Eitzen reports weaker Q4 2010 timecharter earnings

Chemical tanker owner and operator Eitzen Chemical has reported average timecharter rates for its fleet USD 8,200 per day for Q4 2010, compared to USD 8,900 per day for the first nine months of 2010.

 According to the company, trading in Q4 2010 came out weaker than expected, mainly caused by lower activity in the regional trades. Furthermore, continued increases in bunker prices had a negative effect on net timecharter rates, as stated in its Q3 report.

In a statement the company said that it saw the underlying market volume as broadly stable, and gross freight rates were generally flat compared to the previous quarter. The company continues to believe in an improving market and a positive profitability trend through 2011.

Eitzen Chemical is one of the world's leading carriers of petrochemical and related cargos, with a fleet of 82 vessels. 59 vessels are owned and leased, and a further 23 vessels are operated for partners.