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Shipowner Cancels Order For Five Chemical Tankers

12:48 PM MDT | April 10, 2009

Eitzen Chemical (Oslo), a leading owner and operator of chemical tankers, has cancelled orders for five new vessels worth a combined $175 million. The company says it has also initiated discussions with its lenders on restructuring part of the company’s debt. The five chemical tankers, each with a tonnage of 12,000 dwt m.t., were on order with an unspecified shipyard in Japan. Eitzen says it will pay initial compensation of $7.5 million to the yard followed by a second $7.5-million payment by November 30. The five ships formed part of a bigger...

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