Earnings call transcript: Odfjell Q1 2025 sees stock dip amid earnings drop

Odfjell SE reported its Q1 2025 earnings, revealing a decline in key financial metrics compared to the previous quarter, which prompted a negative market reaction. According to InvestingPro data, the company posted diluted earnings per share of $5.33 and revenue of $5.73 billion for the last twelve months, falling short of forecasts and leading to a 7.16% decrease in stock price, closing at 97.7 NOK. Despite operational advancements, such as the installation of suction sails, the financial results highlighted challenges in the chemical shipping market. InvestingPro analysis indicates the stock is currently trading near its Fair Value.

Key Takeaways

• Odfjell’s Q1 2025 earnings fell short of expectations, with significant declines in key financial metrics.
• The company’s stock price dropped by 7.16% following the earnings announcement.
• Operational improvements include a near carbon-neutral voyage and expanded terminal capacity.
• The chemical shipping market faces pressure from declining spot rates and geopolitical uncertainties.
• Odfjell maintains a moderately positive outlook for Q2 2025.

Company Performance

Odfjell’s overall performance in Q1 2025 reflects a challenging environment in the chemical shipping industry. The company reported time charter earnings of NOK 168 million, down from NOK 183 million in the previous quarter. The net result also saw a decline to $34 million from $53 million in Q4 2024. Despite these setbacks, Odfjell continues to focus on sustainability and operational efficiency, as evidenced by their recent near carbon-neutral voyage.

Financial Highlights

• Revenue: Not specified, but below the forecast of 202.85 million USD.
• Earnings per share: Not specified, but below the forecast of 0.5455 USD.
• Time charter earnings: NOK 168 million, down from NOK 183 million in Q4 2024.
• EBIT: $54 million, down from $68 million in Q4 2024.
• Operating cash flow: $60.4 million.

Earnings vs. Forecast

Odfjell’s earnings per share and revenue for Q1 2025 fell short of market expectations. The company did not provide specific EPS and revenue figures, but the shortfall contributed to the stock’s decline. This underperformance contrasts with previous quarters where the company met or exceeded forecasts.

Market Reaction

Following the earnings announcement, Odfjell’s stock price dropped by 7.16%, closing at 97.7 NOK. This decline reflects investor concerns about the company’s ability to navigate current market challenges. The stock’s performance is now closer to its 52-week low of 70.1 NOK, indicating increased pressure on the company’s valuation.

Outlook & Guidance

Looking ahead, Odfjell expects Q2 2025 financial results to be in line with or slightly better than the first quarter. The company maintains a moderately positive outlook but is preparing for multiple scenarios due to geopolitical uncertainties. With a beta of 1.31, the stock often moves more dramatically than the broader market, as shown by InvestingPro data. Odfjell projects a global GDP growth rate of 2.8%, which could influence future performance. The next earnings announcement is scheduled for July 30, 2025, where investors can expect updated guidance on the company’s strategic initiatives and market positioning.

Executive Commentary

CEO Harald emphasized the company’s commitment to sustainability, stating, "We have proved that it’s possible to sail carbon neutral already today." He also expressed cautious optimism, saying, "We maintain a moderately positive outlook." The company is preparing for various geopolitical scenarios, highlighting the complexity of the current market environment.

Risks and Challenges

• Declining spot rates, especially from the Middle East/Southeast Asia to Europe, could pressure margins.
• Geopolitical uncertainties may impact global trade flows and economic conditions.
• Contract renewal rates are slightly negative, potentially affecting future earnings.
• Increased competition from swing tonnage in the chemical trades.
• Potential impacts from global GDP growth fluctuations.

Q&A

During the earnings call, analysts inquired about the impact of the Red Sea reopening, which could add 13% fleet capacity. Questions also focused on contract renewal rates and the operational leases for new vessels. The company reassured stakeholders that U.S. port fees currently do not impact their chemical tankers.

Full transcript - Odfjell SE (ODF) Q1 2025:

Harald, CEO/Presenter, Odfjell: Good morning, everyone, and welcome to the presentation of Odfjell’s Results for the First Quarter of twenty twenty five. This presentation will follow a standard agenda. I will take you through the highlights and our CFO, Tayy Iversen, will present the financials. And then I will conclude this presentation with an operational review and a market update and prospects going forward. So turning to the highlights.

We continued our strong performance on safety with high operational efficiency and no significant incidents during the quarter. All our safety and operational KPIs were well within the requirements that we have defined. We delivered a resilient financial results in the first quarter in a market that is characterized by increased uncertainty due to the announced trade tariffs from The USA. Our time charter earnings ended at NOK168 million and this compares to NOK183 million for the fourth quarter of last year. The time charter earnings per day for the quarter was dollars and this is down 4% compared to the US3744000 dollars that we delivered last quarter.

Our EBIT was US54 million dollars and this compares to US68 million dollars in the fourth quarter. Our quarterly net result was US34 million dollars and adjusted for one off items, we ended at $33,000,000 and this compares to $53,000,000 in the fourth quarter of twenty twenty four. The net result contribution from oilfield terminals was $2,900,000 and this is slightly up from the fourth quarter. I’m also happy to say that once again we reduced our carbon intensity, the so called AER, and in the first quarter we delivered $7 which is a further improvement from the previous quarter and a new record low for Odfjell. We are also proud that Bo Olympus in April completed the first near carbon neutral transatlantic voyage where we utilized the suction sales and biofuel.

I will come back to that when we go through the sustainability slide. We concluded two contracts for newbuildings to be delivered on long term charter in 2027 and 2028 and this brings Odfjell’s total order book to 20 vessels, of which 18 on long term time charter and two vessels to be fully owned by Odfjell. And this concludes the walkthrough of our quarterly highlights and by that I give the word to Thali Ewassen.

Terje Iversen, CFO, Odfjell: Starting with time charter earnings, as Harald mentioned, we ended at $168,000,000 a decrease of $15,000,000 compared to the fourth quarter. That is partly due to two reasons. One is that the time charter earnings per day is down 4% this quarter, which was then driven by reduced spot freight rates, while we saw that freight rates for Lifted Kva volumes were slightly up.

The other half of the US50 million dollars decline is due to fewer days commercial days in this quarter due to the sale of two vessels at the start of the quarter and also one time charter vessel being off hire throughout the quarter. Operating expenses ended slightly down slightly up $800,000 compared to the fourth quarter, while we also saw the same increase in G and A, up 800,000.0 compared to the fourth quarter twenty twenty four. Main reason being that we had some costs related to the long term incentive program and also due to higher fees this quarter, and I would say it’s normal level for the company. Terminals delivered 2,900,000.0 up from 2,200,000.0 in the fourth quarter. Main reason being that we had some one offs in the fourth quarter.

So I would say that it’s quite stable results that continue to be delivered from the terminals. That leaves us on EBITDA of 93,100,000.0 compared to $110,500,000 in the fourth quarter. Depreciation, slightly down compared to the fourth quarter, while we booked a capital gain this quarter of $2,200,000 related to the sale of both Clipper and both Oceanic at the start of the quarter. That leaves us with an EBIT of 54,400,000.0 compared to $68,100,000 in the fourth quarter. Net finance ended at US19 million dollars up compared to the fourth quarter, main reason being that we took an expense around US2.1 million dollars which was capitalized financing cost on two vessels that we refinanced this quarter.

So we should not expect the same effect in the coming quarters. So after other financial items and taxes, we then delivered a net result of $34,400,000 compared to $50,500,000 in the fourth quarter. And I mentioned, we had a decline in revenue days around two sixty nine days this quarter, and we also had more off hire this quarter than we had in the previous quarter. Looking at time charter earnings per day, that declined slightly this quarter. We ended at $29,556 down from $30,744 in the previous quarter, where we saw the cash breakeven increased slightly to $22,996 compared to $23,386 in the fourth quarter, bringing the twelve months rolling average to $23,156 The reason for the increase was the same as for the decline time charter.

We saw few delays, commercial revenue days from our vessels due to the sale of these two vessels and one vessel being off hire throughout the quarter. Going forward, we expect cash breakeven to decrease slightly in the coming quarters due to interest expenses being reduced as a consequence of repayment of our last outstanding bond, which we did at the beginning of first quarter. P and L breakeven ended at $23,553 compared to $22,368 in the previous quarter. Moving on to the balance sheet. It was a hectic quarter, so to say.

We had a lot of activity on the financing side. And we also then sold two vessels, as mentioned, both Clipper for recycling and both Arsenic, reducing the book value of ships and newbuilding contracts to $1.225600000.0 dollars We saw that cash declined under that $86,000,000 or if you include down undrawn loan facilities, we have $145,000,000 in available liquidity. Liquidity. The decline is, of course, related to the fact that we paid out dividend in February of $62,000,000 and we also repaid the last outstanding bond, as mentioned, with around $100,000,000 Total equity decreased slightly with US23 million dollars which then, of course, also is impacted by the dividend that we paid out in February of US62 million dollars On the debt side, as I said, quite busy quarter. In sum, we saw that non current interest bearing debt increased as we refinanced two vessels that previously was on financial lease.

And we also drew bank debt for one vessel acquired for operational lease in December 2025, meaning that we took delivery in December, paid that with cash on the balance sheet, but now we have drew a new on a loan facility to finance that on a long term basis. All the three vessels were then financed by the new $242,000,000 bank debt facility that we established in the beginning of twenty twenty five. Non current rate of used assets decreased as we prepaid the outstanding amount for Broad Precision, which we took formerly ownership of in early April, while we financed down the vessel March. Current portion of interest bearing debt reduced as we repaid the bond, as mentioned, and we also refinanced two vessels from financial lease to bank debt being then moved from current debt to non current interest bearing debt this quarter. Looking at the cash flow.

Operating cash flow was $60,400,000 this quarter, a decrease from $89,500,000 in the fourth quarter and mainly due then to the lower time charter earning this quarter. And also we saw a negative development in working capital of 12,600,000.0 then decreasing down the total cash from operating activities from the previous quarter. On the investment side, we sold two vessels, as I mentioned, but also we refinanced both Explorer and Bow Excellence from finance lease to bank debt and we drew bank debt for Bow Aquarius. We also drew bank debt for Bow Precision that formerly was then taken ownership of in April. And we also drew $20,000,000 on existing revolver credit facility.

On total, we then ended with net cash flow from financing activities, negative $128,900,000 meaning that we are continuing to reduce the debt on our balance sheet even though we are quite active buying back ships that have been on operating lease. This is showing a free cash flow on a more long term basis comparing each quarter back to first quarter twenty twenty two. And as mentioned, we saw operating cash flow this quarter at $60,000,000 decline of $29,000,000 from the last quarter. But then we got a positive free cash flow from investment due to the sale of these two vessels of $70,000,000 So in total, we then had positive effect from investment of $8,000,000 leading to a free cash flow of $69,000,000 in the fourth quarter. If we look at the twelve month rolling free cash flow, we ended at $80,000,000 slightly down from the previous quarter.

And if you adjust for debt repayments related to right of use of assets, we reached $1,000,000 in twelve month rolling cash free cash flow. As mentioned, quite active quarter with a new bank facility established and repayment of the bond, meaning that going forward, it would be less balloons, less loans maturing. End of first quarter, we have nominal interest bearing debt amount to $738,000,000 and we expect a moderate increase during the course of the year due to delivery taking delivery of some operational vessels that we have exercised purchase options for. During this quarter, four vessels were refinanced under the new facility And as mentioned, also one additional operator and leased vessel will be purchased and included in this new facility. We also successfully repaid the last outstanding bond in January month.

Going forward, we expect $738,000,000 increase to around $745,000,000 at the end of twenty twenty five and also slightly decrease in ’26 and 2027 based on what we expect going forward in the purchase options that we have exercised and the CapEx commitments we have per today. Going into the details about the CapEx. As I said, at the start of first quarter, we had four declared purchase options for vessel on operational lease to us. We did payment for the first vessel, Bow Precision, March, leaving us with three remaining vessels to be acquired at quarter end. The next vessel, Board Performa, was acquired early April and all the acquired vessels will be financed by this new debt facility.

And also mentioned before, all the declared purchase options are well below the current market values, meaning that obtained financing will be around the full purchase amount for these vessels. All declared purchase options are included in the balance sheet at end of the quarter as current debt, right of use of assets. In addition to the declared purchase options, we then have two newbuildings on order for our own account included in the figures at the top of this page. Looking at the newbuildings to deliver long term time charters, as mentioned, we have exercised options or we have entered into two newbuilding this quarter, meaning that we have now 18 newbuildings on long term time charters to be delivered from fourth quarter this year until 2025. In summary, we have USD 1,100,000,000.0 then in commitments, if we include OpEx element in these commitments, which will not be included in the balance sheet when we actually enter into these time charters when the ships are being delivered.

These vessels together with our newbuildings account for around 40% of the current order book in our core segments. Then I will leave you over to you again, Howard.

Harald, CEO/Presenter, Odfjell: Thank you very much, Terje. I will then continue with an operational review. We start with a look at odd fix and Clarksons chemical tanker

chemical tanker spot index. If we then look at the three major export regions, first, the U. S. Exports. During the quarter, we saw a slight decline in the volumes being exported from The U.

S. And this is in line with the broader market sentiment when it comes to U. S. Exports. Middle East Gulf, here we saw an increase in volumes during the quarter.

This is mainly driven by increased nominations on our contracts. At the same time, the total market when it comes to Middle East exports saw a decline in volumes. Eastern Asia exports saw an increase in export volumes and here we had a slightly higher market share in our trades. And then what’s on everybody’s lips these days, The U. S.

Tariffs. On the left hand side, you will see the proposed U. S. Sweeping tariffs. Today, all the countries except China are experiencing a 10% tariff.

And in China, they have a tariff that is already imposed of slightly more than 100%. If we look at the total volumes going in and out of The U. S, we will see that the imports have had an increase of approximately 10% over the past two years and the total import volumes are now around 24,000,000 tonnes of liquid chemicals. Exports are more stable, slightly above 30 at approximately 1,000,000 tonnes of chemicals and they imported 1,500,000 tonnes. This implies that the trade between China and The U.

S. When it comes to liquid chemicals is relatively modest and the imports are around 4% of the total volumes. Of course, we don’t have any impact on those tariffs. So what we are doing now is that we are maintaining extremely close contact with our customers to try to understand how they perceive the markets and how they intend to distribute production volumes going forward. And then to our contract renewal activity, we renewed 18% of our expected total contract volumes during the quarter.

And despite the relatively soft spot markets, our contracts were on average renewed very close to rollover terms. We also secured three new contracts during the quarter. The total volumes increased slightly during the quarter to 3,200,000 metric tons and this was by far due to increases in contract nominations under our contracts. Volumes carried by the pool vessels were stable around 100,000 tonnes. Sustainability, once again, delivered a new record low when it comes to our carbon intensity, the so called AER and the average for our own fleet during the first quarter was seven point zero.

This is a slight improvement compared to the previous quarter. At the beginning of the quarter, we installed suction suction sales on board our super segregator, the Bow Olympus. And in April, the vessel sailed from Antwerp to Houston on a trial voyage where we were testing the sales. And I’m extremely proud that on the return voyage from Houston to Antwerp, we conducted a near carbon neutral voyage with the combination of these sales and 100% biofuel. And by that, we have proved that it’s possible to sale carbon neutral already today with the existing technology and the existing available fuels and this is twenty five years ahead of the IMO two thousand and fifty deadline.

Then turning to terminals, all our terminals continue to perform well during the quarter. We had an average commercial occupancy rate of 95.8% and this is 0.6 above the previous quarter. The EBITDA for the quarter was 8.4%, which is in line with the previous quarter. Turning to the outlook, we are still below the peak levels that we saw in 2021 and 2022, but we have seen increases in the throughput on all our terminals during the recent months. We are optimistic about the near and medium term and we at the same time recognize that there is significant uncertainty regarding how trade flows will be impacted by the proposed tariffs in The U.

S. We continue with expanding our at our existing terminals. We have completed the construction of Tank Bit R in Antwerp. That is adding 10 tanks and almost 30,000 cubic meter to the capacity in Antwerp. At the same time, the construction of the so called Tank Pit Q in Antwerp is continuing.

We are building two stainless steel tanks. The total capacity is 12,000 cubic meter and we expect to have those two tanks on stream during the second half of this year. We are also well underway with our expansion project in Korea, the E5 expansion project. This is progressing according to plan and we expect groundbreaking in Korea later this month. It’s also important to notice that all these expansion projects are financed locally in the local JVs.

Then to a brief market update and prospects going forward. As mentioned several times during this presentation, we have seen a decline in the spot rates. Spot rates West Of Suez saw a modest decline with reductions between 19.6%. The biggest decline was for soybean oil exports out of Argentina, a trade where we have, I would say, very limited influence or presence in that trade. We saw bigger fluctuations East Of Suez where we had the biggest decrease on Middle East exports to Europe where we saw an almost 20% reduction in rates.

And also significant decreases from Southeast Asia to Europe, meaning that the volumes from Asia and The Middle East to Europe are in decline. Swing tonnage, we indicated in our fourth quarter presentation that we were expecting the swing tonnage to continue to reduce the influx on the chemical trades and that has proved to be right. The first quarter saw increases in CPP MR rates and the influx of chemical trades is now down to 3%. Here, it is important to notice that many chemical tanker operators are permanently operating MRs in the chemical trades. Odfjell is a good example of that.

We are operating six coated MRs in chemicals and they have been permanently in chemicals since delivery. And that is also the case for many of our competitors. So this means that we do not expect the influx of MRs to be any lower than what we see today. We are now at rock bottom and we will expect this to continue going forward. Turning to the order book, I will start on the right hand side with the total order book, which now stands at 20% of the sailing fleet.

There has not been announced any new orders despite the fact that we are now showing an increased order book. But what is the case is that we have received more information about existing orders and those existing orders have now been added to the total order book. Those orders that have been added are mainly by Chinese operators of chemical tankers. Odfjell has 14% of that order book. And if we then turn to the left hand side and look at each segment of the core chemical tankers, we anticipate that we will see an increase in capacity of the medium stainless steel vessels during the coming years.

Medium stainless steels are typically 20,000 tonners and 25,000 tonners. This is where we have the largest orders for chemical tankers. And fewer tanks. And on the super segregators, we see a market which is more or less in balance, maybe with a short with a small surplus, but that surplus will barely be enough to cover the losses that we will see in the large segment. So all in all, we conclude that the order book is still at sustainable levels.

And then to summarize this presentation, the geopolitical tension is still very high and that was evidenced only a couple of days ago where we saw increased tension between India trade activity and we see more uncertainty among our customers. The maximum pressure policy by U. S. On Iranian exports in combination with the sanctions and Russia and in combination the second twenty to be a will lead to less swing tankers operating in the chemical segments. We have seen downgrading of global GDP with 0.8% to 2.8% for the world in total and we also have seen downgrading of GDP for The U.

S. With 0.9% to 1.8%. But it’s important to notice positive growth in all the regions where we are present. The global seaborne chemical trade is expected to increase with approximately 2% during 2025. And as mentioned, we expect the swing tonnage to remain low as the earnings are boosted by the effects characterized by increased uncertainty due to the proposed U.

S. Tariffs. Our time charter earnings declined in the first quarter with lower spot rates and fewer commercial revenue days. Saw a slight increase in volume and those were for the most driven by our robust contract portfolio. And we also saw an active quarter when it comes to contract renewals, which we believe reflected the firm fundamentals in the markets where we are present.

We saw on the terminal side an increase in net results and this is basically due to underlying performance and also partly due to some one off effects that negatively affected the previous quarter. Market outlook, swing tonnage expected to remain low and with all the uncertainty that are created by the proposed tariffs, we are preparing for multiple scenarios. We are in close dialogue with our customers. But with GDP forecasted to grow and limited very limited number of vessels being delivered in 2025, we maintain a moderately positive outlook. So to summarize, we expect the second quarter financial results to be in line with or slightly better than the first quarter, but we are of course also closely Monday, May 26, we will have our Annual Capital Markets Day at the Hotel Continental in Oslo from ten to 01:00.

For those of you who would like to attend this session, please send an e mail to the address that is presented on the screen. So with that, we have concluded this presentation and we are turning to the Q and A session.

Moderator/Q&A Facilitator, Odfjell: Yes, we have received a few questions. And I would also like to remind the audience viewing that you may still ask questions by using the Q and A button at the top right corner of the live stream. Of the questions we have received, think most are related to, call it, geopolitical matters, and you touched upon a few of these, Harald, but I will start just at the top here, and that’s from Bandik Knittingness. A potential Red Sea reopening seems to be back on the table. What is your assessment on how a reopening would impact the chemical space?

Harald, CEO/Presenter, Odfjell: Yes. First, I’ve noticed that I think two days ago, President Trump announced that he had reached a ceasefire with the Huttigs. I think the first observation is that no one has confirmed that there is a ceasefire in place. And I think we need more evidence before it’s a relevant topic our estimates indicate that somewhere an opening of the Red Sea will add somewhere between 13% capacity to our fleet and our segments.

Moderator/Q&A Facilitator, Odfjell: Yes. Thank you. The next question is from we don’t have the name, but it is on the Kuwa renewals. As you mentioned, it was quite an active quarter also in Q1. And the question is on what was your core renewal rate for the quarter?

Harald, CEO/Presenter, Odfjell: The core renewal rate for those 18% that were renewed were slightly more than a reduction of slightly more than 1%.

Moderator/Q&A Facilitator, Odfjell: Okay. Then turning to our order book. And the question is if you can elaborate a bit on the 20 vessels that we currently have on order.

Harald, CEO/Presenter, Odfjell: Yes. If you look at the off shelf fleet, which today stands let’s say, approximately 75 vessels. And if you anticipate that the normal lifetime for those 75 vessels is twenty five years, that implies a loan that just to maintain the current number of vessels, we will have to order in average three vessels per year to maintain the fleets. And then if we anticipate that the market will grow with, let’s say, 2% to 3% over the coming years, then we will need to add at least one vessel to that order book, meaning that to maintain our present market position, we will need to add to order in average four vessels per year. If we still, on top of that, have some growth ambitions, then we will have to add more vessels to our order book.

And today, we have an order book of 20 vessels. They will be delivered over four years, meaning that we have in average five vessels being delivered over the next four years. And that means that we are replacing the aging vessels. We are maintaining our present Bakken position and we are positioning ourselves for a slight growth of our market position. So I think that this order book makes a lot of sense for Odfjell.

Moderator/Q&A Facilitator, Odfjell: Okay. Thank you. One question for you, Thierry, and I think you touched upon it. But on the CapEx commitment we have going forward, how much of that is funded today? And could you say a little bit on that, call it, exposure?

Terje Iversen, CFO, Odfjell: We have, as I mentioned, three vessels that are currently on lease at the first quarter that we are taking ownership of through the year, one in April and one in June, and next the third one is done in January next year. All of those have been funded the loan facilities that we have in place. And also, as mentioned, due to the very favorable purchase option prices that we are having on these vessels, we will we expect to finance 100% of the acquisition price for these vessels. Then we have the newbuildings on order, two newbuildings on order in addition. Those are not financed today.

They are still a few years until delivery. And based on the balance sheet and based on the funding capacity we have on the balance sheet, I think we will obtain the needed financing ahead of delivery of those vessels. But today, we don’t have any rush to go out and secure financing based on the very solid balance sheet we have. Excellent.

Moderator/Q&A Facilitator, Odfjell: Thank you. Then we have one question here, and that’s back to you, Harald. Will Odfjell be exposed to the proposed U. S. Port fees?

Harald, CEO/Presenter, Odfjell: We did quite significant work preparing for the proposed port fees. There were in total, I think, somewhere between ten and twenty different proposals. Some of them would hit us quite hard And some of them were aimed directly at Chinese operators and would not hit us at all. So we were going through all those proposals. We were in very close dialogue with our customers to explain to them what the consequences of these tariffs of these parties might be.

We were in dialogue with international organizations such as Intatanku, ICS and AXA. So we were trying to share information about the consequences in as many ways as we could. The conclusions is on the table today and chemical tankers have been exempted from the port fees. So at this point, S. Port fees are not an issue for chemical tankers, and we cross fingers that, that will continue.

Indeed.

Moderator/Q&A Facilitator, Odfjell: Then there is just a question received here from Alexander Joost. And that’s back to you, Thierry. Will the newbuilds that are on time charter in be booked on the balance sheet as financial lease? Or are they operational?

Terje Iversen, CFO, Odfjell: They are operational lease. We have purchase options for some of those, but there is an eight year tenure for these vessels. I mean, we can decide on whether we want to use that option when we are approaching eight year or maybe after five or six years. But whether we will exercise those option, that is that remains to be seen, will depend on the market and other alternatives we have for our fleet. So there will be operational lease on our balance sheet, and that will be then included as right of use of assets.

And that will, as I said, we have USD 1,100,000,000.0 in total time charter commitments for vessels not delivered yet, but around two third of that will be capitalized on the balance sheet when we are entering to these time charter agreements. Okay.

Moderator/Q&A Facilitator, Odfjell: And then I think there was one final question and from Sam and I will read it out, but I also suggest that you send me an e mail, Sam, on the address that is on the final slide of the presentation on the capital markets slide. But it’s a bit more, I guess, technical on our data sources. But the question is CKB fleet, which is our source for the supply slide, suggested Odfjell has more than 20 ships on order. Can you please comment if that is accurate or not? And I guess we can comment that that is

Harald, CEO/Presenter, Odfjell: That is 100% accurate. Today, we have exactly 20 vessels on order.

Moderator/Q&A Facilitator, Odfjell: Yes. So again, Sam, please send me an e mail if there’s something that you want to discuss further. Yes, and I think that was the final question in the Q and A session here. So

Harald, CEO/Presenter, Odfjell: yes. Then I thank all of you for attending this presentation, and I sincerely hope to see as many as possible of you at our Capital we We made.

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