Norwegian chemical tanker owner Odfjell has reversed a downward trend on "unsustainable" contract rates after taking a stand last year.

The company said it now has greater flexibility in opting for term deals or spot operations in better markets.

Speaking on its fourth quarter conference call, chief executive Kristian Morch said spot levels had improved 25% through 2019, with its contract of affreightment (COA) renewals up 6.5%.