Eitzen Chemical profits soar in second quarter
Company buoyed by increased sales, fleet and market rates


 

Eitzen Chemical ASA  today reported its 2nd quarter 2007 results.

The Company posted EBITDA of USD 48.1 million, increasing from USD 38.9 million in the previous quarter.

Net profit for the quarter was USD 16.2 million compared to USD 0.8 million in the first quarter.

The improved results reflect a growing fleet, higher market rates for the Company's largest vessels and increased sales gains. For the first half of 2007 Eitzen Chemical's freight income on T/C basis was USD 167.1 million and EBITDA came in at USD 87.0 million.

The chemical carrier market started off strongly in the 2nd quarter, but the activity leveled somewhat off into the summer season. T/C rates for the Eitzen Chemical fleet below 25,000 dwt were on average in line with the level in the 1st quarter, while the vessels above 25,000 dwt on average saw rate increases of 11%.

"We are pleased to see that the implementation of our strategy has started to provide results. Following the many acquisitions in recent years, our focus is on creating synergies and economies of scale as well as reducing costs," said Eitzen Chemical CEO, Terje Askvig.