Eitzen Chemical ASA : Eitzen Chemical ASA : 4th Quarter 2012 results

     Eitzen Chemical ASA : Eitzen Chemical ASA : 4th Quarter 2012 results

Eitzen Chemical ASA (OSE: ECHEM) reported  EBITDA of USD 5.1 million for  the 
4^th quarter of 2012, compared to USD 6.2 million in the previous quarter. The
average time-charter rate for the fleet was USD 10,256 per day, up from  9,953 
per day in the 3^rd quarter. The Company sold two vessels during the  quarter. 
The EBITDA for  2012 was USD  33.5 million,  compared to USD  25.6 million  in 

The financial restructuring of the Company's bank and bond debt was  concluded 
in January 2013 and will secure headroom and stable operations in the years to
come, even in a slowly improving market.

Eitzen Chemical expects the market in the  1^st quarter of 2013 to be in  line 
with 4^th quarter of 2012. Although the chemical tanker market continues to be
under pressure and continues to  yield unsustainable returns from a  financial 
perspective, the  order book  and deliveries  of new  chemical tanker  tonnage 
continues to  be reduced  with limited  new tonnage  being ordered.  When  the 
remaining oversupply  of  chemical tankers  has  been absorbed,  the  chemical 
tanker market should see  a strong recovery both  in terms of chemical  tanker 
rates and asset values.

For further information, please contact:

Per Sylvester Jensen
President and CEO
Phone: +45 3038 1153

Andreas Reklev
Chief Financial Officer
Phone: +47 9320 8886

This information is subject of the disclosure requirements pursuant to
section 5-12 of the Norwegian Securities Trading Act.
Q4 2012 Report


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Source: Eitzen Chemical ASA via Thomson Reuters ONE
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