Norway: Eitzen Chemical to Discontinue Pooling Arrangements

Norway - Eitzen Chemical to Discontinue Pooling Arrangements

Eitzen Chemical ASA reported that it has decided to discontinue its pool operation as an integral part of its announced strategy to improve operating cash flow and liquidity situation.

Eitzen Chemical operates two pools; the City Class Pool and Team Tankers. The City Class Pool currently consists of 35 vessels of around 13,000 dwt, coated and IMO2. 15 of the vessels are owned or leased by the Company and 20 vessels are operated on behalf of partners. Notice has been given that Eitzen Chemical will withdraw its vessels from the Pool and that the Company will discontinue as manager for the Pool. Team Tankers consists of 13 vessels in the Medium Range (MR) segment, between 40,000 dwt and 48,000 dwt, coated and IMO2. Eight of the vessels are owned or leased by the Company and five are owned by a partner. The partner is in the process of exiting Team Tankers and it is expected that the process will be finalized within the next few months.

The Company will operate a fleet of 54 owned and leased vessels following the discontinuation of the pool operation.

Per Sylvester Jensen, Chief Operating Officer, said: “We have decided to focus the Company’s resources on our own vessels during the current challenging market environment. It is expected the earnings per day on our own fleet within these ship classes will increase as result of improved utilization. We will loose fee income, but this will partly be offset by reduction a General & Administration expenses. An initiative to reduce G&A expenses has been launched today. The above actions are an integral part of our announced strategy to improve our operating cash flow and liquidity situation.”

World Maritime News Staff, November 25, 2011; Image: Eitzen Chemical

Share this article

Follow World Maritime News

In Depth>

Events>

<< Jun 2017 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Indonesia Marine & Offshore Expo (IMOX) 2017

Indonesia Marine & Offshore Expo (IMOX) 2017, Batamis an international maritime and offshore industrial event that brings an international…

read more >

CWC World LNG & Gas Series: Americas Summit

Now in its 15th year, the CWC World LNG & Gas Series: Americas Summit is the longest running LNG event in the Americas region.

Bringing together the key players in the LNG & gas value chain in both the Americas region and globally, this is the perfect place to make new contacts, do deals and get essential updates on the market.

This year we return to Houston, TX once again on 20-23 June 2017 – the heart of the energy industry, making it easier than ever to access they key players in your business.

More info

read more >

TOC Europe

TOC (The Terminal Operations Conference) has long been considered best in class by container terminal operators and their suppliers…

read more >

Marine Philippines 2017

The 4th edition of PHILIPPINES MARINE 2017, SHIPBUILD PHILIPPINES 2017 and OFFSHORE PHILIPPINES 2017 is the only specialized Shipbuilding…

read more >