Eitzen Chemical - amendment of loan agreements approved

19 Mar, 2009

Eitzen Chemical ASA (OSE: ECHEM) refers to the press release dated 24 February 2009, concerning the Company's request to its banks to amend the loan agreements allowing a higher net debt to EBITDA ratio through 2010. All three bank syndicates have now approved the request and the Company has consequently rectified the breach of covenant it reported last quarter. The new margin will be 2.75% p.a.

Furthermore, Eitzen Chemical is pleased to announce that the Company today has taken delivery of the Siteam Leader from the Brodotrogir yard in Croatia. The 46,300 dwt epoxy and zinc coated vessel will be operated by the Company's Team Tankers Pool. Earlier in the first quarter Eitzen Chemical has taken delivery of the 8,115 dwt Sichem Lily (stainless steel) and the 25,419 dwt Sichem Falcon (epoxy coated). Three vessels have been sold so far in the first quarter; the 1985-bult Sichem Etilico, the 1982-built Siteam Mars and the 1994-built Sichem Malaga.

Eitzen Chemical is an industrial carrier of petrochemical and related cargos with a fleet of 95 vessels. 69 vessels are owned and leased, and a further 17 vessels are operated for partners. The Company has 9 remaining newbuildings on order.

Eitzen Maritime Services