Odfjell reported a net result for the first quarter 2016 of $24 millions, with improved EBITDA of $69 million, compared to $45 million last quarter. The company said it has seen a significant reduction in voyage expenses compared to previous quarters mainly due to expiry of bunker hedges. Odfjell Terminals, meanwhile, continues to improve with first profitable quarter since 2013. “We are pleased to see the increasing benefits from our cost cutting and efficiency program last year, which is now fundamentally changing the competitiveness of Odfjell,” said Kristian Mørch, CEO Odfjell SE. For chemical tankers, Odfjell said the first quarter was a stronger quarter than the previous in terms of net earnings, with the majority of our vessel classes delivering improved performance.