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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