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Camillo Eitzen & Co ASA (CECO) reports EBITDA of USD 122.2 million for the third quarter, up from USD 79.0 million last quarter.
Net profit third quarter of USD 75.9 compared to USD 28.9 million last quarter.
Weakened ethylene market at the end of the quarter and increased off-hire due to docking and repairs - decreased EBITDA for Eitzen Gas to USD 9.5 million compared to USD 22.8 million last quarter.
Weak bulk market, but improved EBITDA for Eitzen Bulk to USD 68.4 million (USD 49.6 million sale profit), compared to EBITDA of USD 15.7 million last quarter.
Softening chemical market, Eitzen Chemical EBITDA of USD 38.5 (including sale profit of USD 5.0 million) compared to EBITDA of USD 35.0 million last quarter.
Continued improved results from EMS due to improved margins, after the full consolidation of income from the acquired Seven Seas Shipchandlers - EMS EBITDA USD 6.6 million compared to USD 5.7 million last quarter.
CECO sold the two bulk vessels Sibulk Quality and Sibulk Innovation with delivery to new owners in July and early August. Total price obtained for the two vessels was USD 145.5 million.
CECO acquired 2,674,600 own shares at a price of NOK 56 per share on 21 August.
CECO acquired 3,000,000 shares in Eitzen Chemical ASA at a price of NOK 19.5 per share on 4 September.
The bearish economical outlook has put pressure on freight rates in all segments, albeit at various levels. It is not possible to forecast the consequences and the duration of the present market situation, but CECO will take necessary steps in order to prepare for challenging times ahead.
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