Q4 2023 Golden Ocean Group Ltd Earnings Call
Okay.
Operator: Good day, and thank you for standing by. Welcome to the Q4 2023 Golden Ocean Grp Limited Earnings Conference Call and Webcast. At this time, all participants are in a listen-only mode.
Good day and thank you for standing by welcome to the Q4 'twenty to 'twenty three Golden Ocean Group Limited earnings Conference call and webcast. At this time all participants are in a listen only mode. After the speaker's presentation there'll be a question and answer session to ask a question during the session you will need.
Operator: 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 1 and 1 on your telephone. You will then hear an automated message advising that your hand is raised.
I saw one one on your telephone you want them to have an automated message advising your hand is raised to withdraw your question. Please press star one on one again Alternatively, you may submit your questions via the webcast. Please be advised that today's conference is being recorded.
Operator: To withdraw your question, please press star 1 and 1 again. Alternatively, you may submit your questions via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today. Last, Christiane Frenton, CEO. Please go ahead.
I would now like turn the conference over to your first speaker today last question Fenton CEO. Please go ahead.
Ulrik Uhrenfeldt Andersen: Good day, and welcome to the Golden Ocean Q4 2023 release. My name is Lars Christian Svensson, and I'm the CEO of Golden Ocean. Today, our CFO, Peder Simonsen, and I will guide you through our Q4 numbers, recent activities, and our Forward Act. Here are the highlights for the fourth quarter of 2020. Our adjusted EBTA in the fourth quarter ended up at 123.2 million compared to 78.9 million in the third quarter. We delivered an adjusted net income of $64,600,000 and adjusted earnings per share of $0.32 compared with an adjusted net income of $22,000,000 and earnings per share of $0.11 for the third. Our TCE rates for cape size and panamax vessels were $25,176 per day and $16,738 per day, respectively, that took us to a combined fleet-wide net TC of about $22,000 per day.
Good day and welcome to the Golden Ocean Q4, 2023 release My name is Lars Tristan Sanson and I'm, the CEO of Golden Ocean to date, our CFO Peter C months pneumonia will guide you through our Q4 numbers recent activities and our forward outlook.
Here are the highlights for the fourth quarter of 2023.
Our adjusted EBITDA in the fourth quarter ended up at $123 2 million compared to $78 9 million in the third quarter.
We delivered an adjusted net income of $64 6 million and adjusted earnings per share of 32 cents compared with an adjusted net income of 22 million and earnings per share of 11 cents for the third quarter.
Our TCE rates for Capesize, and Panamax vessels with $25176 per day and $16738 per day, respectively.
That took us to a combined fleet wide net TCE of about $22000 per day.
Ulrik Uhrenfeldt Andersen: For Q1, we have secured a net TC of $25,000 per day for 74% of the Cape Size days and $15,400 per day for 84% of the Panama Cape. In Q2, we have a net TCO of 25,000 per day for 25% of the Cape South base and 14,200 per day for 19% of the Panama Canal. During the quarter, we agreed to sell one Panamax for a net consideration of 15.8 million and received financial commitments for an aggregate amount of 625 million at highly attractive prices. We continue to prioritise dividends, and we are pleased to declare a dividend of 30 cents per share for the fourth quarter of 2020. I will now pass the word over to Peder. Thank you, Lars Gusten.
For Q1, we executed an FTC of $25000 per day to 74% of the Capesize States and 15400 per day for the 84% of the Panamax days.
For Q2, we have a net TCE of 25000 per day for 25% of the Capesize space and 14200 per day for 19% of the Panamax days.
During the quarter, we have agreed to sell one panamax for a net consideration of $15 8 million and received a financial commitments for an aggregate amount of $625 million at highly attractive terms.
We continue to prioritize dividends and we're pleased to declare a dividend of <unk> 30 per share for the fourth quarter 2023.
I will now pass the word over to Peter.
Thank you Lucas.
Peder Carl Gram Simonsen: If you move to a profit and loss statement, on slide 5, we recorded a fleet-wide TCE rate of 22,000 in Q4, up from 17,000 in Q3. Our full-year fleet-wide TCE rate for 2023 ended at $17,900.
If you move to a profit and loss.
On slide five.
We recorded it fleet wide TCE rate of 22000 in Q4 up from 17000 in Q3.
Our full year fleet wide TCE rate for 2023 ended at $17900.
Peder Carl Gram Simonsen: We had two ships dry docked in Q4, the same as Q3, contributing to about 109 days of fire in Q4 versus 115 days in Q3. We have two ships scheduled for dry dock in Q1 this year, of which one vessel has completed dry dock as of today. This resulted in net revenues of $196.7 million compared to $156.6 million in Q2. Our operating expenses came in at $63.4 million vs. $64.5 million in the previous quarter. The running expenses were largely unchanged quarter by quarter, while the OPEX reclassified from charter hire was $3 million this quarter, 1.9 million lower than Q3. Our general and administrative expenses came in at $4.9 million, up from 4.4 million in Q3.
We had two ships dry docked in Q4, the same as Q3 contributing to about 109 days so far in Q4 versus 115 days in Q3.
We have two ships scheduled for dry dock in Q1, this year of which one vessel has completed drydock as of today.
This resulted in net revenues of $196 7 million compared to $156 6 million in Q3.
Our operating expenses came in at $63 4 million versus $64 5 million in the previous quarter.
The running expenses were largely unchanged quarter by quarter, while the Opex reclassified from charter hire was $3 million.
This quarter $1 9 million lower than Q3.
Our general and administrative expenses came in at $4 9 million.
Up from $4 4 million in Q3.
Peder Carl Gram Simonsen: This translates into a daily GNA of $528 per day, net of cost recharged to affiliated companies, up from $468 per day in Q3. Our chart for higher expenses, down from 8.3 million in Q3 as a result of fewer vessel days in our trading portfolio, or Net Financial Expense, came in at $27.4 million, down from $28.1 million in Q3. This change is mainly due to lower average debt and higher return on short-term deposits. On derivatives and other financial income, we recorded a loss of 5.8 million compared to a gain of 11.9 million in Q3.
This translates into it daily G&A.
<unk> hundred $28 per day net of cost recharged to affiliated companies.
Up from $468 per day in Q3.
Our charter hire expense.
Came in at $6 9 million.
Down from $8 3 million in Q3, as a result of fewer vessel days in our trading portfolio.
Okay.
Our net financial expenses.
Came in at $27 4 million down.
Down from $28 1 million in Q3.
The change mainly due to lower average debt and higher return on short term deposits.
Yeah.
On derivatives and other financial income, we recorded a loss of $5 8 million compared to a gain of $11 9 million in Q3.
Peder Carl Gram Simonsen: The biggest contributor to this is a 9.5 million loss on interest rate swaps, which is a combined result of 13.6 million marked market unrealized loss offset by a 4.1 million realized cash gain under our interest rate swap portfolio. Results from Investments & Associates. We recorded a gain of 2.7 million compared to a 300,000 loss in Q3. This relates to our investments in Swiss Marine, TFG, and U.S. Our net profit of 57.5 million or 29 cents per share and an adjusted net profit of 64.6, $1,000,000, and $0.32 per share were recorded. Full year 2023 net profit came in at 112.2 million, and adjusted net profit was 117.4 million. And, as Lars-Christian mentioned, we announced a dividend of 30 cents per share for Q4.
The biggest contributor to this is a $9 5 million loss on interest rate swaps.
Which is a <unk>.
Combined result of $13 6 million Mark to market unrealized loss offset by a $4 1 million realized cash gains under our interest rate swap portfolio.
Results from investments and associates, we recorded a gain of $2 7 million compared to a <unk>.
300000 loss in Q3, this relates to our investments in Swiss Marine TFC and UFC.
Our net profit of $57 5 million or 29 cents per share and an adjusted net profit of $64 six.
And 30 <unk> per share was recorded in Q4.
Our full year two it's 23 net profit came in at $212 to an adjusted net profit of $117 4 million.
And as Christian mentioned, we announced a dividend of <unk> 30 per share for Q4.
Peder Carl Gram Simonsen: [inaudible] We had cash flow from operation coming in at 96.9 million, which includes 1.7 million in dividends received from associated companies and cash flow provided by investments of $14.7 million. We recorded 21.2 million relating to the sale of one supermax vessel, which was offset by 6.1 million in installments and costs relating to our Kamsomags new building, on cash flow used in financing, recorded 92.7 million. $33.7 million in scheduled debt and lease repayments, $25 million in repayment under the revolving credit facilities, and a dividend payment of $20 million relating to our Q3 results. The total net increase in cash was $18.9 million.
Moving to slide six.
We had cash flow from operation copying in that 96.9 million.
Which includes $1 7 million in dividends received from associated companies.
Yeah.
On cash flow provided by investments of $14 7 million.
We recorded $21 2 million relating to the sale of one supermarket fulfill.
Which was offset by $6 1 million in installments and costs relating to our <unk> new buildings.
On cash flow used in financing, we recorded $92 7 million.
Which comprised over 14 million prepayment of finance lease relating to the sale of a supermarket vessel.
$33 7 million in scheduled debt and lease repayments.
$25 million in repayment under the revolving credit facilities.
A dividend payment of $20 million relating to our Q3 results.
Our total net increase in cash was $18 9 million.
Peder Carl Gram Simonsen: Moving to slide 7, we recorded cash and cash equivalents by quarter end of $118.6 million, which includes the $2.2 million restricted cash holding. In addition, we have $75 million in undrawn available credit facilities. Debt and finance lease liabilities totaled 1.5 billion and were down by approximately 70 million quarter on quarter.
Yeah.
Moving to slide seven.
We recorded cash and cash equivalents by quarter end of $118 6 million, which includes the $2 2 million.
<unk> cash holding.
In addition, we had a 75 million and Undrawn and available credit facilities.
At quarter end.
Death in finance lease liabilities totaled $1 5 billion and quarter down by approximately $17 million quarter on quarter.
Peder Carl Gram Simonsen: The average fleet-wide loan-to-value under our company's debt facilities was 43.8%. [inaudible] And with a book equity of 1.9 billion, we recorded a ratio of equity to total assets of approximately 55%. Looking at the newly established financings on the next slide, we have established an aggregate of 625 million in new financing. [inaudible] Bank financing in the European market and a bank financing in a broader Asian banking group. The latter facility is subject to customary documentation and closing procedures.
The average fleet wide loan to value under our company's debt facilities was 43.8%.
By year end.
And with the book equity of $1 9 billion, we recorded the ratio of equity to total assets of approximately 55%.
Looking at the newly established financings on the next slide we have established an aggregate of 625 million in new financings.
Which comprises of lease financing.
Bank financing and the <unk>.
European market.
Hey.
Bank financing in a broader Asian banking group.
The latter facility is subject to customary documentation and closing procedures.
Ulrik Uhrenfeldt Andersen: The financing has a weighted average tenure of 5.7 years and a weighted margin of 172 basis points, which illustrates Golden Ocean's strong position in the global financing markets, including now a broad exposure to Asian debt capital. And with that, I give the word back to LaChiste. Thank you, Peder. Let's have a look at the current Golden Ocean exposure. Golden Ocean continues to focus on the largest segments Cape Size and Panama. As you can see from the left graph, compared to our peers with meaningful market caps, we are the largest play in the Cape Size segment, with 64% of our fleet exposed to this. Over the last years, we have actively tuned the fleet to where we are today. This is to be able to capture the spikes in the Cape size sector, as described in the right graph, where you can see over time holds the highest income potential compared to the smaller size sector.
The financing has a weighted average tenure of five seven years and a weighted margin of 172 basis points, which evidenced this golden Ocean strong position in the global financing markets, including now a broad exposure to ice Asian debt capital.
With that I give the word back to la Houston.
Thank you better let's have a look at the current Golden Ocean exposure Golden Ocean continues to focus on the largest segments Capesize and panamax.
As you can see from the left graph compared to our peers with meaningful market caps. We are the largest play capesize option with 64% of our fleet exposed to this market.
Over the last years, we have actively tune to fleet to where we are today. This is to be able to capture the spikes in the capesize sector. As described in the right graph, where you can see overtime holds the highest income potential compared to the smaller sizes.
Ulrik Uhrenfeldt Andersen: With our company being dual listed in New York and Oslo and a market cap of around $2.4 billion, we offer large liquidity and exposure to the most favorable dry bulb segment, which we will substantiate further in this presentation. The Cape side market rebounded in the fourth quarter of 2023 and a strong push has continued into the traditionally slow Q, so far. However, 2024 has been anything but slow.
With our company being dual listed in New York in Oslo, and a market cap over around $2 4 billion b of a large liquidity and exposure to the most favorable dry bulk segment, which will substantiate further in this presentation.
The capesize market rebounded in the fourth quarter of 2023, and a strong push has continued into the traditionally slow Q1. So far however, 2024 has been anything but slow.
Ulrik Uhrenfeldt Andersen: Colombia, Brazil, West Africa, and Indonesia have increased year-to-year exports drastically, and the limited activity through the Swiss Canal has created even longer hauls which have an instant impact on the Cape-sized tonne-mile scenario in addition to the added market volume. The Panamax market has benefitted well from the tonne-mile agri-bulk trade, which is up 5.5% year-on-year, thanks to the strong soya bean Also, as an often used metric to identify appetite for iron ore, we're still watching an iron ore price at around $125 per tonne. On the subject of iron ore, we move to the iron ore and bauxite. The bauxite exports from Guinea reached 125 million in 2023, totalling 12.5% of all cape-sized tonne mines.
Colombia, Brazil, West Africa, and Indonesia have increased year to year exports in drastic numbers and the limited activity through the Suez Canal has created even longer holes, which have an instant impact on the capesize ton mile scenario. In addition to the added market volumes.
The Panamax market has benefited well from the ton mile luxury bulk trade, which is up five 5% year on year much. Thanks to the strong soybean season from the East Coast South America.
Also as an often use metrics to identify appetite for iron ore, we still watching an iron ore price at around $125 per ton.
Yeah.
On the subject of iron ore the mutually iron ore and bauxite exports. The bauxite exports from Guinea reached $125 million in 2023 totaling 12.5% of all capesize ton miles.
Ulrik Uhrenfeldt Andersen: Since 2019, this is an increase of almost 6%. It has become a new structural trade in the capesize segment with high transparency given China is on the receiving end of about 85% of the total volume. If I can draw your attention to the left graph, you can see the trade is also inversely seasonal. The bauxite high season is in Q1, whereas Brazil traditionally enters this low season in the same quarter.
Since 2019 this is an increase of almost 6%.
It has become a new structural trade into Capesize segment with high transparency given China is on the receiving end of about 85% of the total volumes.
If I can draw your attention to the left graph you can see the trade is also inversely seasonal the bulk side high season is in Q1, whereas Brazil traditionally emphasis low season in the same quarter. This year. However, due to dry battery in Brazil, we have seen both exports route active and large volumes, but Brazil exporting about 20.
Ulrik Uhrenfeldt Andersen: This year, however, due to dry weather in Brazil, we have seen both export routes active in large volumes, with Brazil exporting about 20% more year on year. The underlying kicker will also be the Ainur Simandu mine from West Africa, coming on stream in late 2025 with an export capacity of 60 million tons. Let's have a look at steel production. China is predicted to maintain a relatively flat steel production for 2020, and steel inventories are about the same level year on year. Also, steel exports from China, which we saw increase by a healthy 35% in 2023, are forecasted to continue at a good level this year. India continued its mission to double steel capacity by the end of this decade and had a healthy growth of 12.5% in 2020. The country is expected to continue this growth until 2030.
Sent more year on year.
The underlying kicker will also be the iron ore simandou mined from West Africa coming on stream in late 2025, with an export capacity of 60 million tonnes.
Let's have a look at the steel production.
China's predicted to maintain a relatively flat steel production for 2024 and.
In our steel inventories are about the same levels year on year.
Also the steel exports from China, which we saw increased by a healthy 35% in 2023 is forecasted to continue at a good level this year.
India continued ambition to double steel capacity by the end of this decade and had a healthy growth of 12, 5% in 2023.
The country is expected to continue this growth until 2013.
Ulrik Uhrenfeldt Andersen: Last but not least, the rest of the world, after struggling with the inflation ghost, is finally showing signs of a steel production rebound. A solid 7% increase in Q4 and a forecast of 6% increase in the next two years paint a positive picture for global steel production. So where should we focus in dry going forward? In addition to the healthy and positive tonne-mile scenario as discussed in the Cape Side segment, the order book is closing in on a 30-year low. Compared to the other dry segments, Cape Size holds the most promise when it comes to vessel supply. Congestion in the Cape space is close to a historical low, meaning that the downside risk to fleet efficiency has already been priced. It is clear, based on the data and visibility we have today, that the Cape Si segment is the place to be. To round off this presentation, we would like to remind you of the strong cash flow potential we hold in Golden Ocean. The Spot Trade Market continues to push close to the $30,000 mark. Golden Ocean yields well above $20,000.
Last but not least the rest of the world after struggling with inflation Ghost is finally, showing signs of steel production rebounded.
A solid 7% increase in Q4, and our forecast of 6% increase in the next two years paint a positive picture for global steel production.
So where to focus in dry going forward in.
In addition to the healthy and positive ton mile scenario as discussed in the Capesize segment. The order book is closing in on a 30 year low.
Compared to the other dry segments Capesize holds the most promise when it comes to vessel supply.
The congestion in the cap space is close to a historical low meaning that the downside risk to fleet efficiency has already been priced.
It is clear based on the data and visibility we have today that the Capesize segment is the place to be.
To round off this presentation, we would like to remind you of the strong cash flow potential beholding Golden Ocean.
<unk> freight market continues to push close to the $30000 Mark Golden Ocean yields well above 20%.
We would not be surprised if we can reach the mid 30, some freight in the near future, which would yield 30% yet.
Operator: We would not be surprised if we can reach the mid-30s on freight in the near future, which would yield 30%. Yet again, the Golden Ocean model, with downside protection in weak markets and upside potential in solid markets, has proven substantial. I will now pass the word back to the operator and would welcome any questions. Thank you very much. Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced.
Yet again, the Golden Ocean model with downside protection in weak markets and upside potential in solid markets have proven substance.
I will now pass the word back to the operator and would welcome any questions. Thank you very much.
Thank you to ask a question you will need to press star one on one on your telephone and wait for your name to be announced.
To withdraw your question. Please press star one on one again, if you wish to ask a question via the webcast. Please type it into the box and click submit once again, if you would like to ask a question via the telephone. Please press star one on one.
Operator: To withdraw your question, please press star 1 and 1 again. If you wish to ask a question via the webcast, please type it into the box and click submit. Once again, if you would like to ask a question via the telephone, please press star 1 and 1.
We will now go to your first question.
One moment please.
And your first question comes from the line of Emily Hawkins from Jefferies. Please go ahead.
Thank you Hello, everyone. This is Emily on for Omar. Thank you for taking my question. The first one has to ask.
How are you thinking about the writing should value, particularly in the secondhand market. We have agreed to sell one of your Panamax as Dan I'm wondering if you're looking for maybe some more opportunities to fill our yogurt tonnage.
Emily Harkins: And your first question comes from the line of Emily Harkins from Jeffreys. Please go ahead. Thank you. Hello, everyone. This is Emily on behalf of Omar.
Thanks.
Thank you Emily.
Ulrik Uhrenfeldt Andersen: Thank you for taking your question. What do you think about the rising ship values, particularly in the second-hand market? You've agreed to sell one of your Panamaxes, and we're wondering if you're looking for maybe some more opportunities to sell off some of the older tonnage at this time. Thank you, Emily. We are looking to optimize the fleet at any point in time, and some of our older Panamaxes do not fit into our current vessel scopes.
We are looking to optimize the fleet that any points applied.
Some of our older Panamaxes.
Into our current vessels. So it's likely that we will try to divest those at attractive prices as we go forward as well.
Thank you and then secondly, the teeth of the bankers in our guidance.
Thank you there will be a strong quarter, despite the seasonal softness and you touched on this my presentation, but could you. Please provide some further detail behind key drivers carbon markets, particularly within the <unk> segment. Thank you.
Ulrik Uhrenfeldt Andersen: It's likely that we will try to sell those at attractive prices as we go forward. Thank you. And then secondly, both the CAPE SFA curves and your guidance suggest that 1Q will be a strong quarter despite the seasonal softness. You touched on this in the presentation, but could you please provide some further detail behind the industry drivers causing the market strength, particularly within the CAPE size segment? Thank you. Yeah, we have had a very interesting start to the year, but if you go three, four years back when you had a cape-sized ballast from the Pacific and into the Atlantic, they only really had one option, and that was to ballast to Brazil and then go back to China. (inaudible) That creates pockets of strength, which will also be shown by the volatility going forward. But that is a lot more legs to stand on now than we had in previous years.
Yeah, No we have had a very interesting start to the year, but if you go three four years back when you had the eight plus balancing from the Pacific into the Atlantic. The only really have one option that was developed in Brazil, and then go back to China.
A couple of years ago, and especially with our service while the bauxite auction from West Africa opened up and now that we have the and securities around Suez. When you have a ship coming around the Cape of good hope and look at cargoes from Colombia and also from the U S East coast that creates pockets of strength, which will also be.
So in light of volatility going forward.
Look.
A lot more legs to stand on that that would be out in the previous years, we are quite optimistic about.
Tom Ireland also the freight that we see on the Capes us going forward due to developments.
Thank you that's all for me I'll turn it over thank.
Hey, Kevin.
Thank you once again as a reminder, if you'd like to ask a question why the telephone. Please press star one on one.
Ulrik Uhrenfeldt Andersen: So we're quite optimistic about the tonne mile and also the freight that we see on the catch house going forward due to the volatility. Thank you. That's all for me. I'll turn it over to you.
There are currently no further phone questions I will hand, the call back to the room for web questions.
Okay.
Let's see if this meeting through the questions give us one second.
Emily Harkins: Thank you, Emily. Thank you. Once again, as a reminder, if you would like to ask a question via the telephone, please press stars 1 and 1. There are currently no further phone questions. I will hand the call back to the room for web questions. Let's see here, but just reading through the questions, give us one second. I think the first question relates to our LTV and our strategy surrounding leverage. We have a very clear focus on cash breakeven, and although asset values have come up massively, we know that they are very volatile, and it's not really about the relative leverage that we have on our feet; it's more about In the last two years, we have refinanced all our debts, but we have not increased the debt level of those facilities in any material way for that reason. So I think our strategy to maintain a sort of mid-cycle 55% leverage sustains well with maintaining a healthy balance sheet throughout the cycles and maintaining a sustainable cost level throughout the cycle.
Okay.
I think for.
First question relates to our LTV and our strategies surrounding leverage.
We have a very clear focus on cash breakeven.
Although the dollar has come up.
They are very volatile.
It's really about the relative leverage that we have on our feet, it's more about the absolute leverage where we.
Won't you.
Maintain our cash breakeven levels.
We have a.
The last two years refinance all or.
But we have not.
The debt level.
Facilities.
In an immaterial way.
For that reason.
So I think our strategy to maintain a sort of a <unk>.
Mid cycle, 55% leverage.
It sustains well with would maintain healthy.
Balance sheet throughout the cycles.
Maintaining a sustainable cost level throughout the cycles.
Peder Carl Gram Simonsen: Yeah, very good. I will take the next one. How surprised were we by the strength of the market in Q1? We weren't very surprised about that. As you saw from our previous presentation, we were quite spot-oriented as we moved into the quarter. So we expected a big push due to the drivers mentioned earlier, and we think this will continue going forward, as related to our bookings into Q2 at $25,000 a day. We're quite happy with that level. It means that we can continue to look for pockets of strength in the market and tune our lead into the spot market, where we see an increase.
Yes.
Very good.
Take the next one how surprised by the strength of the market in Q1.
Werent very surprised about that as you saw from our previous presentation, we grow quite sports oriented as we moved into the quarter. So we expect that the big push and due to the drivers mentioned earlier.
We think this will continue going forward as long as.
Is it related to our bookings in Q2 at $75000 a day, we're quite happy with that level.
It means that we can continue to look for pockets of strength in that market in June our fleet into the spot market wherever the geology.
Ulrik Uhrenfeldt Andersen: Thank you. These were the questions that we had. There are also no further phone questions. All right, then I'll thank you for joining this call, and we will be back in three months' time. Thank you very much. Thank you. This concludes today's conference call. Thanks for participating; you may now disconnect. Peder Simonsen, Ulrik Andersen, Peder Simonsen, Sherif Elmaghrabi, Golden Ocean Grp Peder Simonsen, Ulrik Andersen, Peder Simonsen, Sherif Elmaghrabi, Golden Ocean Grp Peder Simonsen, Ulrik Andersen, Peder Simonsen, Sherif Elmaghrabi, Golden Ocean Grp
Thank you.
These were the questions that we have.
There are also no further phone questions.
Alright, then now thank you for joining this call and.
We will be back.
In three months time.
Thank you very much.
Thank you. This concludes today's conference call. Thank you for participating you may now disconnect.
Okay.
Okay.
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