Odfjell Technology Ltd

Okay, good morning again, everyone. First and foremost, I apologize for this delay, which is due to some technical issues here at the Continental Hotel in Oslo. We are today presenting our fourth quarter results and the preliminary full year results in front of a live audience here in Oslo. And I'm very pleased to welcome our loyal shareholders, the banks. We have the analysts here and also the journalists. A hearty welcome to all of you. The presentation today follows a traditional agenda. I will take you quickly through the highlights and then my colleague Terje Iversen will take you through our financial performance and I will summarize this presentation with an operational review and also a market update and our prospects for the future. Then turning to the highlights, we are once again very happy that we delivered a quarter where we had no serious incidents in our fleet. We delivered time chart earnings of 168 million US dollars and this compares to 173 in the previous quarter. Time charter earnings per day were down less than 1%. We produced 27,978 US dollars in the fourth quarter. And this compares to 28,174 in the third quarter. The EBIT was 53 million. This compares to 59 million. And the net result contribution from on-shelf terminals was 1.8 versus 2.6 in the previous quarter. We had a net result of 38 million U.S. dollars. This compares to 43 in the previous quarter. And adjusted for one of items, we had 38 versus 42. We also, during the quarter, launched the world's first operational green corridor between Brazil and Europe. This corridor is self-funded, and we did it to accelerate the implementation of biofuel in deep-sea shipping. I will come back to that later in my presentation. We also concluded contracts for two more super-segregators. They will be delivered in 28 and 29. And finally, the board approved a dividend of 48 cents per share on our net adjusted result for the second half of 2025. If we look at the year in total, we had a financial result of 155 million US dollars, The total dividends for the year is 98 cents, which then amounts to 78 million US dollars. In total during the year, we ordered four new buildings on time charter, and we also launched in the last quarter of last year, then we formalized the cooperation with our Japanese tonnage providers. I know we in total have 22 new buildings on order, of which 10 will be delivered in 2026. I will also come back to that later in my presentation. The AER was 6.8 through the year, and that is a 4.2% improvement compared to 2024. The outlook, we expect a slight reduction in our underlying net result compared to the fourth quarter. And by that, I give the word to Terje, who will take you through our financial performance. Thank you.

Thank you, Harald, and good morning to all of you. I will, as usual, start with an income statement for this quarter. As Harald mentioned, we delivered a time-shadow earnings of $168 million this quarter, which is 3% down compared to the third quarter. Looking behind the figures, we saw that the time-shadow rate per day was quite unchanged compared to the third quarter, and also the freight rate per ton was quite at the same level as in the third quarter. So actually, the reduction in time-shadow earnings had mainly to do with fewer commercial days in the fourth quarter compared to the third quarter. On timeshot expenses, that ended at 7.4, slightly down compared to the third quarter, while we saw that operating expenses ended at 50.2, very stable compared to previous quarter, while share of net results from associates and joint ventures ended at 1.8 compared to 2.6 million U.S. dollar. G&A increased somewhat from 20 to 23.5 million U.S. dollar, That is a few reasons for that. One is that we had the high activity this quarter with also higher legal expenses. We also had some year-end adjustment of provisions for short-term incentive programs for the employees and we also had some adjustment on pension costs this quarter leading to somewhat higher G&A this quarter compared to what you should expect in a normal quarter. That leads us to an EBITDA of 88.9 million US dollar. Depreciation 36.3 slightly down compared to third quarter. Main reason being that we sold one vessel in the end of the last year and also that we had some tax credits from some dry docking activities in Brazil that we took advantage of in the fourth quarter that reduced our depreciation in that quarter. That leaves an EBIT of 52.6 million US dollars compared to 59. Net interest expenses decreased to 13.9 compared to 15.5. The main reason is that we have a slightly reduction in our debt. We have better margins on our loan and also a lower SOFR this quarter than in the previous quarters. And then after all the financial items in Texas, we are then delivering a net result of 38 million U.S. dollar, which is down 5 million U.S. dollar compared to last quarter. And also adjusting for net non-recurring items being limited, we ended up with the net results also adjusted at 38 million US dollars in the fourth quarter. Looking at time charter earnings compared to the cash break even, we see that time charter earnings per day ended at around 28,000 US dollars this quarter, slightly down from the previous quarter as mentioned. Looking at cash break even, in the fourth quarter we ended at $21,817 compared to just about $22,000 in the third quarter. And looking at the 12 months rolling average, we are down close to $23,000 in cash break even. Decrease this quarter, mainly driven by lower dry docking activity than in the previous quarter and also slightly lower interest expenses. So we have a difference between the time shutter earnings and the cash per game around 5,000 US dollar per day. And looking at our time shutter fleet, that also correspond very much to the same figure, looking at the 2025 figures. And looking at the same long-term time shutter vessels, the total in 2025, we deliver net results for these vessels around 28 million US dollar in 2025. Going forward, we expect slight improvements in the cash per given to be around 22,200 in average for 2026. The balance sheet, not that much to report on. We saw a slight decrease in total values, shifts in new billing contracts due to the sale of both CEDAW and also, of course, also depreciations. It's also worth noticing that we are increasing the investments in associate joint ventures for 173 to 183 million US dollar. Main reason being the new joint venture Orca Lakata Maritime and also the working capital that we are injecting into that joint venture or have been injected during the quarter. Cash and cash equivalents increased somewhat to 149 million US dollar end of 2025. And if we include under-owned loan facilities, we have available cash of around 344 million USD end of 2025. Equity increased with 36 million USD being the comprehensive income for the quarter, and we are close to 1 billion USD in book equity. And compared to a total asset of around 2 billion, we are then close to 50% book equity per end of 2025. On the debt side, we are continuing to reduce our debt, and we did an extraordinary debt repayment of 30 million U.S. dollars in the fourth quarter. Cash flow, we had quite a strong cash flow, I would say, this quarter, ending at 74 million U.S. dollars, up compared to the third quarter. The main reason being that we had stable working capital this quarter, while we had an increase of the working capital in the third quarter that impacted the operational cash flow. Cash flow from investing activities ended at negative 6.4. Positive, of course, impacted by the sale of Bovo Sedar with $9.8 million and positively impacting the cash flow for investing activities in the quarter. On the financing side, we are continuing to reduce debt that's mentioned, and we did this external debt repayment, leading to negative cash flow from financing of 54.9 in the quarter. And in total, we are done ending with 12.7 in positive cash flow, changing cash during this fourth quarter. Looking at the more long-term development on the free cash flow, free cash flow being the cash that is available for debt service and equity, we see that we continue to deliver a quite strong free cash flow. And this quarter ended with a free cash flow of $68 million compared to $42 in the third quarter. And again, of course, positively impacted by the sale of this vessel and also negatively impacted by the joint venture working capital that we injected in this quarter. And looking at the 12 months rolling pre-cash flow, we are around 58.2 million US dollar. And if you are just for debt repayments related to the right of use of assets, we are around 45.6 million US dollar in the fourth quarter. This is a bit of a busy slide. I will take you through it. Looking at the charts at the top, this is showing the scheduled repayments of interest-bearing debt per end of 2025. As you can see, we have some debt repayments in the first quarter of 2026. That has been taken care of already with a new financing facility that we are drawing on these days. So except for that, we have very limited debt repayments in excess of ordinary installments during the coming years until end of 2026, where we have a – 2027, we have a small balloon that we, of course, will be capable of taking care of. Then in the middle of this, we have a chart showing the expected development of interest-bearing debt. As you can see, we are around $709 million interest-bearing debt end of fourth quarter. We expect a slight increase in that figure during 2026, based on taking delivery of one new building and also both Hercules. So we are doing new debt on these vessels. And then, of course, we are also including ordinary repayments, installments here. But also, then looking further into the future, we expect interest paying debt to continue to decline into 2027 and 2028. Down on the bottom here, we have included what is expected or projected book debt related to right of use assets. As we have talked about, we have around 20 vessels on new that are going to be delivered on long-term time charters the coming years. And here we are projecting what will, how will the balance sheet look when these are being delivered to the company. So end of 2025, we had 226 million US dollar in so-called debts related to right of use assets. When we are taking nine new vessels into our operations in 2026, that amount will increase to around 384 and increase further to 587 then in year-end 2027 before it's stabilizing. Then we have taken delivery of all the new 20 vessels on new long-term time charters and the depth or the capital elements of that commitment have then been included in this forecast. This is summarizing the CAPEX going forward and the timeshifter commitments. We have talked about Douglas already, has been taking into our books at the start of this year. We acquired that vessel with cash, but it will be then financed with a new bank facility that we are drawing upon these days. We have two other new billings on order that will be delivered in 26 and 27, summarizing to 82.3 million US dollar. And except for that, we have done these new time-shutter vessels that are going to be delivered in the coming years. And here we are showing at the bottom of this chart or this table, showing what are the time-shutter commitments that we will take into account on our balance sheet going forward, and also what will be the nominal time-shutter rates to be paid under these time-shutters. So if we summarize the time-shutters to be paid for these 20 vessels, we are at around 1.1 billion US dollar for these. for the next seven, eight years in total for these 20 vessels that has not been delivered yet. On our balance sheet, this will be booked as right-of-use assets, and we will then include 237 million US dollar in 2096 as new right-of-use assets, and that will summarize in total for these vessels to 625 during the next two years. As we have mentioned a few times before, these vessels, these 20 vessels, that accounts for 40% of the current order book in our core segment. That will be the word to you again, Harald.

Thank you.

Then I will continue with an operational review and I think the big headline here is a stable development. We have stable volumes and we also have stable contract coverage. The slight reduction that we see in the fourth quarter is simply a consequence of 139 fewer commercial days. But all in all I would say a very stable development. we look at time chart of earnings as mentioned we are also seeing stable development in our odd fix index and that is not totally comparable to the Clarkson index because the odd fix index is showing a quarterly average while the Clarkson index is showing the difference between the first day of the quarter and the last day of the quarter. So the 4.2 increase that we see in the Clarkson index is reflecting the uptick that we saw towards the end of the quarter. When we look at the volumes, we see a slight increase in speciality chemicals, which is kind of the bread and butter for our activities. That's where we want to be, and that's the most sophisticated and difficult chemicals to carry. We saw a small increase in those volumes. We saw stable commodity volumes. Those are the easy chemicals, large volumes and relatively easy to carry. And then in our book we saw a slight decrease when it comes to the regoils, which is less demanding cargoes to carry. And we had a stable development when it comes to CPP. CPP in Oddshell is typically utilized for repositioning of our ships, and it's also utilized for handling waiting time for vessels that are waiting to be implemented in a new trade. So all in all, a stable development. Turning to sustainability and our carbon index, we saw an average both for the quarter and for the year in total of an AER of 6.8. And we are well satisfied with that. It's 4.2%, I think, lower than 2024. But I think the main observation here is that this curve is starting to flatten out. You cannot energy efficiency yourself to zero, so we have implemented several projects when it comes to operational improvements. We have done several improvements when it comes to technical improvements, and we are to biofuel as the third leg of our strive to achieve net zero. In December, we launched the first operational green corridor in the world between Brazil and Europe. And first, what is a green corridor? A green corridor is simply a trade lane where we are utilizing greener fuels. And then secondly, why did we choose this trade line? First, Brazil is the second largest producer of biofuel in the world, second only to the US. And also, Norway has an MOU with Brazil, where the focus is on developing a green corridor And secondly, we chose Europe as the ending point, simply because that would allow us to utilize the full EU maritime. So that is the background for choosing Brazil and Europe for the purpose of this corridor. The voyage is approximately 5000 nautical miles. It takes 40 days to conduct that voyage and we expect to have in average approximately one voyage per month. This corridor was started already in November and we are now at the fourth voyage with that corridor being implemented. We are dedicated to continue this trade, but of course if we want to make this trade greener, we will have to cooperate with all the other stakeholders in the trade to make that happen. And I'm very pleased to see that we have very constructive and good dialogues with all the stakeholders involved. We have positive responses for the ports, where we look at making the port rotations more efficient. We have positive dialogues with our customers to see whether we can further utilize the ships that are employed in this trade. And we also have very positive feedback from the governance both in Brazil, in Europe and in Norway. So we are quite confident that this is something that can be developed further. We also see that other ports around the world are contacting us and asking whether we can do something similar in their areas of the world. This is something that that we are considering, but first and foremost we want to get this corridor in place and further develop it. We also are proud that we managed, through this initiative, we managed to establish the first continuous supply of of biofuel out of Rio Grande because of our offtake agreement. They now have a continuous supply of fuel from that port, and we are in dialogue with other ports in Brazil to see whether the same can be achieved there. So plenty of positive effects of this initiative. Turning to our tank terminals, that is more stable business, I would say. We had an occupancy rate of 96% in the fourth quarter, which is more or less the same as we had throughout 2025. The consolidated EVTA was 7.7 million, and this is down 1.3 million compared to the third quarter. Net result for the fourth quarter was 1 million, and this compares to adjusted net result of 1.5 million. For the third year, the terminal reported a consolidated net loss of 1.6, and on an adjusted basis, the net result was 9.1. The outlook is stable, and when we then turn to the expansion projects, we have had several successful expansion projects throughout the years, and we have now recently completed the tank pit queue at – at North Nazi terminal in Antwerp, and we are now carrying on with tank bit S, which will add 18 duplex steel tanks to the capacity in Antwerp. So a very solid development on that terminal. In Korea, at the Usan terminal, we also have an expansion project ongoing, the so-called E5 expansion, where we are building almost 90,000 cubic meters of new capacity. So a lot of positive developments going on on the terminal side, with an underlying extremely stable business that is supporting this development. Then we turn to the market update and our prospects for the future. starting with the development in the spot rates. What we see here is that we saw a positive development west of Suez with rates going up particularly towards the end of the quarter and we also saw a stabilizing development in east of Suez with a smaller uptick towards the end of the quarter. But all in all there is positive momentum, or there was positive momentum in the markets. Turning to the swing tonnage, the swing tonnage is now at absolute minimum levels. I think what's left on the swing tonnage side is of course those vessels that are always trading with chemicals. Oddfjell's six coated vessels, coated MRs, they are only employed in chemicals and then there is a portion of vessels that are trading chemicals in one direction and then CPP in the opposite direction. Those vessels are still doing that business, but the remaining vessels, those that are swinging 100% back and forth, it's my impression that all of them are gone. And the reason for that is seen on your left-hand side, where we see that the MR rates have seen a very positive development over actually the past year. Looking at the order book, As we've said before, the order book stands at 22% of the total sailing fleet, and Oddfjell has a 14% share of that order book. Looking at the two most important segments, the medium stainless steel and the super-segregators, we see that the majority of the fleet increase is coming in that segment. When we look at the super-segregators, where Oddfjell has a 40% market share, here we see a relatively flat development and what's being built is is mainly replacement tonnage for super-segregators being phased out. And most of the vessels that are being phased out is now the so-called Kvernar-class, originally 24 vessels that was built between 1993 and 2012, and those vessels are slowly and gradually being phased out. So we will see an increase on the medium segment and we will see a flat development in the super-segregator segment. If we then turn to Oddfjells order book more specifically, we have 22 vessels on order, 20 stainless steel vessels and two coated MRs coated with marine line. They will deliver between now and 2029. There are 10 vessels being delivered this year, nine vessels being delivered next year, and then two vessels in 28, and one vessel in 29. Of those vessels, there are 10 25,000 tonners, there are 10 super-segregators, and there are the two mentioned marine uncoated MRs. We also have a balance of 12 vessels, and those 12 vessels are vessels that either will complete their time charter arrangement with us, or they will reach an age of 25, 27.5, or 30 years of age, which means that we have the ability or the opportunity to consider lifetime extension programs. And that means that of the 22 vessels, 12 vessels can balance the development of our fleet. And we will end up in 2030 with somewhere between 92 and 80 vessels in our fleet. Then turning to the outlook. As you all know, we have seen quite significant market disruptions during the year, and those are rooted in geopolitical events. They are rooted in tariff uncertainties. And they are rooted in consequences of that being customers testing out new trades, new customers and new ways of trading and selling their volumes. However, volumes have nevertheless been relatively stable, but we've seen some new and interesting opportunities in the wake of all this turbulence that we've observed. The chemical tanker market is very closely connected to world GDP, and in 2026, the expectation is world GDP growth of 3.3%. The Red Sea, we originally saw some early signs that the compliant fleet would return to transiting the Red Sea. Then we had a container operator that started transiting in December. We had another container operator who ceased trading through the Red Sea also in December. We had the Houthis that were repeating their threats against the civilian merchant shipping. And now we have the situation in Iran, and the sum of that is that we are not as optimistic as we were six to eight weeks ago, and we expect that it will still take some time before we can sail through the Red Sea. When it comes to the fleet development, we've been through that. There will be an increase in the fleet over the next 12 to 18 months, particularly within the medium stainless steel segment. We also see that the crackdown on the shadow fleet is impacting crude oil earnings and CPP earnings. We have lately seen that the U.S. has taken a significantly tougher stance against shadow fleet vessels. We've seen France taking action against shadow fleet vessels. We've seen Germany taking action against shadow fleet vessels, and this is of course impacting The flow of sanctioned oil, which is again impacting the flow of unsanctioned oil. So all in all, we anticipate that the positive momentum due to the crackdown on the shadow fleet will continue during the first six months this year. So all in all, we expect an upswing on the chemical trade. We expect positive development in world GDP. We do not foresee any more consequences of all those tariff discussions. There will be an increase in our fleet, in the chemical tanker fleet this year, and we expect the swing tonnage to remain outside our business. So to summarize this presentation, we delivered a net result of 38 million. This compares to 43 in the third quarter. On the tanker side, we saw a very small reduction in time charter earnings per day. And we had slightly fewer days, which gave a small reduction in our aggregated time charter earnings. The small reduction in total volumes is due to fewer commercial days, and when it comes to contract renewals, this is not scientific business to compare one contract with another, but all in all we saw a slight decrease in the contracts that were renewed during the fourth quarter, and that was approximately 25% of our total contract volumes. On the terminal side, we had a modest decline in activity in the fourth quarter. But all in all, this is very stable business and we expect it to be stable also going forward. We saw a strengthening of freight rates, what rates towards the end of the fourth quarter. The market is not easy to predict these days, but we haven't seen that market going down, at least since New Year. Slight increase in activity, and as mentioned, the swing tonnage is not at all impacting our business these days. So all in all, we expect the first quarter to show underlying results that are slightly below what we saw in the fourth quarter. And that concludes our presentation and we are now open for questions from the audience and also questions being submitted through the webcast.

Thank you.

If not, we will proceed with the questions we've received online and feel free to raise your hands if you have a question afterwards. The first question we have received is on the kuwa renewals and I'm just reading the question here. You mentioned an active quarter on kuwa renewals. How many kuwas were renewed and at what renewal rate? How did these compare to third quarter 25 renewal rates?

I don't have the exact number of contracts that were renewed in the fourth quarter, but I would anticipate that we are somewhere between 15 and 25 contracts. And we had a portion that were renewed unchanged in line with what was agreed in the contract one year ago. We have also had renewals where we have seen seen reductions above 5%, I would say, and then we have some contracts where we had smaller reductions. It's not easy to compare one contract year with the previous contract year, because normally there is an adjustment to the ports being called, there are adjustments to to the volumes and so on, and therefore it's not exact science to compare one contract year with a previous contract year. But all in all, I think it's fair to say that we've seen a slight decrease in our average freight rates for the contracts that have been renewed.

Thank you.

So the next question is on the supply side, and the question is, there are many chemical ships over 25 years of age. What is your outlook on recycling this year? And I guess we showed some figures on that on the audiobook slide, but if you'd like to comment some more.

When it comes to the recycling decision, there is a balance between what the ships are earning and what the recycling price is. And that calculation has to be positive before a ship owner makes the decision to recycle a ship. And the decision points, they will come at the age of 25, where the ship is going through dry dock, and then the ship owner has to make a decision, do I take the ship through the dry dock or do I recycle it? The next decision point and then you have to have a kind of a two and a half year future because the next dry dock is coming at 27.5 and that is when you have to make the second decision whether you will take this vessel crew dry dock or not and then the third decision point is normally at 30 years and that's where we see most of the European built chemical tankers being recycled. So I think many, many ship owners with aging tonnage, they make the calculation and I say that it's still more money to be earned if we postpone recycling. And I think that is why we see so little, surprisingly little recycling. I hope that answered the question.

The next one is on the demand side, and the question is, are there indicators other than GDP you think closely follow your performance? I guess I don't know if this is referring to trade flows or things like that.

Yeah, I think the most important denominator is world GDP, and that is kind of the long-term indicator for where chemical tankers are heading. And the reason for that is simply the fact that that 96% of the world's commercial goods, they need liquid chemicals to be produced. So the more goods that are being sold, the more chemicals are needed in the production process. So that link is, I think, very clear. I think the second indicator, which is where we probably have to add a six-month delay or something, is development on the CPP side, the MR market. When the ammo market is going up, typically it drags out the swing tonnage, and then slowly, slowly the chemical tankers are following suit. But there is typically a delay in this development. I would say that the first segment that we'll experience that rates are going up, are the medium-sized vessels with shorter voyages, which means that they are starting a new voyage earlier than the large vessels. They will see the upswing first and then the super-segregators, which typically have voyages with two to three months of duration, they will have a slower It will have a slower impact on that segment, and that impact is also delayed because 50 percent of the cargo is already with contract rates that were maybe agreed one year ago. So it depends on the segment how fast you will see a correlation between AMRs and chemical tankers.

Thank you.

We have a few more questions coming in. The next one is regarding the Red Sea, and the question is, do you think that the Red Sea, it says the Red Sea, but I guess a Red Sea reopening would be a net positive or negative for our performance?

I think, and we don't know the exact answer, but it has been indicated that the reopening of the Red Sea will add somewhere between one and two percent of capacity to the world's chemical tanker fleet. And that is, of course, a capacity addition, and it should have a negative impact on the on earnings, but then again it will also boost the trades between Europe and the Middle East and to some extent Asia because it's more easy to transport the products that way. So whether you will have a 1% to 2% effect, I think the effect will be smaller than that. And for many trades, it is an advantage that that passage is being reopened.

Thank you.

So now for the last question from the online Q&A here. With our 10 new deliveries in 2026, bringing tonnage into a market with many ships and minimal recycling, on what routes do you plan to deploy the ships?

Good question. As mentioned, we have 10 vessels being delivered throughout the year. Those are being spread evenly through the year, meaning that we in average have more or less one vessel per month. In total for 2026, this will add 12% of added commercial days to our fleet. And those who can calculate will see that that means that we will also have to add some approximately 1.5 million tons of additional cargo. All of those vessels are already scheduled into our fleet. We have a plan for every single commercial day. So that project or that fleet implementation is well taken care of.

Okay, thank you. And we have one question here. Just let me hand you the mic so that people online can hear you.

Thank you. you say that you're negotiating contracts a little bit down. You said that you're negotiating new contracts or renewing contracts a little bit softer, but mainly are you extending durations? Are you still addressing terms, improving terms? Because, I mean, even if rates go down a little bit, customers are still paying a lot better than they've done for maybe 15 years or something.

That is correct. The rates are still at acceptable levels, I would say, even if we see a slight decline in freight rates. And freight also has to be seen in combination with all the other terms in our contracts. So, right now I think most of the chemical producers in the world are losing money, so there is an extremely strong focus on the freight rate itself, and I would say less focus on other terms in the contract. Did that answer your question?

What about duration?

Duration is a good question. I would say that the majority of of the contract customers are trying to achieve similar freight rates as their competitors, and therefore there is a certain reluctance to locking in the freight over longer periods. So, typically there are one-year contracts, but there are options to extend those contracts into the future. But few contracts have a clear duration longer than one year, and that connects to competition between the producers. Some of these, not some, many of those contracts that are with us have been with us for decades. So there is a kind of an interdependence on this logistics chain.

Yes, hello, this is Justin from D&B Carnegie. Rates are obviously strong in a historical context, but still far below the 23, 24 highs. And despite sort of swing tonnage being at this historical low levels that you pointed out during our presentation, What do you really see as the missing part for the market to really spark to the upside at current states? What are the... What's sort of the missing part in the market to really spark rates back to 23, 24 levels? Um...

I would say that what I'm missing today is the spillover effect from crude and CPP into chemical tankers. I'm surprised that we haven't seen that spillover already when you see... see the crackdown on the Shadow Fleet and the effects that has had on the large tanker vessels. And then you can say that, well, the swing tonnage is so low, so there are not any swing vessels left to swing over. But then there would be an expectation that the kind of the most suitable chemical tankers would start to swing into CPP. So I think in a way what we are waiting for is the effect of this significant impact that we see on the large tanker vessels. And also I could also add to that that there is a certain imbalance in how the chemical tanker fleet is distributed around the world right now. You see that there has been an upswing in west of Suez and that is of course because there is less tonnage available west of Suez. And then due to all the noise from the tariffs and geopolitics and so on, we've seen an increase of tonnage east of Suez, and that is having an impact particularly on the exports out of the Middle East.

Okay. Any other questions? Then that concludes our Q&A and thank you for coming here today and thank you for everyone listening online.

Absolutely. Thank you for coming. That is very much appreciated.