Q1 2023 Odfjell SE Earnings Call Transcript
Good morning, everybody, and welcome to the presentation of Odfjell's first quarter results. This presentation follows a traditional pattern. I will present the highlights. My colleague, Terje will present the financials, then I will give an operational review of the quarter behind us, and we will conclude this session with a general market update and prospects going forward.
Then going to the highlights. The firm chemical tanker market that we saw in 2022 continued into the first quarter. Our time charter earnings ended at $181 million, and this compares to $187 million in the fourth quarter 2022. We produced an EBIT of $68 million, which compares to $73 million in the fourth quarter.
Our net result was $47 million. This is slightly lower than the fourth quarter, and net result adjusted for one-off items was $46 million compared to $50 million in the fourth quarter. Our contract rate renewals were up 32% on average, and this covered 35% of our estimated annual contract volumes.
The majority of these contracts were concluded towards the end of
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