Q1 2020 Avance Gas Holding Ltd Earnings Call Transcript
Ladies and gentlemen, thank you for standing by, and welcome to the Avance Gas Holdings Limited First Quarter 2020 Earnings Conference Call. (Operator Instructions) I must advise you, this conference is being recorded today, Thursday, the 28th of May 2020.
I would now like to hand the conference over to your speaker today, Peder Simonsen, interim CEO and CFO. Thank you, sir. Please go ahead.
Thank you. Thank you for dialing in, and I hope everybody is staying safe in these unprecedented times. The B2C market long remained protected from severe impact of the COVID-19 and the OPEC+ production increases and the oil price fall following that, while we, subsequent to the quarter end, have seen this slowly impacting the market.
The cuts implemented after quarter end from the OPEC countries reducing volumes out of the Middle East and temporary lower Asian demand have added to the closed arb between the U.S. and Asia, and that has reduced activity, bringing the freight rates
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