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.
Eitzen Chemical expects the market in the 1st quarter of 2013 to be in line with 4th quarter of 2012. Although the chemical tanker market continues to be under pressure and continues to yield unsustainable returns from a financial perspective, the order book and deliveries of new chemical tanker tonnage continues to be reduced with limited new tonnage being ordered. When the remaining oversupply of chemical tankers has been absorbed, the chemical tanker market should see a strong recovery both in terms of chemical tanker rates and asset values.
For further information, please contact:
Per Sylvester Jensen
President and CEO
Phone: +45 3038 1153
Andreas Reklev
Chief Financial Officer
Phone: +47 9320 8886
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