Good day, and welcome to the Stolt Nielsen Limited First Quarter twenty seventeen Results Presentation and Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Nils Dodd Nielsen. Please go ahead, sir.
Thank you. Good afternoon, and thank you for joining us for our first quarter twenty seventeen results presentation. I will be referring to the presentation, which is also available on our website. If we go to Page three, together with me here in Oslo is Jan Englertsen, CFO of Sjolt Nielsen. Page four, the agenda.
We will go through the highlights for the first quarter. I will go through each of the businesses. Jan will take you through the financials, and then we'll open up for question and answers. If we then go to Page five. Turkish operating profit was $28,500,000 and that's down from $30,400,000 reflecting a continued softness in the chemical tanker market.
Also higher bunker fuel costs and a loss on the ship that we recycled recycling that was brought forward. That was partially offset by the positive impact of the J O acquisition. Stolthaven Terminal, positive operating profit, positive development, 16,700,000.0 compared to $14,000,000 last quarter, and that is mainly reflected from the improvement that we have done at Stolthaven Terminals, but also some improvement in the market at Stolthaven Singapore and also increased income from our joint ventures. I will go through each of the businesses, as always, more in detail later. Tank Containers operating 9,000,000, that's down from 15,000,000 reflecting seasonality, but also continued strong competition.
Also, the fourth quarter here was positively impacted by one offs, which we didn't have in the first quarter. Stolt Sea Farms operating profit before the fair value adjustment of inventories was 2,200,000.0 and that's marginally up from 2,100,000.0 We saw in the first quarter a strong wild catch due to very good weather, which increased competition and also put a downward trend on the price. Corporate and Other, a loss of $4,600,000 compared to $10,000,000 previous quarter, reflecting legal costs related to the J O acquisition and also provision towards doubtful account in the Espital Bitumen Service. That gave us an operating profit of $48,400,000 versus 52.1 and a net profit of $15,200,000 in the first quarter versus a $22,800,000 profit in the fourth quarter of last year. If we go to Page six, which is the net profit variance between the fourth quarter of last year and the first quarter of this year, we see a $1,900,000 lower tanker operating profit, higher terminal profit of $2,700,000 and lower tank container profit of $6,100,000 and lower Sea Farm profit of $3.9 compared to last quarter because of the fair value adjustment.
The one off JO cost of acquisition related cost and the doubtful accounts receivable in bitumen, which we had in the fourth quarter, we didn't have in the first of $4,900,000 lower corporate and others, 0.7 and then higher finance cost because of the debt that we took on from the J. Acquisition of 5,100,000.0 Lower tax expenses of 1,500,000.0 brings it to $15,200,000 net profit for the first quarter of twenty seventeen. Moving on then to Stolt Tankers on Page seven. The operating revenue increased 9.2% from the previous quarter, and that is mainly because of the larger fleet that we got out of the J O acquisition, which helped cruise operating days up by 15.4% and volume up by 17.3%. But that was offset by a softer market condition and increased bunker costs.
So you actually can see here that the operating day was up 15.4%, but the volume was up 17.3. So the volume is there. Actually, we had a better utilization as a result. Comparing like for like, excluding the impact of the JO, the COA rates were down 3.6%, while the spot rate dropped 8.9%. Although the JO ships contributed positively to net profit, their trade routes were typically shorter and contributing to a drop in overall COA rate.
So if you take the merged company, our COA rates that we booked for the quarter was down 5.4% and spot rates down by 12%. The reason that the CRE rate and the spot rates were negatively impacted by the J O acquisition is not that they were that much lower, but it was because their trade lanes were much shorter, and the shorter trade lanes have traditionally a lower freight rate. So the long haul so they operate a large part of the Transatlantic. We are in U. S.
Gulf Of The Far East and longer distances. From there, traditionally, the rates are higher. The CEO renewals during the quarter were on average down 6.1%, and that's quite significant. So you can see that there is downward pressure in the market. So of the contracts that we did renew in the first quarter, on average, they were renewed at 6.1% down.
So if we move to Page eight, fourth quarter operating profit versus first quarter twenty seventeen operating profit. Positive impact from the J. Acquisition of eight what does it say? 6.1 lower trading results because of a weaker market of 1,800,000 the higher bunker costs, net of bunker surges of 1,700,000.0 lower gain on the bunker hedges of 1,400,000.0 compared to the previous quarter lower owning expenses had a positive contribution of 1,400,000.0 and then we have the recycling of a ship and early recycling of ship had a negative impact of $2.2 Higher A and G due to one off pension credit that we took in the fourth quarter of 1,400,000.0 and lower equity income from our joint venture of 1,100,000.0 brought it down to 28.5 operating profit for the quarter versus $30,400,000 in the previous quarter. The bunker costs on Page nine, the bunker cost net of bunker surcharge, but excluding bunker hedges, increased by $7,900,000 from the fourth quarter.
The average IFO consumed increased to $3.06 in the quarter from $261 in the fourth quarter. So that what we consumed, 3.06 versus $2.61 The average price that we bought during the quarter was $3.28 versus previous quarter of $2.73 So you can see that our that's the increased bunker cost. The COA bunker surcharge cost covered on the average 69.1%. That used to be higher, but because of the JO, where which didn't have as much class coverage, it is now at just under 70%. You see the bunker hedges.
We have some paper hedges in place, out of which we realized 2,010,000,000.00 in the first quarter. And we also have an unrealized write up of the hedges that we have in place, also of $30,000 for the quarter. Moving then on to SPJS sailed in time charter index. On Page 10, you can see a dramatic drop. That is really not one that is over several quarters, but the peak is from the second quarter of twenty sixteen, and then you have seen a drop in the sell in since, reflecting, again, a weaker market.
On Page 11, deep sea market spot rate development. The commodity rates recovered by 12% in the first quarter of twenty seventeen, but that was following a drop of a total of 32% in 2016. Specialty rates, the small chemical parcels that we focus on, remained flat quarter on quarter, which is down 19% from the peak in 2016. What we have seen is that the MR market, the ships that usually have a tendency when there's a weak MR market, these flexible ships coming to our segment, we saw that the MR market has recovered as European refinery margins and ship delays in West Africa combined to cause steep increases, in some cases, above chemical earnings. We haven't really seen the effect of it yet, but we expect, we see when it's a weak MI market, these ships come into our segment and put pressure on the commodity size of the chemical space.
So even though we haven't seen the positive impact of it, we expect that as the MR market has improved, we will see less of this swing tonnage coming in. How long it will last? We don't know. But we haven't seen the effects. So I think in the second quarter, we will see a positive impact from it.
Spot freight rates appear to have bottomed out, but the significant chemical order book and the uncertainty around the MR market presents challenges for recovery in 2017. If you go to Page 12, our 71 COA coverage protect us from the impact of short term swings in spot rates. Low spot ratio allows us to be more selective on spot cargoes. So we are quite heavily contracted. The contract rates usually don't react as quickly and as dramatically as the spot rates.
So even though the spot rates, we see double digit reductions there, you can see that the COA rates are more modest. COA coverage decreased to 71% from 77% in the fourth quarter. And this, again, is due to the addition of the JO, which has a slightly lower COA coverage. The 2017 was impacted mostly by JO ships short haul repositioning fixtures at lower spot rates. Spot market weakness does impact COA rates negotiations, but the change in COA rate is typically less than the change in spot rates, as evidenced by the decrease of 6.1% on the COA rate during the quarter.
The order book on Page 13. Again, this is these are the 19 operators that we compare ourselves to. It has gone I think we said it was 22% last time. It's now down to 17.8%. But again, the blue is what is on order and what is to be delivered.
So you can see there's a significant amount of tonnage coming in, in 2017 and also some in 2018. So we continue to say that 2017 will be a challenging year for tankers because of the new tonnage coming in. We are seeing that the volumes, on the COA side and on the spot side, are relatively healthy. So the pressure on the market is not really because there's less trade or less nominations on the seaways. It is because there's new tonnage and more ships coming in and competing for the business.
Newbuilding delivery schedule. The left hand side is the Hudong ships that we ordered some time back. We have received three and another three to go. And then you have the joint venture that we had with we have a JO, eight ships, where we have four ships are delivered and four to be delivered. Moving then on to Stolthaven Terminals on Page 15.
Revenue decreased slightly in the first quarter with slightly lower throughput revenue offset by higher utility revenue. The lease capacity was unchanged, while utilization dropped slightly from 91.8% to 91.1% due to a 1% increase in overall capacity. The cost saving initiatives are slowly starting to have a positive impact at cost per cubic meter. If we look on Page 16, the variance analysis in the operating profit between the two quarters. We had $14.01 $4,000,000 operating profit last quarter, $2,300,000 one off pension and medical credits that we had last quarter, not which we didn't have this quarter.
We have a higher gross operating margin of 400,000.0 lower depreciation due to one offs that we had in fourth quarter, higher equity income from our joint venture and lower A and G expenses of 0.8% and others of 0.4% brings us to 16.7. Page 17, Stolthaven owned terminals key initiatives. As we have spoken about earlier, we are modernizing our Houston terminal, particularly, with the latest technology in order to optimize operational performance while improving safety and efficiency. The best investments that we can do in Stolthaven terminals and of course, really for the group is to continue to seek organic growth at our current facilities in order to leverage the existing infrastructure and fully utilize the land available for expansion. So really, Stolthaven terminals, we don't need to buy any more terminals for the time being.
There's a lot of growth opportunity at our existing terminals, and that we're what we're focusing on, to get the full utilization at existing terminals. We are also focusing on developing long term contracts with potential pipeline connected industrial customer in order to improve throughput utilization and revenue. We will continue to focus on ship to shore interface to create the synergies between tankers and terminals, including the construction of a new ship dock in Houston to start in the mid to be started in the mid of this year. And that is to reduce the waiting times and turnaround while increasing tons per hour and terminal throughput volumes. These actions will take time, but will gradually positively impact the financial performance of Salthaven Terminal.
So I think you will continue to see a gradual improvement from the Salthaven Terminal, even though it will take time. The Board approved the building of Jetty 11 at the East what we called the East Property. And I'm sorry for the telephone call this year, but on the right side of the slide of the picture where there's two yellow squares, that is what this old area is what we call the East Property. So this is the West Property, the West Terminal, the existing terminal, and there is the East Property. This is prime location in the Houston Ship Channel, large location.
Here, we have now approved we've gotten permission and the Board approved for us to construct a new jetty, which will, of course, be connected to the existing terminal and to the existing the two jetties we have here, but it will then increase reduce the waiting time for the ships and also give us the opportunity to pursue new business on the East property. And as you read most likely, there's a lot of activity and a lot of growth of chemical production in The U. S. Gulf, and this is really in the middle of it. So we will then have 50 plus acres available for land for expansion opportunities for over 2,000,000 barrels of storage capacity with the additional jetties and railcar and truck racks.
Moving then on to Stolt Tank Containers. Revenue was down 2.3% in the first quarter. That's consistent with the seasonality that we have seen over the years. The transportation revenue was up 2.2% due to the increase in number of shipments, which was offset by lower prices and lower demurrage revenue. Lower prices and lower demurrage revenue reflects the increased competition that we see in this segment.
The lower prices, of course, is the freight rates that you charge, but also the customers are becoming better at negotiating terms and conditions. So demerge, they are getting more free days to keep the container, and therefore, that's why we're getting lower demerge revenue. Depreciation was up as the residual value of tanks was adjusted down in line with the falling steel prices. This is something that we do each year, once a year. And A and G, administrative and general expenses, up in the first quarter due to the one off adjustment related to pension and postretirement medical plan that we had in the fourth quarter of twenty sixteen.
So if we go to Page 20 and compare STC fourth quarter to first quarter operating profit, we had a higher transportation revenue due to increased number of shipment of $1,900,000 lower demerits and other revenue, as I explained higher operating costs because of the higher transportation revenue higher depreciation due to lower residual value because of the steel prices higher indeed due to one off cost reduction in this year in the fourth quarter, brings us to $9,000,000 for the quarter. Stalled tank container key initiatives on Page 21. Strong demand for shipment, but competition is driving the margins down. Continue to remain aggressive on pricing to improve utilization and increase turns per tank. We are continuing to focus on the system development and the implementation of global platforms to reduce expenses and to increase scale, the efficiency of operations and effectiveness of sales.
We continue to develop our depot network around the world in order to support our global operation. And going forward, once we need more tanks, once we get the utilization up, we will pursue that by most likely leasing tank. Margin deterioration has slowed and may have bottomed out, and I think so. We are actually since the end of the first quarter, we have seen quite a bit of activity increased. Utilization has picked up significantly.
And we're also seeing actually we're able to pass through higher rates. So also, as you might know, the container lines have consolidated. The groupings of the alliances have reduced capacity out there. And as a result, we've seen the container lines are pushing up rate. And when they push up rate, that's a pass through cost for us, both the container lines and the trucks.
So when the container lines are able to push through rate increases, we also traditionally are able to push through increases on our rates. That's what we're seeing. So I think we will actually start to see I'm hoping, cautiously optimistic that we will start to see some improvements from the tanker there. First quarter is a combination, of course, competition. So you haven't seen the pickup from the activity yet, but also because of the short month and also the Lunar New Year and the Chinese New Year, etcetera.
Stolt Sea Farm on Page 22. Volume of turbot was up 12%, but prices were down 5% due to significant wild catch. I told you that I didn't think that this turbot prices were going to go down. But actually, in the first quarter, there were no storms in Europe during the winter storm. So the fishing was phenomenal.
So the wild fish catch, not only of turbine, but all fishing, put enormous pressure on the prices. The first coal prices were down, were due to increased well cash as above. The caviar, the volume was down during the quarter, which typically is the peak season prices in first quarter increased by 29% due to higher portion of direct sales and better margins. I'm going to skip the variance allowance for the Stolt Sea Farm. Stolt Nielsen Gas.
Again, we have a stake in Avans Gas. We have a stake in Golar. And then we're trying to develop the small scale LNG. And you can see a new name here. We call it Avenir LNG.
And Avenir LNG is now today 100% owned by Stolt Nielsen, and all the small scale LNG investments will be done through this company. Again, we will be focusing on small ships and terminal small terminal, serving remote stranded customers and stranded demand. We are continuing to work on both offtake agreements for the and also contracts for the ships. We, as it stands, have yet still not yet ordered or confirmed the ships that we have on subjects. And that concludes the my part of the presentation.
Now I give it to Jan for the financials.
Thank you very much, Nils. Good afternoon and good morning to those of you on the phone. We're going to go to Slide 26. This is the net profit. And as before, I will give some comments to the financial results that we have released this morning.
And all of this presentation plus the press release plus also the interim results that we have filed for the quarter ending February 2837, you can find on our website. And we filed the interim with the Oslo Stock Exchange this afternoon. If we look at the net profit, and this is before the one offs, dollars 55,000,000 was it in the fourth quarter, so it's down to $51,800,000 And as you saw from Niels' slides, the positive impact from the J. O. Acquisition is overshadowed by the weakening of the freight market for tankers, the increasing bunker prices and also the pressure and squeeze on the margins in SDC.
And on top of that, we also had to take a markdown of the inventory of the fish. And if you will alone, that was the difference between the two quarters is $4,100,000 So it explains almost entirely the difference in itself. If we look at the one offs we talked about, Niels mentioned the Stothill, which is a ship that we sold for recycling. Originally, it was supposed to be done later in the year, but we brought it up for various reasons. And of course, then we have to write off any difference between the sales price and the book value.
But that is primarily caused by the fact that we brought the recycling forward. If you look at interest, yes, interest is up now reflecting the full impact of the additional debt we took on in connection with the JOT acquisition. And it also reflects the fact that we took delivery of two of the ships, the C-thirty eight in China. Taxes are also a little bit down. We had some tax rebates in Santos.
We had a tax audit adjustment positive in Singapore. And we also had, as you saw, a lower profit, if you will, taxable profit on STC, which all has contributed to bring the taxes down in the quarter. So it brought us down to 15,200,000 profit against $22,800,000 Slide 27, shareholder equity, dollars 1,420,000.00. That is down from one point that's up from 1.38. The of course, we had the profit that improved the situation, but we also gave out dividends in the period of $24,000,000 But there's still the reason why it's still positive is the fact that we have translational gains, etcetera, tied to the OCI in the balance sheet.
So the OCI is actually showing a gain for the quarter. Debt 2,500,000,000 that's up from $2,400,000,000 and I'll come into the components of that a little bit later. Debt to tangible net worth, dollars 1.55 to one. We have said previously that we tried to be below 1.5 to one. But if you take out the cash, which so on a net cash basis, it's actually 1.48 to one.
EBITDA to interest expense, 3.51 to one, and this is down from 4.08. Cash, 108,000,000 at the end of the million at the end of the quarter, $268,000,000 in liquidity on our revolver. And we also have $81,000,000 of uncommitted lines that we can use, which in total then brings the liquidity up to $457,000,000 You can also see here that going forward, there's always talk about the interest the U. S. Dollar interest rates going up, and it will, but we are actually 60% fixed and 40%, if you will, floating.
And as such, at the average of the first quarter, the interest rate is that we're paying is 4.4%. So we're very happy with that. And we expect that the interest expense for the next for the coming quarter will be $31,000,000 next quarter. Next, this is Slide 28. If we look at the cash flow, you can see here that it's down the cash from operations down from $71,000,000 in the fourth quarter down to $57,000,000 in the first quarter.
And we had some issues dealing with a buildup of working capital during the quarter. We were working very hard to integrate the JO acquisition. We did that the last few days in the fourth quarter. So we really got the full impact of this integration starting in the first quarter. So it took a little bit longer to get things up and running.
So we are now in control of the buildup with late billings and various other things that brought the working capital up. But as we go into the second quarter, this has been sorted out, and I think it's our guys have done a very good job. If we look at capital expenditures, I said we took delivery of two of the ships in from China, the C-38s, Sincerity and Stolt Sincerity and Stolt integrity. Then we also had some capital expenditures the terminal on the terminal side. And also for STC, we're working on building two depots, one in China that needed more cash and also one in Italy in Ovadu to support the business that we do down there for Infinium.
When you look at the on the financial side, we did during the quarter draw down $150,000,000 on a line it's a line that we put in place to acquire the fleet and the company. It's secured against those ships. And we drew down $150,000,000 and the proceeds we used to repay the debt that we took over when we acquired JL. In addition, we also drew down on the Kexym financing that we had with the Chinese for the two newbuildings was about $105,000,000 And you could also see that I've mentioned the dividend paid out was $24,000,000 So that left us at the end with $108,000,000 in cash, which is more cash than we actually would like to hold because normally we just bring it under the control of treasury, and then we use it to pay down on the revolver. Next, Slide 29, the EBITDA.
And let me just remind you here that we take out from here the any gain or sale on assets and of course, any noise that comes with the fair value of the fish farm inventory. And you can see here for tankers, you clearly see the contribution for the quarter from the JLT acquisition. Terminals also slightly improvement, as Niels mentioned. Tank Containers, you really back to where we were in 2016 and in the first quarter 16% and second quarter, 16%. But we are down from the good quarter that we had in at the end of the last quarter.
But again, for the company as a whole, we're up to $120,000,000 in EBITDA for the quarter. Next, this is Page 30. A and G and G and general expenses, 51,700,000.0, up from $49,900,000 I have to admit here that when we guided last time, I think we said $56,500,000 So we came in significantly below that guidance. But again, part of that increase that we saw was really due to the expenses that we had expected in connection with the JLT acquisition. So now when we look forward into the next quarter, we're saying $53,100,000 is how we are guiding.
Depreciation, this is Slide 31. Dollars 64,900,000.0, up from $58,000,000 Most of that increase relates to the J O acquisition and also the two Chinese ships that we took delivery of. And of course, as we go into the next quarter, the second quarter, we will have the full impact on those two ships that we delivered during the first quarter. And also, we're taking delivery, as you saw from an earlier slide, of two additional ships. So that's why we bring the terminal sorry, the tanker depreciation up to 44,000,000 Stoltham and terminals were slightly down, but that was because we did a write off of some tanks in the fourth quarter that we didn't have to do in the first quarter twenty seventeen.
And we also wrote off some old operating computer systems that we are going to replace. We did that in the first in the fourth quarter. So from $64,900,000 we're guiding now for the next quarter 67,700,000.0 JVs and taxes, 4,000,000 for the quarter, down from 5,500,000.0 Part of that drop, obviously, was the weaker tanker market. And we also in Corporate, where we actually keep track of Avantgas and Golar, those investments, also down at $2,500,000 instead of around 1,000,000 in the previous quarter. But we do see an improvement as we go into the next quarter and guiding at 6,500,000.0 Taxes, I already mentioned some improvements due to various adjustment in Santos and Singapore.
Next, this is the capital expenditure table, Slide 33. We were at $129,000,000 during the quarter. For the remaining three quarters, we are at the $278,000,000 sorry, we're at, yes, $278,000,000. And you can see that the total, these are committed capital expenditures. It's what we what the Board has approved and a project that we are currently working on.
So you can see for the rest of this year plus the rest of the five year plan is at $520,000,000 Half of that will actually be spent during the next three quarters of this year, the remaining quarters of this year. And when you look at it further, out of what we're going to spend for the rest of this year, half of it is in tankers and 112,000,000 is on the terminal side. And on the terminal side, it's really various expansions, it's jetties and some upgrades. For tank containers, it's mostly towards the depots. But what you will obviously see is that the committed CapEx has come down quite dramatically as we go into 2018 and 2019.
Just one comment, and that is out of the $520,000,000 we have almost $120,000,000 left on the financing in China. And we also have financing for the jetty, another $35,000,000 $40,000,000 of the jetty in Newcastle in Australia. Debt maturity profile. I think you recognize this slide from previously. The green are the balloon payments.
The blue is just the regular amortization of bank debt. The balloon payment that you see here in 2017 relates to the terminal in Singapore. Towards it is maturing at the end of this year. We have gotten the credit approval for a renewal. And we expect we're in right now, we're in the documentation phase, and we expect to have this solved and closed by basically by the end of the second quarter.
And that will the facility is SGD280 million. The outstanding amount is SGD180 million. And then so that will net $100,000,000 And then we will use the what's left to pay down and repay, if you will, one of the facilities that we also got, the short term facility that we put in place when we acquired J. O. Fleet.
Then I think that's back to you, Nick.
Thank you, Jan. Just some takeaways. Integration of J O progressing as planned. We'll focus on realizing the synergies and improving operations for the benefit of all of our stakeholders. We have announced that we have started the project of separating out Stolt Tankers as a stand alone company.
And I just have to manage expectations because I think some of the analysts are running ahead a little too fast here. We the company has the Board has approved that we make a clean Stolt Tanker structure so that all of the Stolt Tanker assets is under Stolt Tankers, all the employees. We have created our own balance sheet and stand alone structure. Still 100% owned by Stolt Mason, still the same debt structure in the group. But this gives us the opportunity to look for further consolidation opportunities in the chemical tanker segment.
So the purpose of this is not to run and do an IPO, but the purpose of this is if we see opportunities to do further consolidation, that Stolt Nielsen doesn't have to use all the cash like we did for OJO, but can offer a share. We believe that there are quite a few investors that will be interested in participating or receiving shares in return for us doing an IPO. So if we are able to find the right acquisition target, and this can't be anyone, it needs to be tonnage that we need and that fits into our fleet. It's not only tonnage, but it's also platform. So we're looking for other operators to join us, so we can pull out the synergies.
We're not really after that much tonnage. We're after less operator platforms. If we are not successful in finding another partner to join with, then it's not taken that we will do an IPO. We might, as we are, but that's not given. So the focus that we're doing in the group right now is really to separate out Stolt Tankers as stand alone so that we have a piece of paper available, and then it's to find a company for further consolidation.
And there are quite a few opportunities out there. As a company as a whole, Stolt Nielsen, as Jan showed you, we have a debt to tangible net worth. If you look at the net debt to tangible net worth, it's just under 1.5:one. So we've kind of reached our self imposed limit when it comes to debt. So we need to we are managing our balance sheet, making certain that we're careful in what we're investing or how much additional debt we take on.
As you have seen from the presentation, the tanker market is under pressure. We think it has flattened out. We don't see that we see the volumes, the nominations are healthy, relatively healthy. And I hope that it won't fall further because of the additional ships coming into the market. So to jump to the conclusion that we believe we have reached the bottom of the cycle or bottom of the market, it's very careful how we express yourself.
We are cautiously optimistic, if you say. As long as the start at level is where it is, as long as the tanker market has hopefully reached the bottom, the tank container market has hopefully reached the bottom, Continue to see improvements in the terminals, and I also think we will see improvements in the Sea Farm. Until we have seen a clear recovery, both or earnings improvement in both tankers and tank containers, we will remain careful in how we commit to additional debt. Have a one after one, we have good cash liquidity. So I'm not worried, but I'm just being cautious.
Yes, that's it. We'll open up for questions. We'll start here in Oslo, and I will try to remember to repeat the questions so that people on the phone will hear. So any questions here in Oslo? Yes.
So the question was on the capital expenditure slide on Page 33. On the previous presentation, we showed I don't know what we showed, but we said that some of the committed capital expenditure may be canceled or delayed. The answer to that is, I don't think we wrote down a specific number, but what we have said is that of this capital expenditure, not everything is committed to third party. So this is the list of capital expenditures, which the Board has approved, which we intend to do, but which not everything is committed to third party. So if something should happen, if the market should go bad or get worse, there are things of the capital expenditure where we can hold back on.
Now that the JETI was approved, the JETI is around $45,000,000 That was something that we had in our capital expenditure plan, but it wasn't committed to it. Now that is committed, so what is not committed has actually been decreased by $45,000,000 But there are in both tank containers and in both installed Sea Farm and some investments in terminals, there are things that we can hold back on if we have to. Any other questions? Okay, operator, we're going to see if there's anybody on the phone that would like to ask a question. Any other questions in Oslo?
Thank you very much, and I wish you all a happy Easter. Thank you. Thank you, operator. That concludes the presentation.
Thank you. That will conclude today's conference call. Thank you for your participation, ladies and gentlemen. You may now disconnect.