Eitzen resignations

Eitzen Chemical has reported that its president and ceo Terje Askvig has given his notice of resignation. The company's coo Per Sylvester Jensen, will step into as shoes "when practical during the next few months." Furthermore, the company's CFO Per-Hermod Rasmussen has also given his notice of resignation.

Per Sylvester Jensen joined Eitzen Chemical in April 2008 as Chief Operating Officer. Previously, Mr. Jensen was managing director of Clarkson Shipping Services USA Inc. in Houston, a company he started in 2002. Mr. Jensen has worked his entire career in the shipping industry; as vice president of Odfjell Tankers and Odfjell Logistics USA for five years, with Frontline AB in Stockholm for six years and as vice president of Bulk Trading Group in Bergen.

Eitzen chairman Bjørn Sjaastad said "we regret that Terje Askvig has given his notice of resignation and would like to thank him for very valuable contribution to the company and his stewardship for almost five years. Mr. Askvig was instrumental in the integration and consolidation of Eitzen Chemical after the IPO in 2006, and the financial restructuring in 2009. Likewise we regret that Per-Hermod Rasmussen has given his notice of resignation and would like to thank him for significant dedication and contribution to the company.

 At the same time, we are very pleased to announce that Per Sylvester Jensen will take over as the new CEO. Mr. Jensen has been with the company as COO since 2008, and he thereby secures valuable continuation in senior management. He has a thorough knowledge and understanding of the company's operation and the challenges facing the industry under the current market conditions. Mr. Jensen is therefore very well placed to take on the role as CEO. We have started the process of recruiting a new CFO."

Eitzen Chemical carries petrochemical and related cargoes, with a fleet of 78 vessels. 54 vessels are owned and leased, and a further 24 vessels are operated for partners.