Combination Carriers' Q2 2026 financial results presentation. First up on the agenda today will be CEO Engebret Dahm, who will walk you through an overview of the results, followed by CFO and Deputy CEO Liv Dyrnes, who will give you a look into the financials as well as the sustainability performance.

Then Engebret will come back on to give you a look into the market as well as the outlook for KCC in the coming quarters. As usual, we will have a dedicated Q&A session at the end of the presentation.

Feel free to send through your questions on the chat button that you see on your screen. With that, let's go ahead and get started.

Engebret, you're up.

Good morning, and thank you, [Haley?] .

This quarter has been one of the most extraordinary and operationally challenging quarters for KCC. With what's happening in Middle East, we have really tested the resilience of our business model, our craftsmanship, and our commitment to our customers.

I'm very proud to say I believe we have passed all these tests. I'd like to thank the KCC team for excellent work done during this quarter.

The quarter has, of course, been influenced, needless to say, what's happening in the Middle East. The main fears we had when we met end of April was that we would see effects on the caustic soda shipments on the CABUs to Australia.

We feared that lack of feedstock to the chlor-alkali industry would limit shipments of caustic soda to Australia. We feared that loss of the market in the Middle East, the Middle Eastern aluminium smelters of our Australian customers would also have a negative impact on production and caustic soda shipments.

None of these concerns materialized during the quarter and to date. It has shown the large resilience, impressive resilience of the Australian alumina industry in the face of these large geopolitical impacts.

The concerns on the CLEANBUs was more the fact that we, due to the change in trade patterns, we had to allocate capacity into standard tanker trades, and we feared, of course, that this would had a negative impact on earnings through suboptimal trading and waiting time. Also this, with one exception, did not materialize, and I think the results we present today bears testimony to this fact.

Looking on the second quarter results, we are happy with the performance in light of what's happened around us in the world. We had a strong financial performance and also a strong operation performance.

The earnings results are one of the strongest in KCC's history. We have maintained the highest standards on safety and operational quality with no accidents, no injuries, and no customer complaints.

The time charter earnings of the fleet on average ended at $37,782 per day, which is an increase of $4,350 per day, which is in the upper half of the revised guiding of $36,500 to $38,400 per day. The EBITDA ended at $38.5 million, and result after tax ended at $20.8 million, which is a $9.2 million and $5.2 million increase respectively from the first quarter.

The first-half profit ended at $36.3 million, which is higher than the full-year 2025 profit of $33.4 million. The board has decided to distribute $0.30 dividend per share, which is in total $17.9 million, which is half a cent and $0.05 and $3 million higher than in the first quarter.

When we met last time, we told you about Banastar, the CABU vessel that was directly impacted by the conflict in the Middle East. She was discharging alumina in Dubai and was supposed to ship caustic soda back to Australia.

In the 4 months since that happened, she was trapped in the Middle East mostly being alongside Dubai Drydocks doing planned maintenance. This was among the safest place we could imagine ship could be.

In the 4 months' period, we have had close contact with the crew together with our ship manager. We have taken the safety and well-being of our crew as our highest priority, and we have repatriated the crew that wanted to go home.

After the signing of the US-Iranian framework for peace the 17th of June, we saw a window of opportunity to get the vessel out. After thorough risk evaluation including consulting properly with the crew, we booked a slot to take the vessel out with the US and CAGC for a facilitated transit through the Southern route close to the coast of Oman.

This happened in the evening the 25th of June, and over midnight the 26th of June, the vessel was safely out of the Gulf. We would like to extend our thanks to the crew for their commitment and professionalism during the difficult time in the middle while the vessel stayed in the Middle East and the transit through the Strait of Hormuz.

With the closure of Strait of Hormuz and also later increased hostilities in the Bab-el-Mandeb strait, the trade flows for both crude and clean petroleum products have changed. As mentioned, this has also impacted quite a bit the trading of of our CLEANBUs.

With the CPP exports out of Arabian Gulf being more or less stopped, it has had ripple effects on exports out of India and Northeast Asia, which has been one of our main trading hubs. We have in this situation used the large flexibility of the CLEANBU fleet to switch the deployment of the fleet to training as regular tankers and to capture opportunities that we have seen in the tanker market in the quarter.

We see here on the map the gray lines are the historical trades of the CLEANBUs since the delivery of these ships 7 years ago. We also show here part of the opportunities we have taken in over the second quarter.

We kept ships trading in the regular trades from US Gulf south to South America. Normally, we have done this as part of a triangular trading.

This time we have used more like standard tankers going back in ballast. We have made loadings of clean petroleum products in the Red Sea and we have brought back grains.

In the run up to the conflict, and immediate start of the conflict, we have shipped naphtha from the US Gulf to Asia. In June, we took a quite unconventional shipment from Antwerp to Sydney in Australia with gasoline, one of the longest sailings we've ever had, 45 days' sailing.

Let's look a bit closer on how the business has been doing in the second quarter. Part due to the Middle East crisis, the product tanker and dry bulk markets have been strong, which has supported earnings.

The tanker markets barked in February. It kept strong through March and April, but fell back in May and June, but it partly recovering during the summer and has been firming lately into August.

I would like to mention that the regional export volumes have fluctuated quite a bit. We had repeated halting and resuming of trade flows at short notice, which has led to extreme regional earnings volatility.

For instance, the Atlantic market went from $93,000 per day in April to less than $6,000 in May. It's been a difficult time to navigate.

With the US oil product exports increasing, the loading activity in Atlantic has been paramount and drawn increasing product tanker capacity. It has also paid better than alternative trades.

The dry bulk market has also strengthened during the summer and spring. The P5TC, the average index for Kamsarmaxes, increased from $16,800 per day in March to more than $20,000 per day in May, and has kept stable through the summer.

I would also like to mention that fuel prices for shipping bunkers have increased tremendously, of course, during the outbreak of the hostilities, has fallen back, but is still solidly around 50% higher than the pre-conflict levels, which also supports the earnings of KCC. Looking at the CABUs, it's been another strong quarter for the CABUs, where we got the support from both the strong product tanker and dry bulk markets, but we have had ripple effects from the Middle East conflict that has offset a little bit of the gains we got from the market.

We got a couple of cargoes canceled, which was substituted quickly, but the changes to the shipping program had negative impact on the scheduling and led to longer waiting days at our customer's terminals in Australia. The changes to the cargo program, the long wait, and on the top, the trapping of the Banastar in the Middle East led to a very tight fleet situation for KCC in the second quarter.

In order to deliver the service to our customers, we did the two ballastings, and we also used CLEANBU on two caustic soda shipments to ensure that our customers had caustic soda on their tanks at any time. These challenges resulting in the highest ever share of the cargo capacity in tanker trade in caustic soda trade.

It also resulted in the lowest ever share of the capacity in combination trades, as we don't count ballast voyages as combi trade, and also some of the highest ballast percentage in the history of the CABUs. The time charter earnings ended at $34,076 per day, which is $4,500 higher than in the first quarter.

We got the benefit of the strong MR tanker market through the floating rate contracts. Although it should be said that the Pacific MR tanker market performed quite weaker compared to the strong Atlantic market.

We got a good support on the spot dry bulk shipments of the strong Pacific dry bulk market. We also had positive fuel effects, especially on the dry bulk markets.

Looking over to the CLEANBUs, with all the challenges that we have had out of the Middle East crisis, we are also pleased with the CLEANBU second-quarter results, which is the fourth highest ever time charter earnings of our CLEANBUs. As mentioned, we deployed the fleet in tanker trades after the main combi trades stopped up.

As result, we have in total 86% of the capacity trading in the oil product trades and vegetable oil trades. The share of dry trading decreased to 4%, and the two caustic soda shipments made to Australia accounted for 10% of the capacity.

These trading choices are to a large effect the effect of the large earnings difference between the dry and product tanker market. As normal, we allocate capacity to the highest-paying markets.

With the CLEANBUs mainly out of combi, the combi trading was limited to 42%. We had long ballasts ending up at 32%, which is one of the longest ballasts we ever had in history.

The time charter earnings ended at $42,243 per day, which is $4,900 per day higher than in the second quarter, which again is a result of the strong tanker market and also our efforts to optimize trading. We had during the quarter extreme volatility in earnings on the various voyages we have performed, everything from $140,000 per day down to below $5,000 per day.

In totality, we are pleased with the performance of the CLEANBUs in the quarter. Then Liv, you take over?

Yes, thank you. Then over to the aggregated financials.

I'll today start with the EBITDA bridge comparing Q2 with Q1. EBITDA for Q2 ended at $38.5 million, an increase of 31% from last quarter.

Engebret has already mentioned that the TCE rates were higher for both segments. For the existing CABU fleet, so that is does not include the CABU newbuilds, this had a quarter-over-quarter effect of $2.5 million.

For the CLEANBUs, the effect was $3.1 million. Then we took delivery of two newbuilds during Q1 and Q2.

The EBITDA effect Q-on-Q for these two vessels were $3.6 million positive. Then we had quite a lot of or more off-hire in in Q2 compared to to Q1 for the existing fleet.

That partly relates to Banastar. Banastar had in total 109 days off-hire off-hire in first half due to the situation in the Middle East, whereof 88 days in Q2.

In addition, we had four drydockings ending in Q 2, two CABUs and two CLEANBUs. For one of these drydockings, we had an extended yard stay due to an issue at at the drydocking, but this was partly compensated by loss of hire insurance.

For the reminder of the year, we will not have any CLEANBU drydockings, and we have two CABU drydockings, included the life extension of Banastar. You can find detailed information about this in the appendix.

Quarter over quarter, this had a negative effect of $4.9 million. Other income, that is loss of hire compensation both for Banastar, and that relates to both Q1 and Q2 for this vessel, and then it's also loss of hire compensation for the extended yard stay, as mentioned.

This amounted to a quarter-over-quarter effect of $5.4 million. Then operating ex- expenses for the exis- existing fleet increased by $1.1 million.

Underlying, we saw an increase of approximately $300 per day for the CLEANBUs, and $400 per day for the CABUs. This is mainly one-offs partly related to Banastar in the Middle East and then several other items for both fleets, but but mainly one-offs.

Administrative expenses came down by $0.5 million. It's partly related to holiday pay in Norway, lower salary payments, and it's also lower other administrative expenses.

If we then look at some of the other P&L items as well. Net revenue from operation of vessels was $52.1 million for Q2, an increase of 11%, and this does not include the off-hire compensation of $5.4 million.

Then profit after tax was $20.8 million, an increase of 33% quarter over quarter. In addition to the EBITDA effects, profit after tax was also impacted by higher depreciation of $2.1 million.

That's that's related both to the newbuilds as well as the finalized drydockings. Net finance costs also increased Q-over-Q by $1.8 million.

That's approximately 50% related to the refinancing, 40% related to higher interest cost as we have a higher debt burden due to the newbuilds, and a minor negative effect of FX. This resulted in an annualized return on capital employed for Q2 of 14% and return on equity of 22%.

Over to the balance sheet. The equity ratio was stable from Q1 to Q2 at 50%.

Equity increased by approximately $5 million. It's driven by a very solid profit after tax, partly offset by dividends and a small negative other comprehensive income for the quarter.

Net interest-bearing debt to EBITDA was 2.4 on a 12-month rolling basis. This is positively impacted by the increased EBITDA, but the underlying ratio is even lower as this includes full debt burden for the newbuilds, but it does only it does not include full EBITDA for the two new two newbuilds.

Cash by the end of Q2, $65 million, compared to $59 million last quarter, and long-term available liquidity, $145 million, an increase from last quarter of $18 million. The $18 million is positively impacted by the very strong operating cash flow.

We had very limited working capital changes for the quarter, and it's also positively impacted by higher debt or available debt capacity both due to the refinancing and due to the newbuild deliveries. You might have noticed in Q2 that we released a a press release regarding the closing of a $200 million senior bank facility.

This is refinancing of one facility falling due in 2028 and one part of one facility falling due next year. As you can see in the graph here, in 2027, we still have a small balloon payment of $9 million related to one CLEANBU vessel.

This was made on improved overall terms compared to the existing facilities. improved margin, repayment profile, extended tenor, as well as removal of one financial covenant.

After the refinancing, we have two larger bank facilities, one for the CABUs and one for the CLEANBUs, in addition to the $9 million million falling due next year. We have four unencumbered vessels built between 2001 and 2005.

We have over the last year optimized the bank debt portfolio, and I would say there are limited improvement potential going forward now, but I think we have a very strong financing package now. Then lastly on the financials, dividends, as Engebret mentioned, $0.30 per share for the quarter, $17.8 million in total.

That equals 100% of the adjusted cash flow to equity, well above the minimum threshold in the policy. On an EPS base- basis, it's it equals 86%, and dividend yield based on close yesterday and on an annualized basis close to 11%.

This increase in dividends is definitely supported by the very solid EBITDA improvement, and it's despite the increase in maintenance CapEx, which was quite high at close to $8 million for the quarter. We know that this element is volatile between quarters.

This ends our, or not ends, this continues our unbroken dividend record that we've had since the listing in 2019. Dividends every quarter, and in total, $266 million distributed.

Then a brief comment related to the carbon intensity for the quarter. As expected, in it increased in Q2.

The EEOI for the fleet was 8, up from 6.5 in Q1. Year to date, that was 7.2.

In the graph to the right, you can see the main drivers behind the increase. The two main factors were increased ballast and and lower cargo weight.

This is heavily impacted by the disruptions from the Middle East situation. Engebret has already been through that we have ballasted more specifically for the for the CLEANBU fleet, and with less trading efficiency, or lower trading efficiency.

This also impacts the cargo weight as we have transported more wet than dry this quarter. We do expect this come come down when we reestablish the trade the trading patterns that we usually do.

Going forward, we definitely will come closer to the 5.8 target, although that is a a very high ambition for 2026 compared to when we see the results for the first half of the year. The positive thing here is that we see positive impact from energy efficiency as well.

That's it from my side. Then over to you again, Engebret.

Thank you, Liv. Looking ahead, let's first quickly dive into the outlook for the product tanker and dry bulk markets, and how KCC looks to perform of the coming quarters.

With the unpredictable situation in the Middle East, there are large uncer- uncertainties on on how these markets will develop. Based on our an- analysis, we believe that we are going to have both a strong dry bulk and product tanker markets the next quarters, and that fuel prices will stay high in these quarters.

This is likely to be a sweet spot for KCC, where all the three markets that decide the the earnings of our company will be positive. Looking first on the on the product tanker market, the events in the Middle East is likely to continue to shape the dynamics of the tanker markets.

There are three main effects that partly I have mentioned already. Firstly, the the CPP exports out of the Arabian Gulf fell substantially over over the last quarter.

US exports picked up. Northeast Asia exports reduced, partly due to export ban in China and also restrictions of Korean exports.

We believe that some of these this trend will continue. We see in the Far East we see rather improved oil supply and the highest ever refining margins, which looks to say to end up with increased exports which in in the Pacific, which will strengthen our business.

Secondly, we have the the product tanker market had laden sailing distances, but the loss of seaborne products have reduced the ton-mile in the product tanker market to date this year. This illustrates the the the fact of the trade trade shortfalls that the market had experienced.

Thirdly, the the the substantially increased inefficiencies in the in the fleet has to date offset the lower lower ton-mile development. That comes through longer far longer ballast voyages and longer waiting time.

Looking ahead, the main question remains, will the limit to supply of oil products lead to cap of earnings in the product tanker industry? Or will the development of the Middle East crisis eh continue to to lead to substantial inefficiencies in the product tanker market using a a big share of the of the capacity of the of the product tanker market?

Our take on this, and if there are uncertainties for sure, is that the oil markets has shown a tremendous dy- dynamism and flexibility to deliver the the the more or less the supply that the markets need. They have found found ways.

Unfortunately, on the Middle East situation, it doesn't look that there are any peaceful solution at sight, meaning that the markets will continue to to be to be disrupted by the events in the Middle East, leading continuing to have extensive inefficiencies that in our mind, in totality, will keep the market strong for the next quarters. Looking on the dry bulk markets, the effects of the Middle East situation is less on dry bulk markets, but there are still substantial inefficiencies coming in the dry bulk markets.

We had of course, the Middle East situation with ships waiting outside and inside the Gulf. We have had recent attacks in the Black Sea, limiting grain exports out of the Black Sea, strengthening longer haul dry bulk exports from the Americas.

We also seen lately the effects of the El Niño on leading to restrictions of the Panama Canal, increasing congestion, leading to dry bulk ships passing through Cape Good Hope and Cape Horn on the way back and forth to Asia. I would like to mention three effects for looking ahead for the dry market.

One, we continue, as we see on the graph here, to get the Panamax market to get support from the Capesize market. After some weak development in the summer of of bauxite shipments out of Guinea, we see an expected long increase in long-haul iron ore shipments and bauxite shipments out of Guinea that will be very supportive for the front-haul demand, and and likely to strengthen the Capesize market, which again will have the trickle-down effects on the Panamax market through a higher market share for Panamaxes in the long-haul coal shipments.

Secondly, coming into the second half of the year, seasonally, the the the South America grain season starts to to soften. As normal, we the markets are are quite dependent on a a good activity in in US grain and North American grain exports.

The good thing is that we have seen substantial increase in increase in in Chinese grain purchases, which is the strongest since 2022, that we expect will support the Panamax market through the autumn and into the winter. We see, in addition, the thirdly, we see, in addition, a positive development on coal shipments, which is partly a substitution of of expensive gas with cheaper coal, given the the the limit of of Qatari LNG exports due to the closure of the Strait of Hormuz.

In addition, we see El Niño effects in China, where the drought has led to reduction in hydroelectric production, again favoring consumption of coal. This development on coal shipments is also expected to support the the Panamaxes and the dry bulk market over the next quarters.

Let's turn into the other facts of how we are are how we are delivering value to our shareholders over the next quarters. Starting up with the contract coverage, having a solid contract book is important tool for us to ensure that we keep the ships running in the most efficient combination trades, where our ships can create the most value.

We do fixed-rate and floating-rate contracts, the fixed-rate contracts to create a floor of fixed-rate coverage, reducing volatility. Looking at the fourth quarter 2026 on this graph, we see the dry bulk coverage is mainly limited to FFAs, which are constituting around 20% of the dry bulk capacity.

We the rest of capacity is or the the total capacity is mainly operating in the spot market, but with repeat customers that we have done business with for decades. Looking on the tanker side, we have around 55% contract coverage for the fourth quarter, 32 point percent percent point at fixed-rate contracts and 23 percentage point floating-rate contracts.

We are comfortable in totality with with this contract coverage for the fourth quarter. For 2027, we target over the next quarters to increase the capacity beyond the current 28% contract coverage on tankers and 7% contract coverage for dry bulk.

We are entering into the traditional contract renewal season. It starts it already started.

The momentum increases into the fourth quarter, and we normally succeed to complete the contract negotiations with- before Christmas. The the market backdrop for these contract negotiations with both a strong dry bulk and tanker market is positive, and our target is to increase the contract coverage on the tanker side to around 60% for next year with around 50% being fixed-rate, and to increase the dry bulk con- tract coverage up to around 20%.

Continuing, looking at how we are we are working on the CLEANBU business, we we have, despite the disruptions to the oil markets, and to the to the combination trading we have had in in the second quarter, we we maintain our medium- to long-term strategy for CLEANBU fleet. The CLEANBUs, I would like like to remind you, are semi-industrial shipping business.

We establish combination trades, where we combine shipments of clean petroleum products, vegetable oils, and dry bulk cargoes in the most efficient manner to deliver to deliver most value in terms of efficiency to our customers and to deliver superior earnings over the cycle. We have over the years established a number of efficient, high-paying combination trades, and we systemac- systematically work to add a couple of more trades to to improve further efficiency, and also create the groundwork for expanding the CLEANBU fleet at the right timing.

While the combination trades have in in the second quarter and first part of third quarter been wholly or partly disrupted, we are seeing some positive development in in the trade flows out of India and the Far East that has enabled us to put some CLEANBU ships back into the combination trades, and we do hope and expect that this will continue going forward. To continue succeeding with our strategy, we need to to continue expanding our customer base, and to win over the remaining difficult to difficult to to win over customers.

We have, despite all the geopolitical noise, we have succeeded to expand our customer base in 2026. The second quarter, we added one new oil major to the to the customer acceptance list, which is positive.

Turning over to the to the CABU business, we have we have this year expanded the the the business from eight vessels at the at the start of the year to currently 11 vessels, which in total strengthen the competitiveness and resilience of our CABU business. Took delivery of the Baltasar the 6th of August, the vessel on the picture, which marked the completion of our newbuilding project, which comprised three ships.

We have had a smooth execution of this project, a strong cooperation with Yangzijiang Shipyard, and with the capable management of the project of our project team, we have delivered this project on cost before time. On the newbuilds, we are pleased with the performance with a higher cargo intake, and extensive energy efficiency measures installed, where the ships deliver lower carbon footprint and freight cost savings to our customers and higher earnings to KCC.

We are eager to experience the efficiency of the two huge suction sails we installed on the Baltasar, the first in the KCC fleet. We also this month took the decision to extend operational life of Banastar and take her through the 25-year drydock and life extension, as we did with her sister ship eh Barcarena in December last year.

The successful launch of the trade in between US Gulf and Brazil for for Hydro subsidiary Alunorte has opened opportunities for KCC to expand the trade. Based on on a new 28- eh to 36-month contract of affreightment, which covers part of the capacity of the Banastar, we we will have now two ships in in the trade to Brazil from early 2027.

We will these ship the two ships will operate together, where we where we change the operation from a shuttle service, we do today, on the Barcarena, to more combination trading, adding dry bulk customers, and also new caustic soda customers over the coming coming year. We believe these two two vessels, based on the solid fixed-rate contract coverage, will deliver solid free cash flow, and and and will also be important tool for us in our business development in Americas.

At the end, let's turn to the to the rate guiding and outlook for the third quarter. Starting up with the CABUs, we have seen a considerably improved trading performance of the ships in the third quarter, in fact, quite a perfect trading with no ballasts and limited waiting days.

We are pleased to to guide on a on a flat time charter earnings in the range of $33,500 to $34,500 per day, based on that 94% of the capacity is fixed. This is despite considerably lower MR tank tanker rates con- compared to the to to the boom we experienced in part of the second quarter, and also somewhat weaker dry bulk market in Pacific, as Pacific dry rates normally underperform the average in the third quarter.

Looking on the CLEANBUs, the the operational efficiency is also improved for the CLEANBUs, but the main effect comes from the lower, but still historically strong, product tanker market in th- the third quarter compared to the to the second quarter, where we, as mentioned, had eh months with booming rates. With 84% of the capacity, the guiding is $36,500 to $38,500 per day, which is $3,700 to $5,700 lower than in the second quarter.

This is based on 84% of the capacity booked. The average of $34,500 to $36,300 per day for the fleet shows that third quarter will be another strong quarter for for KCC.

It's important to mention that we in the third quarter, we have 287 days higher on-hire days, which is due to the fleet expansion, and also lower docking. This the the real difference in terms of of on-hire days is more roughly 160 days, as we in the second quarter had had off-hire insurance payments for around 120 days, which is recorded in the second-quarter results under other earnings.

Looking ahead, we had through the second quarter and third quarter shown that our company is more than than the spot market development in the product tanker and dry bulk markets. It's as much a matter of of delivering on our business model and on the execution of what we are doing.

We we are hopeful for the outlook for the next quarters. Based on on our business model with a higher efficiency, the more flexible fleet, and our diver- diversification of earnings, we we are optimistic for the results and that we continue to deliver a higher risk-adjusted returns to our shareholders than most other stand- standard dry bulk and tanker companies.

This ends the end of of our presentation, and we are now ready for for questions.

Yes. Great.

We have quite a few questions that have come through. The first questions I'm going to ask now are kind of around Banastar.

Now with Banastar out of the Gulf, do you have any remaining direct exposure to the Strait of Hormuz, or is the fleet entirely trading outside MEG at this point?

At the moment, all vessels are trading outside the Arabian Gulf. We have one ship in the Red Sea, but we are not intending to restart any operation into Arabian Gulf until we see a substantial improvement in the conditions in the region.

Is the repositioning of Banastar included in your CapEx and off-hire guidance?

The docking and life extension program that will take place in October, November is included in our guidance. The positioning of the vessel, which will start up in November, is expected to follow the same pattern as we had on the Barcarena, which traded with caustic soda into Australia and with alumina from Australia to South America, and with a ballast from South America into Brazil, US, which gave positive earnings beyond the bunker and operating cost.

That is part of the business plan for doing this life extension, but it's not recorded as off-hire.

Okay. How does the life extension of the CABUs affect your fleetwide EEOI?

It's clear that we see that the Barcarena that has firstly had a long ballast from South Africa and also have done more shuttle service from US Gulf to Brazil with a ballast back, has a negative impact on the EOI for the company this year. The position of the Banastar will initially have a negative impact, but we expect by having two ships in the trade between Brazil and US, we expect the trading efficiency to improve as we will add dry bulk northbound cargoes, which will establish an efficient combination trading and reduce EOI.

Okay. A little back to Banastar, does Iran's sanctioning of Banastar affect you in any way?

We were surprised to see the news yesterday that the vessel was on the list of Iranians. We do not expect any effect on the trading of the vessel.

She will, as mentioned, trade, after ending the current voyage, go into dock and life extension, and she will then be positioned to the US, nowhere close to the Middle East.

Okay. While the alumina industry in Australia has shown resilience so far, do you expect this to continue also if the strait continues to be closed?

I believe that, from what we understand, we are seeing that better oil supply into the Far East has managed the chlor-alkali industry to produce at the levels desired, securing supply to Australia. We've also seen that our Australian customers have been able to sell the alumina in new markets.

The fact that the global alumina pricing has been stable or, in fact, increased, is a good sign that this strategy has been successful.

I think we have time for one more question now. Do you plan to install the wind sails on the other newbuilds or any of these existing vessels on the fleet?

We have to take these investments and projects step-by-step. Firstly, we will prove the performance of this equipment and optimize the operation on the Baltasar.

That will happen starting up on the second voyage in September. We probably use quite a number of months to be comfortable with the performance.

We have prepared the two other newbuilds for later retrofit of suction sails, but again, it's too early to say whether we will do it. Our hope is that the wind can be a profitable energy efficiency measure, and that we could be able to install it both on the two newbuilds on the next newbuilds that we contract, and potentially also on some of the CLEANBUs, but that remains to be seen.

Okay. I think that is all we have time now for questions.

Thank you so much, Liv and Engebret, for a great presentation today.