First Ship Lease Trust (FSLUF) Q4 2026 Earnings Call Prepared Remarks Transcript

Good morning, ladies and gentlemen. Welcome, and thank you for joining FSL Trust's Half Year 2026 Financial Results Live Webcast. My name is Roger Woods, and I'm the Chief Executive Officer of FSL Trust Management, the Trustee Manager of FSL Trust. We have announced the unaudited half year 2026 financial results for FSL Trust yesterday evening, and the relevant materials are available on our website, www.firstshiplease.com as well as on the SGX website. During this live webcast, we will discuss the Trust's activities and operational and financial performance in the half year 2026. After the presentation, we will take questions from the audience. Before we begin, please note that today's discussion contains forward-looking statements based on the environment as we currently see it and certain assumptions, which are subject to risks, uncertainties and external factors. The actual future results may, therefore, differ materially from our today's view and expectations communicated in this presentation, and you are advised to read the disclaimer in the financial results presentation. Please also note that this live webcast, including the Q&A session will be recorded, and a recording will be available on our website on Thursday afternoon. We start the presentation by looking at the operational and financial highlights of the year 2026 results. On the operational side, we have seen a volatile tanker market with the additional uncertainty from a new Middle East conflict and into an already high spot market. The cargo dislocations and changing trade patterns lead to increased ton-mile demand. During the period, new building orders have continued at excessive levels compared with the recent