Welcome to BW LPG's First Quarter 2023 Financial Results Presentation. Bringing you through the presentation today are CEO, Anders Onarheim; Deputy CEO and Head of Strategy, Kristian Sorensen; CFO, Elaine Ong and EVP Commercial, Niels Rigault. We are pleased to answer questions at the end of the presentation. . This presentation held on Zoom is also being recorded. I'll now turn the call over to our CEO, Anders Onarheim.

Thank you, Lisa. Welcome to our Q1 presentation for the financial period ended 31st March 2023. As always, I am joined today by Kristian, Elaine and Niels. The year has started off very strongly. On the shipping side, with an expanded fleet through our pool vessels, we have positioned ourselves to benefit from this strong market and capture value for our shareholders. Our Product Services division also delivered a solid first full quarter as an expanded team. With this, let me move on to the highlights for the quarter. Please turn to Slide 4. Like many of our quarters, Q1 of 2023 was also an eventful one. Our shipping business delivered the highest historical daily TCE on record with $60,900 per available day, with a commercial utilization of 97%. This is despite taking some cover earlier this year at lower levels, as Q1 is often challenging, this year certainly has been different. The payoff of investing in our 15 dual-fuel propulsion vessels is now becoming more and more visible. In addition to the environmental benefit of using LPG as fuel, it also makes commercial sense as burning LPG is cheaper than burning compliant fuel. We are now experiencing great interest in our retrofitted ships from our customers. The sale of BW Thor in March generated additional liquidity of $54 million and a net book gain of $17 million. Q1 was also the first full quarter after the combination of BW Product Services and Vilma LPG Trading. Product Services delivered a net result after tax of $3 million and traded about 1 million tons of physical LPG during the quarter. In sum, the above activities contribute to our strong liquidity position of $532 million and net leverage ratio down to just below 21%. And with this liquidity position, we're able to…

Thank you, Anders and greetings to all of you. Let’s turn to Slide 6 in the presentation. The VLGC freight market had a very strong performance in the first quarter of 2023. The average spot TCE for the first quarter was set at $70,000 per day, historically the second strongest market performance for the first quarter and significantly higher than previous years, surpassing expectations. Initial fears of a market downturn due to poor Chinese PDH margins, global economic outlook, new vessel deliveries were proven wrong. Will this continue going forward? While we can’t say for certain, we think there are good reasons to be optimistic and I would like to highlight six of them. One, Strong U.S. Export Growth. Record-high inventories and expected stability to decline in domestic consumption indicate robust U.S. export potential. Two, Sustained Asian Demand. Asian LPG demand remains strong, exemplified by increased run-rates of Chinese PDH plants driven by improved operating margins. Three, Market Inefficiencies. Various inefficiencies within the LPG trade, including congestion at the Panama Canal, port delays, weather conditions, and geopolitically and regulatory factors continue. Four, Absorption of Newbuild Fleet. Although 28 VLGCs are still scheduled for delivery in 2023, the impact of this supply growth is expected to be partially mitigated by the drydocking of 36 VLGCs throughout the year. Five, Increased Newbuild Prices. Rising prices of newbuild vessels contribute to higher time charter freight rates. And finally six, Market Dynamics Shift. Notably, a significant shift has occurred in LPG shipping, where traders and oil majors have transformed into ship-owners, resulting in a market increasingly oriented toward long shipping, reducing incentives to drive down rates. If we take a slightly longer view of the VLGC market, we see a significant slowdown in fleet growth in 2024, with just 14 newbuildings expected to be…

Thank you, Niels. Before we move to the Product Services part, we believe it is worthwhile to say a few words about our strategy which remains steadfast by building a robust, return focused company by actively searching for attractively priced investments in shipping as well as LPG trading and onshore infrastructure projects. On the technology side, BW LPG pioneered the dual fuel LPG propulsion technology through our retrofit program, a technology which today represents a fuel saving of approximately $6,000 per day, and we are strong believers in the LPG dual fuel technology as well as closely monitoring the developments on the ammonia side. Accordingly, we will continue to look for opportunities to create shareholder value through attractive asset play transactions as well as using our time-charter portfolio and derivatives to adjust our market exposure. Looking at our India business. It's been instrumental in our efforts to participate in the upside potential of the Indian LPG markets. And with regard, our presence in India, as Abib said, of strategic importance we expect to build further upon. If we flip to the Product Services update on the next slide, you will see that we report a net profit after tax in line with our April trading update of $3.1 million, after depreciation of $17 million for the 5 time-charter-in vessels. You can expect Product Services to continue its conservative short-term approach to the market while we prepare for an activity ramp up in the medium term. Some of you have asked us about the synergies between shipping and trading, and as guidance for first quarter our Product Services division fixed about 20% of the available ships for that specific quarter with a total physical volume of about 1 million tons traded. And with that over to you, Elaine.

Thanks, Kristian, and a very good day to all of you. On a consolidated basis, we reported a total of $225 million in gross profit for Q1. This was largely driven by the strong TCE earnings from our shipping segment on the back of the sudden reopening of China with low inventories. EBITDA came in at $176 million, which represents an EBITDA margin of 78%. We recorded US$17 million of gains from the disposal of the BW Thor during the quarter. This brings us to a full year net profit after tax of $131 million, $3 million of which came from our Product Services segment. Our net leverage ratio came in at 21%, just above our 20% guidance for a payout of 100% of NPAT. Nevertheless, our board has still decided to declare a Q1 dividend of 95% per share, equating to a pay-out ratio of 100% of NPAT. At the end of March, we had $329 million of cash and $2.6 billion in total assets of which $1.7 billion relates to the carrying value of our vessels. Compared to the latest second hand broker valuations, we have a healthy headroom of $380 million in excess of our book values. Our positive free cash flow of $171 million this quarter was derived mainly from our strong operating cash flows and a net positive investing cash flow of $50 million, mainly from the sale of BW Thor. The positive cash flows were used to repay our term debt to return value to our shareholders, both in dividends paid and our continued share buyback. Our return on equity and capital employed for Q1 were 33% and 24%, respectively. We ended the quarter with a total equity of $1.6 billion, which translates to an NAV per share of $11.38 or NOK 119 per…

Thank you, Elaine. We will begin our Q&A session now.