Eitzen resales MR trio

Eitzen Chemical has sold three chemical tanker newbuildings for $124m. The company said it reached an agreement with Sweden’s Laurin Maritime to sell the 46,000 DWT vessels, under construction at the Brodotrogir shipyard in Croatia, through a novation agreement.

This means the buyer has assumed all rights and obligations Eitzen Chemical had towards the yard, including all further payments. Oslo-listed Eitzen Chemical has already axed five 12,000 DWT stainless steel chemical tankers being constructed at a shipyard in Japan.

“Together with the agreement with the Japanese yard reported earlier, which now is final and unconditional, and the four newbuildings delivered this year, our capital expenditure programme has been reduced from $350m at the beginning of the year to zero,” said chief executive Terje Askvig. “It leaves us in a much better position.”

Eitzen Chemical, majority owned by the Camillo Eitzen Group, has a fleet of 84 chemical tankers. Some 68 vessels are owned and leased, and a further 16 are operated for partners.