Saturday, 06 June 2009 10:10
Camillo Eitzen & Co (CECO) chairman Axel Eitzen says he deeply regrets having had to cancel orders at Japan's Sasaki Shipbuilding and hopes he can still continue a business relationship with the yard in the future.
In a desperate bid to cut capital expenditure at Eitzen Chemical, five 12,000-dwt chemical tankers were cancelled at Sasak, while Eitzen Gas chopped an order for six 2,500-cbm gas carriers.
Some compensation was paid but the yard was outraged by the move, especially when it believed Eitzen had announced a deal before subjects were lifted.
Eitzen says it was a painful decision but he was left with no choice if he was to ensure the survival of the company.
He added: "We were very sad we had to cancel this number of vessels with Sasaki and I feel very bad about it.
"We looked at all possible ways to finance [the vessels] with existing bankers and friends and contacts in Japan. But when that proved impossible we had no option but to come to an agreement with the yard.
"Nothing would make me happier than to go back to Sasaki with some business in the future. They produce high-quality ships and chemical and gas carriers we have received from them are very satisfactory as far as design and technical standards are concerned. It is very sad and I hated to do it but we needed to because we could not finance the ships."
The move saved Eitzen Chemical, as its capital expenditure was cut from $350m to zero at a time when its credit lines with banks had been cut for covenant breaches. Eitzen Gas also cut some $105m from its capital-expenditure bill.
http://www.vinamaso.net/news-events/shipbuilding-repair/eitzen-regrets-over-sasaki-cancellations.html
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Eitzen Group
http://www.eitzen-group.com/
Camillo Eitzen & Co ASA (CECO)
http://www.camillo-eitzen.com/
Eitzen Chemical (ECHEM)
http://www.eitzen-chemical.com/
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7/6 2009 12:13 Gjern 0
13078 Det er størrelsesmæssigt fantastiske nedskrivninger CECO måtte tage i Q4 2008 på grund af de faldende rater og dermed faldet i skibenes værdier:
Paired with the lower freight rates, the market value of the vessels declined towards the end of the year. CECO and
its subsidiary Eitzen Chemical ASA (Eitzen Chemical) performed impairments of the assets at the end of the year,
and the Company has consequently conducted an extraordinary write‐down of assets of USD 447.5 million in the
4th quarter. Thereby the book values are considered to be in line with the market values.
Eitzen Gas impaired with USD 40.9 million
Eitzen Chemical impaired with USD 401.1 million
Eitzen Bulk impaired with USD 5.5 million
Og det har naturligvis også kraftigt påvirket aktiekurserne.
Men dette belyser jo også hvad der er af muligheder for opside, når det vender og raterne og skibsværdierne stiger igen. Jeg håber ECHEM også klarer krisen. CECO har på 1 års sigt fået finansiering på plads.
Jeg tolker Axel Eitzens udtalelser således, at de nu er reddet netop på grund af, at de har cancelled alle nybygningsordrer og taget denne kæmpenedskrivning. Men der er vel stadig stor risiko forbundet med aktierne, fordi det er usikkert hvornår det vender permanent for rederierne igen.
fcras, er denne kæmpenedskrivning i CECO atypisk i forhold til andre rederier, fordi de har investeret så kraftigt de seneste år i flådefornyelse ?
Paired with the lower freight rates, the market value of the vessels declined towards the end of the year. CECO and
its subsidiary Eitzen Chemical ASA (Eitzen Chemical) performed impairments of the assets at the end of the year,
and the Company has consequently conducted an extraordinary write‐down of assets of USD 447.5 million in the
4th quarter. Thereby the book values are considered to be in line with the market values.
Eitzen Gas impaired with USD 40.9 million
Eitzen Chemical impaired with USD 401.1 million
Eitzen Bulk impaired with USD 5.5 million
Og det har naturligvis også kraftigt påvirket aktiekurserne.
Men dette belyser jo også hvad der er af muligheder for opside, når det vender og raterne og skibsværdierne stiger igen. Jeg håber ECHEM også klarer krisen. CECO har på 1 års sigt fået finansiering på plads.
Jeg tolker Axel Eitzens udtalelser således, at de nu er reddet netop på grund af, at de har cancelled alle nybygningsordrer og taget denne kæmpenedskrivning. Men der er vel stadig stor risiko forbundet med aktierne, fordi det er usikkert hvornår det vender permanent for rederierne igen.
fcras, er denne kæmpenedskrivning i CECO atypisk i forhold til andre rederier, fordi de har investeret så kraftigt de seneste år i flådefornyelse ?
13/6 2009 18:56 Gjern 013472 http://www.dn.no/dntv/nyheter/article1687209.ece
Det går åbenbart fremad med forhandlingerne med bankerne.
Det går åbenbart fremad med forhandlingerne med bankerne.
