The Eitzen Group Also Cleans Up

This week Camillo Eitzen (“CECO”) and its subsidiary, Eitzen Chemical disclosed the results of their visits to the Japanese shipyards. CECO got the better deal having been able to cancel six 2,500 cbm gas carriers against a full and final settlement of $2.5 million. Eitzen Gas no longer has any newbuilding commitments.

Eitzen Chemical did not fare as well. The company has entered into an agreement with a Japanese shipyard to cancel five 12,000 DWT stainless steel chemical carriers which had a further capital commitment of $175 million. The company will compensate the yard by releasing a deposit of

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