BW LPG Limited

Recording in progress.

Financial results presentation. Bringing you through the presentation today, our CEO, Anders Anaheim, Deputy CEO and Head of Strategy, Christian Sorensen, EVP Commercial News Review, and Interim CFO, Head of Investor Relations and Corporate Development, Eva Babsik. We are pleased to answer questions at the end of the presentation. Should you have any, please type them into the chat box in your Zoom panel. You may also use the raised hand option. Before we begin, we wish to highlight the legal disclaimers shown on the current slide. This presentation, held on Zoom, is also recorded. I now turn the call over to DWLPG CEO, Anders Onneheim.

Thank you, Lisa. Welcome to our Q2 2023 results presentation for the financial period and the third of June this year. It's been a strong first half year for BWLPG. We've been busy. On the shipping side, our Hispanic fleet with new full vessels allowed us to capture value in the buoyant market at an impressive 99% utilization. Kudos to the commercial team. The BOGC rate surged well above the seasonal averages from recent years. As an example, PCE rates from the Rastanur-Ashiva trade route was twice the average of that of the same period last year. Our India business is also delivering steady returns, and we are actively looking to increase our presence further in this fast-growing market. We are very pleased to see that a strategy developed over the last several years, including an expanded position in the value chain and disciplined fleet renewal, is starting to bear fruits. Our product services business is developing nicely, and KSTEM will give you some further details of developments here. Also, we're extremely pleased to see sharp improvements in the uptime on running our retrofits and LPG. The fuel savings are substantial, and the CO2 and other footprints drastically reduced. In this federal market, we continue to generate substantial free cash flow, and our balance sheet is rock-solid. Reflecting this, we did a share buyback to reverse book building process in June. We continue to return capital to our shareholders through attractive dividends. For the first half of 2023, we will have distributed nearly 20 Norwegian kroners per share. This equals to an analyst dividend yield of around 30%. Let me now move on to the highlights for the quarter on slide four.