Eitzen sells three newbuildings

(May 5 2009)

Eitzen Chemical has sold through novation three newbuildings from Croatia, in a move which completed its newbuilding programme.
Eitzen has entered into an agreement with clients of Laurin Maritime to sell its three remaining newbuildings from Brodotrogir in Croatia through a novation agreement, whereby the buyer will assume all rights and obligation the company has towards the yard, including all further payment obligations.

The basis for the agreement is a total price of $124 mill (including extras). It is conditional on approval from the yard and its refund guarantors.
Eitzen Chemical has also increased the impairment charge as of year end 2008 to $313 mill, up from $156 mill previously reported.

The company said that it did not expect to record a loss from the above transaction, nor did it expect to record a loss from the cancellations in Japan reported earlier, except for the $7.5 mill cancellation fee payable.

Source: Tanker Operator

Gulf Navigation takes a hit

(May 5 2009)

Gulf Navigation Holding reported an 85% drop in its first quarter profit this year on the back of weak shipping conditions.
The company reported a Dh6.4 mill profit for 1Q09 compared with Dh44.7 mill during the same quarter a year earlier. Revenues declined to Dh81.9 mill from Dh94.8 mill for 1Q08.

Abdullah Al Shuraim, the company's chairman, said the first quarter "has been very tough and challenging". Gulf Navigation had witnessed "extraordinary conditions" in the last six months with the decline in ship chartering business, he added.
Tanker chartering rates had halved since the second quarter of last year. In addition, Denmark-based Atlas Shipping, which had four Gulf Navigation tankers on long-term charter, filed for bankruptcy last December.

The company's shares fell 1.47% to Dh0.68 on the Dubai Financial Market immediately after the announcement made on 26th April.
Al Shuraim said in a statement that he remained optimistic about business growth as the shipping market has "always been cyclical".
"We are cautiously optimistic about the outlook for the coming months, in spite of the disappointments of the last six months; we believe that we can now draw a line against the past, and we are keenly looking forward to the future," Al Shuraim said.

Source: Tanker Operator

Odfjell CEO steps down

(May 5 2009)

Due to ill-health, Haakon Ringdal has asked for a leave of absence from his post of ceo of Odfjell until later this year.

As a consequence Jan Hammer, currently coo, will be constituted as ceo.

Source: Tanker Operators

Difference Between Chemical Tanker Rates and Product Tankers Rates

Please refer to below graph on the difference between Chemical Tanker and Product Tanker Rates in the face of the crisis.


Chemical Tanker Rates




Product Tanker Rates

Why Chemical Tanker Rates continue to be Resilient

Please refer to below graph extracted from INGE STEENSLAND AS - S&P/Newbuilding/Project Dept.

BLT - BCP Presentation Material

Please find below the link to the above presentation material.

http://rapidshare.com/files/228906569/2009.04.23_BCP_Presentation.pdf

BLT - Merill Lynch Asian Stars Conference

Now in the process of preparing the presentation for the event which is slotted for 6 - 8 May 09. BLT will make the presentation to all investors on 7 May 09 and the event will take place at the Ritz Carlton Hotel Singapore.

Will take the first flight from Jakarta and will come back at night. This is going to be the second non deal road show done in 2009 following the crisis. As the market has seen some light in the tunnel as the stock market has started to take a big turnaround, hope the event will be a success.

Cheers,

For the presentation file, please refer to below link

http://chemicaltankers.blogspot.com/2009/05/blt-presentation-file-of-merrill-lynch.html