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Eitzen Chemical reports large losses

Oslo: Eitzen Chemical, which last month entered into a large debt agreement with its creditors, ended 2014  with a significant impairment of over $74 mill for the last quarter of 2014.

The famous tanker carrier has been suffering economically and had to be restructured on the stock market.

The company will soon be renamed Team Tankers International as a result of  hard negations with the carrier’s financial partners, and a majority of the carrier’s traditional banks chose to sell their loans to various equity funds.

“In the 4th quarter of 2014, Eitzen Chemical experienced a firmer market and benefited from lower bunker prices. The Company closed the year with improved rates and utilization in most of the trade lanes,” writes Eitzen in the 2014 report.

The carrier had an average time charter profit of $ 11,076 per day, an improvement of about 10 percent compared to the previous quarter.

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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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