The operating figures are better than the loss suggests, revenues fell to $97.6m from $103.4m last year but EBITDA rose from $10.3m to $15.3m for the three month period and average time charter equivalent rates increased 16.3% from $10,247 per day for Q2 2012 to $11,921 in 2013.
The significant increase in the quarter's loss stems from a $14.7m loss on the combination of the early termination of the Sichem Defender's time charter, and losses on two time charters which were renegotiated. Interest expenses also jumped $4.2m to $14.7m for the quarter due to the restructuring of loan agreements.
Eitzen expects the supply/demand balance for its sector to improve in the future, citing an orderbook for tankers under 54,000 dwt of about 6% of the fleet, and 2% for small stainless tankers. A 1% growth in the global fleet for the first half of 2013 was recorded, with 0.46m dwt delivered and 0.26m dwt scrapped.
The outlook of marginal or even negative fleet growth for the near term bodes well, especially considering forecasts of a 4%-5% increase in demand for chemical transportation in 2013.
Eitzen Chemical has a fleet of 49 vessels, 42 owned or on financial lease and seven on operational lease.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
