Harald Fotland
Chief Executive Officer

Good morning to everyone, and welcome to this presentation of Odfjell'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 4 vessels inside the Strait of Hormuz, 1 vessel that we own and 3 vessels that are time-chartered. I'm very happy to inform you that all crews are safe. I'm impressed by the leadership that we observe on those 4 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 reflects, of course, the situation in the Middle East Gulf, but also fewer commercial days and higher costs during