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Tanker operator Eitzen posts big increase in Ebitda

11:13 AM MDT | May 23, 2013 | Ian Young

Tanker operator Eitzen Chemical (Oslo) says its Ebitda more than doubled in the first quarter of 2013 compared with the fourth quarter of 2012, to $10.5 million. Revenue was not disclosed. The result reflects an improvement in the chemical shipping market. Eitzen achieved an average time-charter rate of $11,189/day in the first quarter, the company's best average time-charter rate since the fourth quarter of 2008, and an increase of 9.1% from the fourth quarter of 2012. "The improved market conditions have continued into the second quarter, and the...

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