Eitzen Chemical dissolves

Eitzen Chemical dissolves

Oslo: Team Tankers International voluntary offer to to take over Eitzen Chemical has been approved by the latter’s shareholders, paving the way for the disappearance of a grand name in Norwegian shipping.

The first day of trading of Team Tankers International’s shares on the Oslo Børs is expected be next Monday.

Eitzen, the famous tanker owner, has been suffering financially and has been through a significant restructuring.

The new company, Team Tankers International, is a result of  hard negotations with the carrier’s financial partners. A majority of the carrier’s banks chose to sell their loans to various equity funds.

Team Tankers International internal restructuring  of Eitzen Chemical changes the legal domicile of the business to Bermuda from Norway.

 

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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