Dampskibsselskabet Ord

Good morning and welcome everyone to this webcast with a presentation of the Q3 2025 report from NOAN that was published this morning. In the first part of the presentation, you'll be in a listen-only mode, which will be followed by a Q&A session. During the Q&A session, you'll be able to ask questions by pushing the pound key or hashtag followed by five on your phone's touchpad. If you're watching this webcast online, you can ask questions written in the chat below. With that, I'll hand over to CEO Jan Rembo and CFO Martin Badstedt from NOAN. Please go ahead.

Thank you very much and also a warm welcome from my side to this Q3 presentation of our results. Let's dive into the numbers. In the third quarter, we delivered a net profit of $26 million. This was driven by asset management and vessel sales as we continue to realize values from our fleet portfolio. And what is also evident here is that with a rising market and rising asset values, we've seen our NAV increase by 7% in the quarter. With better than expected performance and also this rising market, we have raised our full year guidance on the 28th of October to a range now of between 100 to 140 million dollars. We've also had a busy year so far with 45 asset transactions. So this is one of the hallmarks of Norden, where we are actively using the asset markets to optimize our fleet portfolio. With that, I will hand you over to Martin Bester to take a closer look at some of our numbers.

Thank you very much, Jan. So looking first into the NAV, where, as Jan said, the NAV increased 7% since the end of June to now 362 kroners per share. You will see that from the table, two-thirds of our NAV, or the fleet value at least, is in dry cargo, whereas the last part is in tankers. And, of course, also supported by a fairly strong balance sheet with a net financial position of $375 million. We have added some sensitivity analysis here shown on the right hand side where we show what happens to the NAV if you change the underlying asset values or forward rates by 10% or 20%. And you will see in the upside bars here in the graph that a 10% change will actually give you an 18% upside and a 20% change will give you 37% upside in the NAV figures. Turning to the business unit, starting first with freight services and trading, we made a loss of $14 million in the quarter, mainly driven by poor performance, especially in cape size in our dry operator large vessel segment. Importantly, the dry operator small vessels actually did quite well and generated a profit of $9.1 million. And when you combine the two segments, we are seeing improved performance towards the end of Q3 and into Q4. Tenga operator made a profit of $2.4 million based actually on very good TCE earnings in our Tenga pool. And actually that led to a margin per vessel day of $1,700, which is a very strong number, although a little bit down on the numbers from last year, which were exceptionally strong. Logistics have actually improved its operating performance and have now delivered $1 million of positive EBITDA during the quarter. In asset management, we continue to do quite well in both of our segments. So we have made a profit of $62 million in the quarter. $27 million were from sales gains, still leaving $35 million in the quarter in operational performance. In dry, we benefited from high coverage taking on at times when the TC rates were stronger than now. And in the tanker owner, we benefit from the spot position that we have in a market that has been tightening during Q3. And as Jan said, we have been super active in managing our portfolio with 22 sales and 22 new additions to the fleet and actually also buying one vessel into our own fleet. And that means that even though we are selling quite a few vessels and realizing those values, we actually still have a strong portfolio of 83 options that provide good upside in potential tightening markets. Turning to the market development, you will see here from the graph that it was a fairly soft first half, and then in the beginning of Q3 the supermax rates spiked, as did CAPE size and other rates in the market, mainly on the back of strong cold volumes. This has actually continued so far during Q4. still on strong coal volumes, but actually also on a rebound in bauxite transportation. We actually think that the fundamentals are pretty strong in the market at the moment, and not least supported by all the uncertainty of geopolitical uncertainty and sanctions being in place, that generally is supportive of rates in this environment. In the tanker space we also saw improvements in Q3. You see here the dark line actually coming up above the line showing the rates from last year. So here also we are talking about geopolitical uncertainties, sanctions, trade skirmishes and so forth, which actually tend to lead to longer distances and therefore require much more tonnage to transport the same amount of volumes. After the end of Q3, we have also seen a very strong development in crew tanker rates based on OPEC deciding to add more barrels to the market, thus leading to more transportation. And even though we haven't seen so much trickle down into the product tanker rates so far, we actually believe that that will happen for the rest of the year and into 2026, leading to a strong market development also for our MR tankers. That does last, we think, into the first half of 2026, after which there will be some pressure from new buildings coming into the market towards the end of next year. And with that, I will hand you back over to Jan.