Eitzen pulls the plug on pools

Eitzen Chemical has decided to discontinue its participation in pool operations, as part of its strategy to improve cash flow and liquidity. Eitzen currently manages two pools: the City Class pool of coated IMO II chemical tankers around 13,000 dwt, and the Team Tankers pool of 40-48,000 dwt IMO II coated tankers. Eitzen has notified its partners of its intention to withdraw its vessels from the City Class pool and to cease its management, and its partner in Team Tankers is to exit the venture.

"We have decided to focus the Company's resources on our own vessels during the current challenging market environment,” explains Per Sylvester Jensen, Eitzen Chemical’s CEO. “It is expected the earnings per day on our own fleet within these ship classes will increase as result of improved utilisation. We will loose fee income, but this will partly be offset by reduction in General & Administration expenses.”