ShippingWatch

Eitzen Chemical performs large impairment

Eitzen Chemical, which last month entered into a large debt agreement with the company's creditors, ended 2014 with a significant impairment of over USD 74 million.

Eitzen Chemical finished the last quarter of 2014 with an operating profit of USD 6.9 million compared to USD 4.3 million.

The tanker carrier, which will change its name to Team Tankers International, has since February last year struggled to close the deal with the carrier's financial partners. In February, a majority of the carrier's traditional banks chose to sell their loans. The banks, with about USD 500 million in assets, sold the loans to various equity funds such as Angelo Gordon.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Daewoo Shipbuilding makes deal with conglomerate on conditional sale

Shipbuilding group DSME has signed a memorandum of understanding with conglomerate Hanwha Group about a sale of Korea Development Bank’s 50-percent equity position, according to a news agency. The state-owned bank has previously stated that the yard ought to be sold quickly. Updated.

Further reading

Related articles

Latest news

See all jobs