Eitzen Chemical ASA reports EBITDA of USD 31.8 million for the 1st quarter of 2008, compared to USD 22.7 million in the 4th quarter of 2007. The increase reflects improved contract freight rates and operational efficiency. The 1st quarter market rates for the Eitzen Chemical fleet below 25,000 dwt were up by 1.6 % compared to the level in the previous quarter, while the vessels above 25,000 dwt reported average rate increases of 36.0 % compared to the level in the 4th quarter. Net loss for the quarter was USD 12.6 million compared to a net loss of USD 19.5 million in the previous quarter. The net result was negatively impacted by USD 9.8 million in other financial costs, mainly unrealized currency losses related to purchase options in YEN on financially leased vessels.
Terje Askvig, CEO said: "We are pleased to report a more satisfactory EBITDA for the 1st quarter - back on track with the 3rd quarter last year. The improved result is due to higher earnings, mainly in the segments above 25,000 dwt, as a result of the new sailing program and contract renewals. Furthermore, operating expenses were more normalized in the quarter. We are aiming to further improve the earnings through enhancing the operation and through the fleet expansion program."
Eitzen Chemical is an industrial carrier of chemical cargos and operated a fleet of 64 vessels at the beginning of the 2nd quarter of 2008. The Company has 26 newbuildings on order and is operating another 16 vessels for partners, bringing the total fleet to 106 vessels.
Terje Askvig, CEO said: "We are pleased to report a more satisfactory EBITDA for the 1st quarter - back on track with the 3rd quarter last year. The improved result is due to higher earnings, mainly in the segments above 25,000 dwt, as a result of the new sailing program and contract renewals. Furthermore, operating expenses were more normalized in the quarter. We are aiming to further improve the earnings through enhancing the operation and through the fleet expansion program."
Eitzen Chemical is an industrial carrier of chemical cargos and operated a fleet of 64 vessels at the beginning of the 2nd quarter of 2008. The Company has 26 newbuildings on order and is operating another 16 vessels for partners, bringing the total fleet to 106 vessels.