Eitzen Chemical ASA (OSE: ECHEM) reported an average time-charter rate of USD 11,189 per day, which is the best average time-charter rate reported since the 4th quarter of 2008, and represents an increase of 9.1 per cent from the previous quarter (Q4'12: USD 10,256 per day). The EBITDA for the 1st quarter of 2013 was USD 10.5 million, compared to USD 5.1 million in the previous quarter.

The improved market conditions have continued into the 2nd quarter, and the time-charter rate for the 2nd quarter is at present expected to exceed the 1st quarter of 2013.

The financial restructuring of the Company's bank and bond debt was concluded in January 2013 and will secure headroom and stable operations in the years to come, even in a slowly improving market.

The 1st quarter 2013 financial report is attached.



For further information, please contact:

Per Sylvester Jensen
President and CEO
Phone: +45 3038 1153

Andreas Reklev
Chief Financial Officer
Phone: +47 9320 8886
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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