Good day and welcome to the Ship Finance International Limited Q1 2016 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn the conference over to Mr. Ole Hjertaker, CEO. Please go ahead, sir.

Thank you, and welcome everyone to Ship Finance International and our first quarter conference call. With me here today, I have our CFO, Harald Gurvin and also our Senior Vice President, André Reppen. Before we begin our presentation, I would like to note that this conference call will contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as expects, anticipates, intends, estimates, or similar expressions are intended to identify these forward-looking statements. These statements are based on our current plans and expectations, and involve risks and uncertainties that could cause future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors that could cause actual results to differ include conditions in the shipping, offshore and credit markets. For further information, please refer to Ship Finance’s reports and filings with the Securities and Exchange Commission. The Board has declared a quarterly dividend of $0.45 per share. This dividend represents $1.80 per share on an annualized basis or 11.5% dividend yield based on closing price of $15.70 on Friday, with a 5% growth in dividend year-over-year. This is the 49th consecutive dividend and we have declared nearly $1.7 billion in dividends since 2004 or more than $21 per share. EBITDA and net income adjusted for one-off items is in line with the previous quarter. Aggregate charter revenues recorded in the quarter including 100% owned subsidiaries accounted for as investment in associates was $174 million, and the EBITDA equivalent cash flow in the first quarter was approximately $139 million. Last 12 months, the EBITDA equivalent has been $542 million. The reported net income for the quarter was $47 million or $0.50 per share. This is after more than $10 million of non-cash mark-to-market of interest…

Thank you, Ole. On this slide, we have shown our pro forma illustration of cash flows for the first quarter compared to the fourth quarter. Please note that this is only a guideline to assess the Company’s performance and is not in accordance with U.S. GAAP. For the first quarter, total charter revenues before profit share were $146 million or $1.56 per share, in line with the previous quarter. Revenues from Suezmaxes were slightly down in the first quarter due to the sale of two vessels on charter to Frontline in the fourth quarter, partially offset by increased earnings on the two Suezmaxes trading in the spot market. Revenues for liners were up in the quarter, following delivery of two of the vessels to Maersk in November and February. The third and final vessel was delivered in May, and we will accrue the earnings effect from the vessels in the third quarter. Revenues from drybulk and offshore were slightly down due to lower earnings on the dry bulk carriers trading in the short-term markets and reduced charter hire received under jackup drilling rig, Soehanah, during the quarter. Total operating expenses were up in the quarter, mainly due to delivery of the two newbuilding container vessels in November and February, and dry bulk expenses of $2 million in the first quarter, partly offset by the sale of two older Suezmaxes in the fourth quarter. We recorded a profit share of $24.7 million under the 50% profit share agreement with Frontline, up from $20.6 million in the previous quarter. We also recorded a profit share of approximately $200,000 relating to some of the Handysize drybulk carriers. Revenues from financial investments were down in the quarter, mainly due to the redemption of the $140 million outstanding Frontline notes in end December and low…

Thank you. Then, I would like to thank everyone for participating in our first quarter conference call. And if you have any follow-up questions, there are contact details in the press release or you can get in touch with us through the contact pages on our webpage, shipfinance.bm. Thank you and have a nice day.

Thank you for your participation. Ladies and gentlemen, that will conclude today’s conference call. You may now disconnect.