As shown on page 2 of the presentation, many of our remarks this afternoon contains forward-looking statements. Let me refer you to our second quarter 2012 results press release and our reports filed with the SEC where you will find factors that could cause actual results to differ materially from these forward looking statements. In addition, some of our remarks this afternoon contain non-GAAP financial measures as defined by the SEC. A reconciliation of the non-GAAP financial measures to the most comparable GAAP measures is attached as an annex to this presentation.Today’s call is set to end at 2:30 p.m. London time, 9:30 a.m. Eastern time. In order to maximize participation opportunities on the call please limit your questions to one with one follow-up question. If we now turn to Slide 3, the agenda for the presentation and I will turn the call over to Peter Livanos, GasLog’s Chairman of the board and Chief Executive Officer. Peter Livanos Thank you Thor. On today’s call, I’ll provide you with an overview of our second quarter 2012 highlights and performance. Henrik will then review the second quarter 2012 financial results and provide a summary of our committed charter revenue picture. I will then present a short review of our fleets and charter information followed by an update on the LNG market and we’ll conclude with prepared comments with a strategic update on our business and it’s position within the industry prior to the Q&A. Please turn to Slide 4 of the presentation for the highlights. We’re pleased with the performance of our business this quarter. Our operating result is in line with our expectation and the LNG shipping industry outlook remains positive, the strong fundamentals for the foreseeable future presenting exciting opportunities for GasLog. We’re reporting an adjusted EBITDA of $8.4 million for the quarter which was better than expected and reflects the continued full deployment of the delivered fleet.
Adjusted profit for the quarter was $2.6 million. On an unadjusted basis we incurred a loss of $3.6 million for the quarter. Adjusted earnings per share was $0.04 for the quarter and the loss per share was $-0.06. Our bottom-line results for the quarter were impacted by non-cash items namely a non-cash loss from interest rates loss and unrealized foreign exchange differences. Henrik will go into more details of our second quarter results shortly. In particular, the adjustments for the period included a $5.3 million non-cash loss on interest rates loss and an $800,000 foreign exchange difference that are mainly unrealized. These economic hedging transactions were done at levels better than our long term budget forecast.The non-cash items are a consequence of our continued actions to eliminate risk from our business model are all -- fixed interest expense remained significantly below our long term budget, 62% of the floating interest rate exposure has been hedged at a weighted average interest of approximately 4.3% including margin as of June 30, 2012. GasLog is on track to pay a dividend of $0.11 per share in the fourth quarter of this year. Our two ships in the water currently on multi-year charters to a subsidiary of BG Group performed without any off hire during this quarter ending on June 30, 2012, thereby achieving full utilization for the period. Our 8 ships under construction at Samsung Heavy Industries are on-time and within budget, of these 8 ships, 2 were launched during the second quarter of 2012 and are on schedule for delivery during the first quarter of 2013. In total, 5 of the 8 ships have now commenced construction by the ship yard. I’ll turn the call over to Henrik Bjerregaard, our CFO who would take you through second quarter finances in more detail. Read the rest of this transcript for free on seekingalpha.com