the figures? Yeah. I will go through them more in detail later in this presentation, but I will do a brief summary here. Total income of around SEK 21 million. That's a consequence that we only had three vessels during the quarter. We had Stena Polaris for the whole quarter, and then we have sold the Stena Progress and Premium. And Progress has been trading 56 days and Premium for 43 days. And then we have sold these two vessels, and we made a book loss of SEK 6 million. Can say that we sold these vessels for book value, and then it's a commission of around 2% that need to be added on that. But from a liquidity point of view, that was a good deal for us. We got around SEK 100 million in increased liquidity. EBITDA, SEK -6.4 million. Operating result, SEK -12.6 million. If we then add the interest cost, we're ending up at as a quarterly result of SEK -21.8 million, and I will go through this in more detail later. Erik? Very good. So if we have a look on the market during this quarter, we can conclude it's still a historically firm market for tankers in all segments. However, for MR product tankers, we can also see that the summer months were lower. Actually, index earnings in the mid-teens. August and September, slightly higher in the 20s, and October, lower again, and now in November, we're back up again. So it's, as per usual, a relatively volatile market, but maybe earnings have not been exactly as high as some would have hoped for or expected. We'll see more on the next picture. We can conclude that also the period market has been relatively stable with a small dip during the summer, but outlook is still positive, and as such, also the period rates. Asset values are stable. Yard prices are very high. The order book for tankers is growing. However, historically, we're still at relatively low levels across the board. If we see on the MR segment, in particular, the order book is now 8.5%. It was 6.3% a year ago, but it's different in different segments, and the very large crude carriers are as low as 2%-3%. LR2, which is a coated Aframax, smaller segment, but growing, is 20%. So we can go to the next slide, please. These are spot earnings for a MR. Worth noting here that this is a 2010-built vessel with no scrubbers, and you can just have a look on the sort of average here on the graph for 2021, 2022, and 2023. And as you can see, 2021 historically, or historically, but was very low earnings, around $5,000, maybe up to $10,000 per day. 2022 markets considerably higher with a, with a average somewhere around $35,000. A nd this year has been, so far at least, lower, with an average maybe around $25,000. And if we look on the average for Q3 in the time MR, $26,500, one- and three-year time charters at $26,300 and $23,700 respectively. And then we can go to the next slide showing, comparing the, the spot with a 12-month time charter. And as you can conclude from this, the outlook is still positive. Why am I saying that? Well, the 12-month time charter is higher than the spot market, so there's still takers there believing that the market will continue at a higher level, as per the red graph. And then we can continue. Have a look on asset values, and for this slide, we pulled it all the way back to 2007 to put this into a bit more historical context. So this is the asset values for a 10-year-old MR, and as you can see, we are currently in the highest market since 2007- 2008, before the big financial crisis. And since then, asset values have been trading in a relatively small region up until basically Q2 in 2022. The box here is the period where Concordia have acted on sales. So we started, market was still in a low mode, but firmed up considerably, and we have been sort of taking advantage of that firming market during these sales. Next slide, please. So for this quarter, sale and delivery of Stena Premium and Stena Progress, we've managed both to conclude the sale and get the ships delivered in Uruguay and Trinidad, respectively, during the quarter. As Martin was mentioning, the price was roughly in line with book value than we've had a valuation from on the ship at higher level from September and from June. But given the contract that the ship was on, and to repeat there, the ship is on a time charter Stena at $15,500 until 2026. And Stena have in turn sublet the ship on a contract which lasts until end of next year, end of 2024, at a rate which would deliver very little or no profit share to us during that time. A nd after that, the Stena charter would still last until 2026. So, given how the market is, we did not want to take a chance on asset values, and we believe that also with the price achieved, this was the best option for the company. And the deal itself also gave us added liquidity of roughly SEK 100 million. Now we can go to the next slide. The fleet today is one ship, Stena Polaris, built 2010, Ice Class 1A, and she is, as our shareholders know, on a charter to Crowley Marine, which is a family-based American company based in Florida, and they in turn have her on the charter, time charter to Military Sealift Command. Valuation of this ship is, as of the latest average, $29.1 million, basis charter-free. But as she is not on a charter-free basis, we also have done an assessment with the current charters, and those broker assessments range between $19.5 million and $24.5 million. So we've been trying to guide you as well as we can, but there is a spread there, and that is due to the options that exist on this charter, and therefore, the uncertainty on the duration of the charter. Book value of this ship is roughly SEK 215 million. And then we can go to the next slide. Thank you very much, Erik, and I will briefly go through the P&L. If you have any more technical question, you could always give me a call after this call, and we could discuss it further. Total income, SEK 21 million. A s I said before, three vessels, Stena Polaris, $9,300 multiply 92 days, plus Stena Progress and Stena Premium, for a total of around 100 days of roughly $15,500 per day. Voyage-related operating costs, that is cost that has come in, come in late from vessels that we have sold. Operating cost is in line with the sold vessels. If you compare it with previous period for third quarter 2022, if you compare that line with seagoing personnel cost, you see that the seagoing is a little bit higher than operating. T hat's because of these two vessels that we had, Stena Progress and Stena Premium. T hey are a little bit more expensive than the other vessels that we had in our fleet. Personnel expenses, that's the staff cost, continuing going down. It's also good to see the other external costs for SEK -4.1 million compared to SEK -6.8 million. That is our consultants or other administration cost also going down. Depreciation, that's a consequence of that we only had one vessel left in the fleet. Going down to finance net, it's good to see that we have some interest income. When we sold these two vessels, we put them on deposit, earning good interest, and we will see that going forward. We had an interest cost of SEK -10.4 million, but in that SEK -10.4 million, we also tried to clean the balance sheet as much as possible. So we took some deferred finance cost of SEK 3.1 million. So the real interest there is SEK 6.1 million. Then we had a positive tax figure, and that is because of a tax accrual for the quarter. This is adding up to a result of SEK -20.5 million for the quarter. Go into next slide, and this is, I'm a little bit proud of this slide, I must say. Equity ratio 91%. Available liquidity of SEK 243.4 million, and equity of SEK 450 million, and the equity per share is now SEK 9.43. And look at the interest-bearing liabilities. It's gone from SEK 1.6 billion to roughly SEK 10 million. And that is, of course, in connection to the vessels that we have sold, all vessels that we have done. Then we go to the next slide. Safety statistics. We only had two vessels that we are reporting here. Polaris is not reported in this context. We had one vetting inspection for one of the vessels during the quarter, and it was three observations for her. Otherwise, no accidents or incidents for the quarter. So in that respect, a very good quarter. And with that, I leave over to Erik. Yeah, very good. So focus going forward. We have next slide there, please. So just to reiterate where we stand as of today, Concordia is one of three listed Swedish shipping companies, the only one on the main list. We have a 35-year-old history. We have one vessel built 2010 on a stable charter and a strong financial position. So that is the context, very different to how it was part of last year. Next slide, please. So just to try and see where we are in the market, we are in an environment right now with very high new building prices, which is something to factor in. This slide, taking it back to 2000, you can see the 2008 as well, but yard prices have continued to grow and are high in basically all segments right now. In addition to that, a lot of owners are adding dual fuel capabilities to vessels in order to future-proof them, which adds another, say, 10%-15% on a regular ship contract price. So expensive assets right now. Go to the next slide. Just wanted to highlight as well, the difference between Chinese and Korean new buildings. This is for MRs, but the difference is across the board. Historically as well high right now, especially Korean yards have been struggling with both supply chain and interest rates, but also labor costs, particularly in Korea. Next slide. So, where are we in the cycle? We've been trying to give you here a couple of segments from some of the main segments. W e've chosen the four, where Clarksons database have a basically average earning for the whole segment. So if we change to the first slide, next one. T hen we are at, this is for tankers across the board, crude products, and chemicals. And as you can see, we are still in a historical high context, but earnings across the board are lower than the peak last year. Outlook still positive. The order book across the fleet is 6.9%, which it's growing, but it's still a low level. Challenges, of course, with very low levels of scrapping right now. B ut apart from that, outlook is positive, but of course, with a high geopolitical uncertainty right now. We go to the next, and this is dry bulk. As you can see, the highs of 2008 all the way on the left, and then we had a relatively subdued market all the way up until COVID, where the congestion in ports pushed up rates considerably higher than the period in between 2008 and 2020. Since then, the earnings have normalized. Dry bulk, in particular, very much depending on Chinese import, export, and economic situations. The order book here is relatively low, so many people have good expectations for dry bulk going forward. Next is container. As you can see, have lived a relatively miserable life in terms of earnings over many years, up until COVID as well, where earnings peaked and enormous rates were achieved for the big container operators. Since then, earnings back down to a more normal levels, which are still relatively strong in a historical context. However, order book at 26%, which will be a challenge going forward. And finally, we go on gas, and this is for LPG carriers. Historically, high rates right now, very strong market. Order book as well, big, but many expect this actually to be absorbed going forward. You can note that the LNG market has an order book of close to 50%. One opportunity here going forward is the growing demand for ammonia as a fuel, and ammonia and LPG can be combined on ships. So you can have a combined LPG and LNG or very large ammonia carrier going forward. However, very expensive ships. So the process going forward, we continue the path that we're on. We're evaluating segments and various projects, looking at something that has a potential for growth, taking in mind the price levels in that segment and that particular deal, and we want to conclude something with a green twist. Focus that we've been having is partly on intermediate dual fuel product tankers, on dry bulk, both existing ships and new builds, and on offshore wind, which is a very strong growth segment. We've had various discussions between ourselves and the Board of Directors on different projects and segments, and we want to find something which is the right project with the right context in terms of partners and also with the right timing. We want to give a push for our monthly market report, which is coming out first week of every month, and you can find it on our webpage. Then finally, we go to a summary. For Q3 2023, we are reporting two vessels sold and delivered, and all debt repaid. We are operating in a context with continued firm freight markets, with high asset values and yard prices, but we are also in a context where geopolitical and economic uncertainty is higher than it's probably been for a very, very long time. We continue working on future business opportunities, to find something in the right context with the right timing. That concludes our presentations, and we open the floor for questions. 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. The next question comes from Peter Edwall from Ponderus Invest. Please go ahead. Hi, guys. Interesting report considering what, where Concordia Maritime is. Now, I wonder, what's the fixed cost to running the company Concordia today? And, adding to that, what's the surplus from the cash flow of the time charter of Polaris? Just to figure out, are we in a cash break-even going forward, or where are we? Yeah, I could answer that question. Hi, Peter. Absolutely, from a cash point of view, going forward, if we continue like this, it will be a cash surplus when the interest is around 5%, and we have a good bareboat charter. So definitely I will not go into any details, but it will be cash positive going forward. Yes. And, what can you say about the fixed cost to running the company as it is today? As it is today, you could look at the—I think the easiest thing is to look at the administration cost. We are a listed company. As a listed company, you need certain things, certain service, you need certain competence. Y ou need advisors, you need lawyers, et cetera, et cetera. So I think the best thing is to take the first and other external costs for 2023. And then we been writing the report. We are focused quite heavily right now on administration cost as well. So we expect to go down, and we expect that to go down quite a lot, actually. We just as an example, I've called around almost to all suppliers to try to reduce costs, and it's quite easy to reduce costs if you want to and if you have to. So that is one objective that we are working on. Yeah, it sounds good. So, how many employees are you... Is it still four or five, or in the company? We're still four. Four. We're still four employees, as we have reported, Peter. Yeah. Okay. Yeah. Okie dokie. Very good. Thanks. Thank you. As a reminder, if you wish to ask a question, please dial star five on your telephone keypad. Okay, we're just checking if we have any written questions. I have a written question from Anders Roos. He is saying, "Is liquidation of the company an option? Well, that is not a question for management to answer, for starters. It would be a Board question, but we are continuing working with the option that the company will continue as per the presented plan. Okay, we have another question from Björn Knutsen: "If you are planning a revitalization of your tanker activities, why not consider crude tankers, Suezmax, where you may also have synergies with Stena or other operators?" Yeah, good question. I think for Concordia, for various reasons, we are seeing the tanker market segment as being relatively high as we presented now, and really need to find the right context for a future deal. So I wouldn't say we would, we would rule out, anything or any segment. But as of right now, Suezmax tankers have not been in focus. We have more been looking on the other segments that we touched upon earlier in the presentation, as we have just been able to take advantage of the high asset values in the product tanker segment. So, no, good question. Not in focus right now. From that, I don't see any further questions, written one. Operator, do we have any other questions? There are no more questions at this time, so I hand the conference back to the speakers for any closing comments. Okay. In that case, we thank all participants. You are, as always, welcome to contact myself or Martin directly if you so wish. We will try to guide you best we can, and if nothing else, we thank you for this, and we will speak again on the fourth quarter report.