Odfjell Se B (ODJBF) Q1 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to everyone and welcome to this presentation of Oddfjell's first quarter results. We are living in unpredictable times, and in that context, it's reassuring to know that the agenda for this presentation is very predictable. I will take you through the highlights. My colleague, Terje Iversen, our CFO, will take you through our financial performance. And then I will conclude this presentation with an operational review and a market update and prospects for the coming quarter. Then, turning to the highlights, we once again delivered a strong safety performance in the first quarter, but in a much more challenging environment. We have four vessels inside the Strait of Hormuz. One vessel that we own and three vessels that are time-chartered. I'm very happy to inform you that all crew are safe. I'm impressed by the leadership that we observe on those four vessels. I'm impressed by the crew's ability to maintain the morale and atmosphere on board. And it also impresses me that they are still able to make rational considerations and decisions despite a very challenging situation. Our time charter earnings ended at $167 million, and that compares to $168 million in the fourth quarter. I have to add that these numbers are not totally comparable due to some changes in our pool distribution, and Terje will explain that more in detail when I give the word to him. Our time charter earnings per day ended at $27,232, and this compares to $27,978 in the fourth quarter. The weaker results reflect, of course, the situation in the Middle East Gulf, but also fewer commercial days and higher costs during the quarter. Our EBIT was 46 million US dollars, and this compares to 53 million dollars in the fourth quarter. The net result contribution from Oddfjell Terminals was 2.3, an...