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Eitzen Chemical reduces deficit in 3rd quarter

Norwegian Eitzen Chemical ASA saw slight improvements in the latest quarter, but the carrier is still struggling financially.

Photo: Pressebillede

The Norwegian chemical tank carrier Eitzen Chemical achieved an improved result in the 3rd quarter 2013, with a net deficit of USD 18.8 million, compared to a deficit of USD 24.4 million in the previous quarter, according to the company's interim report, published Wednesday.

Eitzen Chemical achieved rates (time charter equivalent) of USD 11,231 per day in the period, a decline of 5.8 percent compared to the 2nd quarter 2013, when the company's average rates were USD 11,921 per day. However, this development does show a 12,8 percent increase compared to the same period 2012, when rates were recorded at USD 9,953 per day.

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