• 2012 May 29 13:12

  Eitzen Chemical posts Q1 2012 results

  

  Eitzen Chemical ASA (OSE: ECHEM) reported EBITDA of USD 11.9 million for the 1st quarter of 2012, compared to USD 5.7 million in the previous quarter. The average time-charter rate for the fleet increased by 10.0 % compared to the 4th quarter of 2011.
  The average time-charter rate for the Company's fleet was USD 10,640 per day, up from USD 9,675 the previous quarter.
  Eitzen Chemical commenced a process to evaluate various options to ensure longer term financial strength and liquidity in January 2012. Various alternatives are under evaluation, including alternatives for a restructuring of the balance sheet. The Company is in discussions and has a constructive dialogue with its lenders.
  Despite a somewhat stronger market in the 1st quarter of 2012, Eitzen Chemical expects a continued challenging chemical tanker market in the short term and consequently a weaker spot market in the 2nd quarter of 2012. Moderate improvements are expected in the second half of 2012. When the remaining oversupply of chemical tankers has been absorbed, the chemical tanker market should see a significant recovery, both in rates and second hand values.
  Eitzen Chemical is one of the World's leading carriers of petrochemical and related cargos, with a fleet of 53 vessels.

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