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Eitzen Chemical ASA (OSL:ECHEM) Eitzen Chemical ASA (OSE: ECHEM) reports operating results of USD 17.4 million for the 3rd quarter, up 56% from the previous quarter. The 3rd quarter EBITDA was USD 38.9 million vs. USD 35.5 million in the 2nd quarter of 2008.
The 3rd quarter rates for the Eitzen Chemical fleet above 30,000 dwt increased by 14.5% compared to the level in the 2nd quarter, while rates for the vessels below 30,000 dwt were down by 3.9%.
Net profit for the quarter was USD 7.8 million compared to USD 2.6 million in the previous quarter.
The Company has taken delivery of 14 newbuildings year to date in 2008, and expects to take delivery of one more newbuilding in December. The remaining newbuilding program until the end of 2010 consists of 13 vessels from four different yards.
Terje Askvig, CEO said: "We are pleased to report steady improvements in the Company's operations, but see more challenging market conditions going into 2009. With regards to the remaining capital expenditures for the fleet expansion and renewal program, USD 432 million were remaining at the end of the 3rd quarter. From the 3rd quarter through 2009, the expenditures are USD 328 million, of which more than 60% are covered by existing debt facilities. We target around USD 100 million in further lease financing in order to fully finance our newbuilding program, and we are on track in securing these."
Eitzen Chemical is an industrial carrier of petrochemical and related cargos and operates a fleet of 83 vessels, whereof 66 vessels are owned and 17 vessels are operated for partners. The Company had 17 newbuildings on order at the beginning of the 4th quarter of 2008, bringing the total fleet to 100 vessels.
