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Eitzen cancels 6 vessel orders

Eitzen cancels 6 vessel orders
Camillo Eitzen & CO ASA has reached an agreement with a yard in Japan for the cancellation of the six 2,500 cbm gas carriers on order.

Camillo Eitzen & CO ASA has reached an agreement with a yard in Japan for the cancellation of the six 2,500 cbm gas carriers on order.

Camillo Eitzen & CO ASA has reached an agreement with a yard in Japan for the cancellation of the six 2,500 cbm gas carriers on order, against a final and total settlement of MUSD 2.5. The existing newbuilding commitment on the gas vessels implies a reduction in newbuilding commitments of about MUSD 105 for Eitzen Gas. As a result of the cancellation, Eitzen Gas has no newbuilding commitments.

We also refer to the press release today from Eitzen Chemical ASA, reporting that an agreement with the same Japanese yard for the cancellation of five 12.000 mdwt. stainless steel chemical tankers on order.

Both agreements are positive, in as much as the risk associated with the long term financing of the respective vessel orders have been eliminated.

Both Camillo Eitzen & Co ASA and Eitzen Chemical ASA are presently in discussion with its lenders, with the aim to amend the debt repayment schedule and to adjust the covenant structure, to better fit today's market environment.

www.TurkishMaritime.com.tr

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