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Odfjell has recorded a steep fall in net profit for the first quarter compared to the year-ago period, as the company is anticipating a challenging year ahead.

Odfjell has returned to the black in 2016 with a net profit of $100m, as it looks to expand its fleet to 100 ships in a continuing challenging market.

Odfjell has retrofitted 11 37,000dwt chemical tankers with equipment providing a fuel saving of 20%, and plans to retrofit a further eight 40,000teu vessels.

Head of Odfjell Tankers, Morten Nystad has become latest member of senior management to "step down" from his position at Odfjell, effective today.