Good day and thank you for standing by. Welcome to the Flex LNG Q3 2021 Earnings Presentation. [Operator Instructions] Please be advised today's conference is being recorded at Tuesday, 16th of November 2021. I'd now like to hand the conference over to CEO, Mr. Oystein Kalleklev. Mr. Oystein Kalleklev, please go ahead, sir.

Hi, thanks, thank you. And hi, everyone and welcome to the Flex LNG's third quarter 2021 webcast, I am Oystein Kalleklev, the CEO of Flex LNG management. And I'll be joined today by our CFO, Knut Traaholt who will walk into our Q3 numbers a bit later in the presentation before we conclude with our Q&A session. If you like to ask a question in Q&A session you can either ask a question through your teleconference or you can use the chat function in this webcast. It is getting cold here in Norway so I have a bit of sore throat today. However, it is not COVID but please bear with me. Slide 2 disclaimer we before start the presentation, I will remind you of the disclaimer with regards from among others forward-looking statements, non-GAAP measures and completeness of details. We also recommend that the presentation is held together with the earnings report which we are also releasing today. Okay, so let's begin with the summary the recent highlights. As we noted in our second quarter presentation in August, the LNG market was very tight with elevated prices, and we therefore highlighted the possibility of a blow-out in the market. Even though we are just at the start of the winter season, the market has nevertheless already blow-out with both LNG prices and freight rates booming. We all hear that tight LNG public markets with very high cargo economics should create ample room for Charters to pay premium rates. At the same time, we have argued that there's been disconnect between spot rates and term rates, and that the buoyant share market should create spillover effects for the spot market sentiment. This has certainly played out as we expected, with spot rates are not here since end of September and…

Thank you, Oystein. And let's turn to slide 9 for the financial highlights. As already mentioned, our TCE earnings for the quarter was $68,300 per day. The $10,500 per day increase is mainly driven by seasonal improvement in the market rates, and the effect of placing in some of the long-term contracts announced in the first half of the year. On operating expenses, we are less impacted by COVID costs this quarter, and OpEx per day came in at $13,000 for the quarter and $13,400 per day for the nine months. That means year-to-date, it's about $500 per day directly related to COVID cost, and we expect to maintain OpEx per day around the year-to-date level. We have then pleased to see that the underlying operating expenses, not the COVID cost remains below the guided level of $13,000 per day. Gross revenues for the quarter came in at $82 million slightly above our guided level of $80 million and revenue increase year-on-year demonstrate the earnings potential of the 13 vessels fleet now fully operational. Adjusted EBITDA was $65 million and adjusted net income $32 million and adjusted earnings per share came in at $0.60 per share. The numbers are adjusted for about $1 million gain on interest rate derivatives which includes unrealized gains of $2.7 million. On the financing, interest expenses are slightly up reflecting third quarter on interest on the debt drawn for Flex Vigilant earlier in Q2. Then moving to a balance sheet which is now plain and straightforward. On the asset side, we have cash of $138 million, and vessels books just shy of $2.4 billion. The quarter-on-quarter cash development will be explained on the next slide. And the only material change since last quarter is the normal depreciation of the vessels. The increase in current assets…

Thank you, Knut. Slide 13, at the start of our market section in our last presentation, the headline was Chimerica dominate in the first half and goal set to accelerate in the second half. Chimerica will set lessons to the two superpowers China and America. That is very much still the case. Particularly on the export side, with more than 60% growth in US exports in 2021 compared to last year. We don't expect US to export close to full nameplate capacity this year without with around 70 million of tons exports. This is 5 million tons higher than the EIA estimate a year ago as they expected about 6 million tons lost due to cancellations while the actual number is about 0.5 million tons. This means US is now on solid base line Australia and Qatar. The reasons for such staggering growth in US exports are two folded. First, the most obvious reason due to the outbreak of the COVID-19 pandemic last year, global gas prices has plummeted, and this made it uneconomically to export US flexible volumes and were therefore for the first time ever also a wave of commercial called cancellation outside of the winter season, with a total of approximately 180 cargoes being cancelled. This year there have been no commercial cancellations, all route have been reported a total of seven cargoes cancel five due to the Big Freeze in Texas and two cargoes in January due to lack of available ships given the tight market at the time. Avoidance of cancellation does add about 13 million tons in US exports. The second reason is a ramp up of new exports capacity, which was commissioned last year or during 2021 which adds about 9 million tons. In our Q2 presentation in August, we showed that export…

[Operator Instructions] : :

No questions that came in over the phone, sir. Please continue.

Okay, thank you. I guess you are all just kind to me since I have this sore throat. And not dragging out to me on long Q&A session. So I appreciate that. Thank you for listening in and we will be back with our Q4 numbers in the middle of February. I expect. So thank you everybody and have a good day.

Thank you. This concludes our conference today. Thank you all for participating. You may all disconnect. Have a good day everyone and stay safe.