Avance Gas Holding Ltd (AVACF) Q3 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, and good afternoon, and welcome to Avanska's third quarter earnings presentation. As mentioned, I'm Øystein Kjelleklev, CEO of Avanska, and as usual, I will be joined by our CFO, Randi Navdal-Bekkelund, who will guide you through the financial a bit later in the presentation. As mentioned, you can submit questions either by the telephone conference or using the chat function, and we will cover the questions at the end of the presentation. Before we begin, I would like to draw your attention to the picture on the front page. Here you can see Sirocco, one of our VLGCs, leaving the Panama Canal, which we thought would be an appropriate picture for today's presentation. As you are probably aware of, Panama has experienced significant drought this year, which have reduced water levels to such low levels that the canal authorities have been forced to cut daily allowed transit by half in order to preserve fresh water. The reduced capacity in Panama has dramatically increased sailing distances for VLGCs, and thus made the freight market super tight. We will discuss the situation in Panama and implication for VLGC freight market in more detail in the market section. In the picture here, Sirocco is going through the Coccoli Locks, close to Panama City in laden condition, and you can actually see both the Bridge of Americas and the Pacific Ocean in the horizon. So, before we begin the presentation, I will just remind you The disclaimer, as we will provide some forward-looking statements, use some non-IFRS measures, and of course, there are limits to completeness of detail we can provide in this webcast. So we recommend to review the earnings support together with the presentation. So Randy, let's kick off today's presentation. Q3 highlights. Our average time charter ...