Good day and welcome to the Teekay Corporation's Fourth Quarter and Fiscal 2019 Earnings Results Conference Call. During the call, all participants will be in a listen-only mode. Afterwards, you will be invited to participate in a question-and-answer session. [Operator Instructions] As a reminder, this call is being recorded. Now, for opening remarks and introductions, I would like to now turn the call over to the company. Please go ahead.

Before we begin, I'd like to direct all participants to our website at www.teekay.com, where you'll find a copy of the fourth quarter and annual 2019 earnings presentation. Kenneth Hvid and Vince Lok will review this presentation during today's conference call. Please allow me to remind you that our discussion today contains forward-looking statements. Actual results may differ materially from results projected by those forward-looking statements. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the fourth quarter and annual 2019 earnings release and earnings presentation, available on our website. I’ll now turn the call over to Vince to begin.

Thanks, Ryan, and thank you all for joining us today for Teekay Corporation's fourth quarter and annual 2019 earnings conference call. I will briefly review our fourth quarter results before I hand over the call to Kenneth. Starting with slide three of the presentation. The fourth quarter of 2019 marked a return to profitability for Teekay, as we recorded consolidated adjusted net income of $31 million or $0.31 cents per share compared to an adjusted net loss of $2 million or $0.02 per share in the same period of the prior year. We also generated total adjusted EBITDA of $324 million, an increase of $113 million or 53% from the same period in the prior year, excluding the contribution from Teekay Offshore which we sold in May of 2019. Our fourth quarter consolidated results were positively impacted by significantly stronger spot tanker rates at Teekay Tankers, the start-up of various growth projects and higher charter rates secured on certain LNG carriers at Teekay LNG, improve results from our directly owned FPSO units and lower G&A expenses across the group. In addition, we narrowed our consolidated adjusted net loss in the fiscal year 2019 to $19 million from $53 million in 2018 and we continue to expect 2020 to be a profitable year. Teekay Parent generated positive adjusted EBITDA of $14 million in the fourth quarter, which includes EBITDA from our directly owned assets and cash distributions from our publicly traded daughter entities. Our results were up compared to the fourth quarter of 2018, mainly as a result of lower interest expense due to bond repurchases over the past year and our bond refinancing completed in May 2019, higher contributions from the Banff and Hummingbird Spirit FPSO units, a 36% increase in TGP’s quarterly cash distribution and lower G&A expenses. For further details on our fourth quarter results, as well as our first quarter outlook, please refer to the slides in the appendices to this presentation. Overall, we are expecting another strong Q1 - a strong quarter and Q1. On the balance sheet side, in January 2020, Teekay Parent eliminated $52 million of debt guarantees previously provided to Teekay Tankers, as a result of their $533 million refinancing completed during that month and we fully repaid the remaining balance on our 2020 unsecured bond with cash. I will now turn the call over to Kenneth.

Thank you, Vince and hello everyone. Turning to slide four. When we presented at our Investor Day in November, our key message was that over the past three years we have significantly derisked the Teekay Group and that we expect stronger earnings and continued balance sheet delivering across our businesses. We believe that the derisking of the Teekay Group has set us up to not only weather but actually continue to thrive during market volatility. First, let's start off on the near-term. On the gas side we have significant declines in LNG prices in Asia and Europe with Asia reaching levels below $3 per MMBTU, primarily due to the coronavirus outbreak and milder winter weather, which has put pressure on spot LNG shipping rates. On the Tanker side, crude spot tanker rates reached the highest level since 2008 due to positive underlying tanker supply and demand fundamentals, normal winter seasonality, as well as one-off events such as U.S. sanctions on COSCO that removed 26 VLCCs from the trading fleet, floating storage ahead of the implementation of IMO 2020 and the removal of vessels from the global trading fleet to retrofit scrubbers. However, the crude spot tanker market has come under pressure in recent weeks on the back of the coronavirus and the US lifting sanctions on COSCO with the former leading to a downgrade in oil demand by the IEA. It is highly uncertain how long this volatility will continue, but we believe the Teekay Group is well-positioned with our gas business being very well insulated from the near-term weakness in the spot LNG shipping market due to its unrivaled portfolio of long term contracts with no charter market exposure whatsoever through the first half of the year, 97% fixed employment in 2020 and 92% in 2021 for its LNG…

Thank you. [Operator Instructions] At this time we have no questions in queue. : :

Well, we look forward to reporting our business results in our two daughter companies, right after this call and reporting back to you on our group progress next quarter. Thank you for listening in this morning.

Thank you. This concludes today's call. We appreciate your participation. You may now disconnect.