Highlights

Camillo Eitzen & Co ASA (CECO) corporate
*          CECO reports EBITDA of MUSD 26.7 for the 1st quarter, up
  from MUSD 20.7 for the 4th quarter 2008.
*          The net loss in 1st quarter amounted to MUSD 5.9 compared
  to net loss of MUSD 495.2 in the 4th quarter. (Loss in 4th quarter
  was heavily influenced by extraordinary write down of assets by
  MUSD 443.3.)
*          MUSD 40.0 Corporate Facility extended for 364 days.

Eitzen Gas
*          Cancellation of six newbuilding 2,500 cbm vessels against
  a cancellation fee of MUSD 2.5. No remaining newbuildings after the
  transaction
*          Sale of four older vessels during the quarter
*          Improved earnings for the ethylene vessels, mainly due to
  increased volumes and reduced idle time
*          In discussions with the lenders for amended installment
  plan and financial covenants
*          EBITDA from operations of MUSD 10.5 (MUSD 8.0 including
  loss of MUSD 2.5 deriving from cancelation of newbuildings),
  compared to MUSD 4.2 last quarter

Eitzen Bulk
*          Increased activity within the bulk market.
*          EBITDA of MUSD 2.1 compared to MUSD - 7.6 last quarter

Eitzen Chemical ASA (Eitzen Chemical)
*          Two newbuildings delivered and two vessels sold
*          Cancellation of five newbuildings against cancellation fee
  of MUSD 7.5. Three vessels sold after the end of the quarter. After
  last sales no remaining newbuildings on order
*          Decrease in rates of 10.3% and 16.1% for the below and
  above 30,000 dwt, respectively
*          EBITDA from operations of MUSD 20.6 (EBITDA of MUSD 11.7
   including loss on sale of assets of MUSD - 8.9) compared to MUSD
  23.1 last quarter
*          In discussions with the banks for amendment of installment
  plan and financial covenants

Eitzen Maritime Services ASA (EMS)
*          EBITDA of MUSD 4.6 compared to MUSD 6.3 last quarter.
*          New contracts entered into during Q1 2009, with a total
  value of  MUSD 32
*          Repayment of MUSD 16 of the MUSD 40 acquisition financing
  facility after end of 1st quarter


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