Frontline plc.

Good day and thank you for standing by. Welcome to the second quarter 2025 Frontline PLC Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lars Barstad, CEO. Please go ahead.

Thank you, Nicolas. Dear all, thank you for dialing into Frontland's quarterly earnings call. Shipping and tankers from our vantage point is still in the eye of the storm in relation to global conflict and trade policies. We have started to grow numb in respect of our industry's ability to regulate the ever-increasing parallel tank market, stealing margins from the law-abiding citizens of the tanker trade. But now we are hopefully seeing the contours of change, one being trade policy reflected in nations' behavior on crude sourcing, and the simple fact that global oil demand growth has surpassed what sanctioned molecules can satisfy. Meaning incremental oil demand and supply for that sake, its growth seems to benefit the compliant fleet, being the market frontline operator. So before I give the word to Inger, I'll run through RTC numbers on slide three in the deck. In the second quarter of 2025, Frontline achieved $43,100 per day on our VOC fleets, $38,900 per day on our SUSEMAX fleets, and $29,300 per day on our LR2 slash Afromax fleet. This is up from the first quarter of the year, but admittedly somewhat short of expectations. So far in the third quarter of 25, 82% of our VLCC days are booked at $38,700 per day. 76% of our SUSEmax days are booked at $37,200 per day, and 73% of our LR2 slash AFRAmax days at $36,600 per day. And again, just to remind you, all these numbers are on the load-to-discharge basis with the implication of the ballast days at the end of the quarter this incurs. However, we have fixed very far into Q3 at this point in time, so there's not that much that can move the needle coming in from here. And I'll now let Inger take you through the financial highlights.

Thanks Lars, and good morning and good afternoon ladies and gentlemen. Let's then turn to slide four, profit statement. look at some highlights we report profit of 77.5 million or 35 cents per share and adjusted profit of 80.4 million or 36 cents per share in the second quarter of 25. the adjusted profit in the second quarter increased by 40 million dollars compared with the previous quarter and that was primarily due to an increase in our tce earnings from 241 million in the previous quarter to 283 million in the second quarter. As a result of higher TCE rates, partially offset by fluctuations in other income and expenses. Let's then turn to balance sheets at slide five. The balance sheet movements this quarter are related to ordinary items. Johnstown has a solid balance sheet and strong liquidity of $844 million in cash and cash equivalents, including undrawn amounts of revolver cap capacity, marketable securities, and minimum cash requirements bank as of the end of June 30, 2025. We have no meaningful death maturities until 2030 and no new building commitments. Let's then look at slide fixed fleet composition and cash break even rates and OPEX. Our fleet consists of 41 VLCs, 21 Zeus Max tankers and 18 LR2 tankers. It has an average age of seven years and consists of 100% Ecovessels where of 55% are scrubber fitted. We estimate average cash break-even rate for the next 12 months of approximately $28,700 per day for VLCCs, $22,900 per day for SUSEMAX tankers, and $22,900 per day for LR2 tankers, with a fleet average estimate of about $25,900 per day. This includes dry-dry cost for 12 VLCCs and 8 LR2 tankers. The fleet average estimate excluding dry dock cost is about $24,600 or $1,300 per day less. We recorded OPEX expenses, including dry dock, in the second quarter of $8,700 per day for VIL-CCs, $8,900 per day for SUSEMAX tankers, and $7,600 per day for LR2 tankers. This includes dry dock of one VIL-CC and one Zeus Max tanker. And the Q2 25 fleet average OPEX excluding dry dock was $8,100 per day. Then let us turn to slide seven and look at cash generation. Frontline has a substantial cash generation potential with 30,000 earnings days annually. As you can see from the graph on the left-hand side of the slide, the cash generation potential basis current fleet and TCE rates for TD3C for VCCs, TD20 for Zeus Max tankers, and the average of TD25 and TC1 for AfriMax and LR2 tankers. from the Baltic Exchange as of August 28, 25 is $648 million, or $2.91 per share. And further, a 30% increase from current spot market will increase the potential cash generation with about 64%. With this, I leave the word to Lars again.