CMB.TECH NV Ordinary Shares

Good day, and welcome to the URNF third quarter 2022 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your touchtone phone. To withdraw your question, please press star, then two. Please note, this event is being recorded. I'd now like to turn the conference over to Brian Gallagher. Please go ahead.

Thank you. Good morning and afternoon to everyone, and thanks for joining our Q3 2022 earnings call. Before I start, I would like to say a few words. The information discussed on this call is based on information as of today, Thursday the 3rd of November 2022, and may contain forward-looking statements that involve risks and uncertainties. Forward-looking statements reflect current views with respect to future events and financial performance, and may include statements concerning plans, objectives, goals, strategies, future events, performance, underlying assumptions and other statements which are not statements of historical facts. All forward-looking statements attributed to the company or to persons acting on its behalf are expressly qualified in their entirety by reference to the risks, uncertainties and other factors discussed in the company's filings with SEC, which are available free of charge on the SEC website at www.sec.gov and on our own company's website at www.urinav.com. You should not place undue reliance on forward-looking statements Each forward-looking statement speaks only as of the date of the particular statement, and the company undertakes no obligation to publicly update or revise any forward-looking statements. Actual results make for materially from these forward-looking statements. Please take a note to read our safe harbor statement on page two of the slide presentation. With that, I'll now pass over to Chief Executive for Hugo to speak, to start with a content slide on slide three. Hugo.

Thank you, Brian, and good morning or afternoon to wherever you are, and welcome to Oracle. I will run through the Q3 highlights before passing back on to Brian Gallagher, our head of IR, who will then highlight some key and current trends in the winter market before I return to summarize our strategy, where we are in the current cycle, and our outlook. Turning to slide five and the Q3 highlights. In capital markets today, everyone is looking for a pivot. Well, in tanker markets, especially in the larger VLCC segments, We finally got ours in freight route, and this was the catalyst to drive us back to profitability. Since July, the substitution trade of VLCC ships supplying the lost seaborne barrels from Russia to the EU has really gained traction. The seabank sector has experienced more impactful dislocations since April and has continued to see rates rise. And now VLCCs have largely cooled up over the third quarter. As experienced watchers of shipping will know, the impact in our numbers is lagged as we are operating six to eight weeks ahead of the current calendar. Hence, you can see from slide five, the quarter-to-date numbers for Q4 reflect better the trends we have seen since the summer. We at Euronav have also been busy. We have sold three older vessels this quarter and recycled the capsule into two new EcoSusmax contracts which will be delivered ahead of the winter in two years from today. We now have eight vessels under construction that will be delivered across what we believe is the starting quarter of a multi-year upcycle. So it's a very pleasing operational quarter for us, as we believe the cycle has turned and should last for the foreseeable future. Looking now at the financial slide 7. It was a relatively quiet quarter on the financials during Q3 with no exceptional items. Our leverage in our liquidity remains very robust and in line with previous guidance. We continue to work hard on adding additional sustainable financing, which we expect to complete very soon. The two FSOs that we operate now fully are totally consolidated for an entire quarter, and this for the first time since we acquired 50% of our partner on June 7, 2022. Slide 7 also focuses on how much progress we have made year-to-date in fleet renewal with interest remaining high in the second-hand tonnage. With that, I will now pass it back over to Brian Gallagher to give some thoughts on the current market cycle.