Eitzen Chemical ASA (OSE: ECHEM) reported EBITDA of USD  5.1 million for the 4th quarter of 2012, compared to USD 6.2 million in the previous quarter. The average time-charter rate for the fleet was USD 10,256 per day, up from 9,953 per day in the 3rd quarter. The Company sold two vessels during the quarter. The EBITDA for 2012 was USD 33.5 million, compared to USD 25.6 million in 2011.

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

 This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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