TEAM TANKERS MANAGEMENT AS 
By The average time-charter rate for the Company's fleet was USD 9,953 per day, compared to USD 10,247 in the previous quarter and USD 9,574 for the 3rd quarter of 2011.
As announced on 22 November 2012, the financial restructuring of the Company's bank and bond debt is now approved by all of the banks in the Company's loan syndicates. As previously announced, bondholders holding a majority of the bonds have agreed to vote in favor of the restructuring in a bondholders' meeting. Summons for a bondholders' meeting will be distributed shortly. The restructuring is based on a slowly improving market and will secure headroom and stable operations in the years to come.
Eitzen Chemical expects the market in the 4th quarter to be in line with the 3rd quarter. Although the chemical tanker market continues to be under pressure and continues to yield unsustainable returns from a financial perspective, the order book and deliveries of new chemical tanker tonnage continues to be reduced with limited new tonnage being ordered. When the remaining oversupply of chemical tankers has been absorbed, the chemical tanker market should see a strong recovery both in terms of chemical tanker rates and asset values.
For further information, please contact:
Per Sylvester Jensen
President and CEO
Phone: +45 3038 1153
Andreas Reklev
Chief Financial Officer
Phone: +47 9320 8886
Eitzen Chemical is one of the World's leading carriers of petrochemical and related cargos, with a fleet of 51 vessels.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Q3 2012 Report
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