Camillo Eitzen Hits the Bourse - Eitzen group

Eitzen News 

AUGUST 2004 No. 2 

Camillo Eitzen 

Hits the Bourse

Camillo Eitzen & Co ASA 

Dedication and Dynamics 

It is truly amazing to write Eitzen News No. 2 as a stock listed company; something 

which was not at all in our minds at the time of issuing No. 1 in November of last year. 

Dedication and dynamics are important virtues of our company and organisation, and I 

think our development during the first half year of 2004 clearly supports our promises 

of the Eitzen Group branding platform with the necessary action. 

WE DELIVER 

Eitzen News 

August 2004 No. 2 

Published by: 

Camillo Eitzen & Co AS 

Camillo Eitzen House 

Smakkedalen 8 

DK-2820 Gentofte 

Denmark 

Telephone +45 7733 8600 

Editor: 

Peer Harms Larsen 

Lay out: 

Anne Kok 

Front cover: 

The Stock Exchange in Oslo 

Contents: 

Dedication and Dynamics 

Initial Public Offering (IPO) 

Navale Française 

Naviera Quimica 

Launching “SICHEM PALACE” 

Board of Directors 

Delivery “SIBULK TRADITION” 

Delivery “SICHEM PEARL” 

New Era in Gas 

TESMA on the Move 

www.eitzen-group.com 

JAF 2004 

Personalia 

Firstly the Eitzen Group has been divided into a non-shipping entity and a pure shipping 

company, and thereafter the shipping company has been successfully listed at the Oslo 

Stock Exchange through an IPO. 

I am extremely happy to have been able to strengthen our platform for further expansion 

through the above process, and I believe we thereby have every possibility to successfully 

develop each of our segments and their organisations, into market leading entities. 

As a stock listed company, we want to continue our philosophy from earlier: 

We want to be a diversified and fully integrated shipping company. 

We want to focus on long term development rather than short term adjustments, how 

ever we would like to be opportunistic if we believe same to be right. 

We would like to expand both through organic as well as non organic growth. 

We want to focus on consolidation effects within our segments and want to optimize synergies, 

both commercial as well as technical. 

We want to have focus on our most valued resources; the human resource. The multinational 

integration of new colleagues and organisations into the Eitzen Group with our 

vision and values shall have our continued and full attention. 

We want to combine the daily operation with elements of asset play. 

We want to focus on shareholder values in addition to declaring yearly dividends. 

We want to be active and have fun. 

Parallel with the IPO, we have been reorganizing the ownership model of Eitzen Bulk, 

increased our ownership in Sigloo Gas KS, as well as investing as the managing partner 

with 25 % in Parmar KS owning 9 MR product tankers on 5 year bareboat charter. 

Additionally we have invested in the chemical market and I am very happy to welcome 

and introduce the organisations of Naviera Quimica and Navale Française. With these 

two chemical companies, based in Spain and France; the Eitzen Group exposure to the 

chemical markets is expanded up to 27 vessels. 

The shipping markets in dry bulk have experienced amazing development since last 

autumn, with historically high rates paid in all sizes, and significant deterioration thereafter, 

and we are very happy that Eitzen Bulk's strategy with strict exposure control still 

is able to generate such positive results in these highly volatile markets, and that our position 

going forward is strong and well balanced. 

I would like to use this opportunity to thank the whole organisation, but in particular the 

administration, finance and accounting department in Copenhagen for their enormous 

efforts in producing all the figures, real and proforma, during these processes our Group 

has been through the last years. Your contribution has been essential in establishing our 

stock listed platform for Camillo Eitzen & Co ASA. 

I am very much looking forward to the future that lies ahead of us, and truly believe we 

will prove and continue to make a difference. 

Thank you and very best regards 

Axel C. Eitzen 

Managing Director 

2 Eitzen News


IPO 

By Snorre Krogstad, Chief Financial Officer, CECo, Oslo 

After two months of hard work for a 

number of people involved in the 

IPO (Initial Public Offering), Camillo 

Eitzen & Co ASA was ready for listing 

at Oslo Stock Exchange on Monday 

28th June 2004 at 10:00. The floating 

of the shares commenced when Axel 

C. Eitzen proudly rang the bell at the 

opening of the trading day. 

The bell symbolized the end of a period 

of hard work; writing prospectus, 

establishing the new company structure, 

putting together pro forma 

accounts for the consolidated company, 

and a two week "roadshow" giving 

presentations to investors in Oslo, 

London, New York, Copenhagen and 

Stockholm. The ringing further symbolized 

the end of a family owned 

company and the beginning of a new 

period as a public stock listed company 

trading under the ticker "CECO". 

The share was priced to NOK 35 per 

share and a total of 8,602,561 shares 

were issued. The total share capital 

was after the IPO NOK 153,012,805 

equaling 30,602,561 shares divided on 

approximately 200 shareholders, fully 

paid. The market capitalization based 

on NOK 35 per share was approximately 

NOK 1.1 billion. 

Furthermore, we are very pleased to 

see that so many of the employees 

subscribed for the stock. This shows 

the other investors that we have confidence 

in our ability to be profitable. 

After the first day of listing, the price 

of the stock has developed firmly, 

reaching a temporarily high of NOK 

38.90 per share on 4th July. (In order 

to follow the stock price please see 

http://www.oslobors.no/ob/ and 

insert CECO at the open area after 

"Ticker") 

We would like to take the opportunity 

to thank everyone for an outstanding 

job and effort in connection with the 

IPO, especially the investment bankers 

at Pareto represented by Erik Holsten 

and Elisabeth Wiger, the lawyers at 

Wikborg Rein represented by Trond 

Eilertsen, Are Zachariassen and 

Alexander Lund, the auditors at Ernst 

& Young Johnny Duedahl and Sondre 

Kvaalen, and last but not least Pia 

Lindberg and her co-workers in 

Copenhagen. 

The IPO has given Camillo Eitzen & 

Co ASA a firm platform for further 

expansion within its core shipping 

activities, enhancing the ability to 

develop cost efficient and value added 

shipping related services to our customers, 

and creating value added 

investments to the shareholders. 

Name Number of shares % 

Eitzen Holding AS 22,001,000 72,0% 

Orkla 1,500,000 4,9% 

Ospraie 878,570 2,9% 

Polaris 828,570 2,7% 

Pareto Aksje 642,860 2,1% 

Bergesen d.y. ASA 607,140 2,0% 

Premier Limited 600,000 2,0% 

Fritt Ord 428,570 1,4% 

Gambak 428,570 1,4% 

Lannebo Fonder 285,000 0,9% 

3

Navale Française 

MONT BLANC 

Navale Française is a Company active in the trade with chemicals, products and wine, and it 

has offices in three locations within France. The head office and administration is situated in 

Monpellier, the commercial and operational office is in Paris and the technical and crewing 

departments in Saint Malo. 

Navale Française has been bought by a joint venture company of Ruysdael Investissement 

with 51 % and Camillo Eitzen (Denmark) A/S with 49 %, but Eitzen Group is however the 

industrial partner and have on certain terms and after a certain time a possibility to increase 

the shareholding. 

The trade is predominantly in the European/Mediterranean waters as well as to the West 

Coast of Africa and the company has a number of long lasting contracts with major clients, 

and is as well trading in the spot market. 

Below fleet list of the company: 

Name Built Flag DWT Commercial 

Management 

Technical 

Management 

POINTE DU CORMORAN 1987 FRA 5,339 Navale Française Navale Française 

POINTE DU SABLON 1991 FRA 4,470 Navale Française Navale Française 

POINTE DU CASTEL 1992 FRA 4,864 Navale Française Navale Française 

POINTE DU CROISIC 2001 FRA 7,721 Navale Française Navale Française 

TOUR MARGAUX 1993 FRA 9,063 Navale Française Navale Française 

TOUR POMEROL 1998 FRA 10,379 Navale Française Navale Française 

MONT BLANC 2000 FRA 19,733 Navale Française Navale Française 

KERFONS 2001 FRA 8,068 Socatra Socatra 

The management of the company is Chairman of the Board and Chief Executive Officer 

Mr. Marc Chevallier, and Deputy General Manager Mr. Raymond Roussel. The company 

employs a total of about 83 people. 

4 

Eitzen News

Naviera Quimica 

COLIBRI 

Naviera Quimica is a Company based in Marbella in Spain and active in the trade of chemicals, 

acids and products, predominantly in the European and Mediterranean waters. 

The company owns the vessel M/V "CAMARON", and has been taken over by Camillo 

Eitzen (Denmark) A/S, while the remaining vessels commercially controlled by Naviera 

Quimica will be owned by a Camillo Eitzen (Singapore) Ltd controlled company. 

Naviera Quimica has a number of long lasting contracts with major clients, and is also active 

in the spot market. 

Below fleet list of the company: 

Name Built Flag DWT Commercial 

Management 

Technical 

Management 

COLIBRI 2001 MAD 3,591 Naviera Quimica Naviera Quimica 

SPARROW 2001 MAD 3,596 Naviera Quimica Naviera Quimica 

ETILICO 1985 MAL 7,578 Naviera Quimica Naviera Quimica 

METHANOL 1984 MAL 6,525 Naviera Quimica Naviera Quimica 

FORMOL 1983 MAL 6,227 Naviera Quimica Naviera Quimica 

CAMARON 1983 LIB 7,650 Naviera Quimica Naviera Quimica 

FENOL 1985 MAL 7,158 Naviera Quimica Naviera Quimica 

Managing Director is Mr. Juan Marin Sanchez, Commercial Director is Mr. Lucas Fernández 

Peña, and the Technical Director is Mr Juan Romero and the company has 14 employees. 

5

Naming and Launching 

Ceremony of 

First Newbuilding 

from Usuki Shipyard, Japan 

Mr. Axel C. Eitzen, Managing 

Director of Camillo Eitzen & Co. 

ASA name-giving SICHEM 

PALACE 

By Jens Grønning, CECo, Copenhagen 

The first of two new-buildings from 

Usuki Shipyard - M/T "SICHEM 

PALACE" - which Eitzen Chemical 

will take on long term charter from 

Toda Ship Co. Ltd., Japan, was successfully 

named and launched on 20th 

July 2004. For most of the participants 

from the Eitzen Group this was their 

first traditional launching, and this was 

truly a very memorable and special 

experience for all of us. As can be 

seen, Mr. Axel C. Eitzen, Managing 

Director of Camillo Eitzen & Co. 

ASA (CECo) and Mrs. Nina Eitzen, 

wife of Mr. Eitzen and Vice Chairman 

of CECo had the honour of namegiving 

respectively cutting the holding 

rope of the vessel. 

We feel that Eitzen Group - over the 

past almost two years - have developed 

a very sincere and close relationship 

with Toda Ship Co. Ltd. We therefore 

put an effort into finding a name for 

the ship together which would reflect a 

bit of both our companies. Since Toda 

Ship Co. Ltd. uses "ACE" as a standard 

(and have reached the letter "P" 

in their fleet), the name M/T 

"SICHEM PALACE" was chosen. 

M/T "SICHEM PALACE" will be 

registered in Singapore. Her main particulars 

are: 8.700 DWT on 7.55 m 

draft, cargo tank capacity is 9.370 

CBM and her LOA/Beam is 

112.00m/19.0 m. She has 12 cargo 

tanks all of stainless steel, and is able 

to offer 12 complete segregations. She 

is powered by a MAN-B&W 6L35MC 

Mark 6 engine giving the vessel a service 

speed of about 14 knots. 

Following the launching - and as can 

be seen - vessel berthed alongside so 

that final out-fitting can take place. She 

is expected to be delivered end of 

September, and Eitzen Chemical looks 

very much forward to taking delivery 

of this beautiful ship. 

Mrs. Nina Eitzen, Vice Chairman 

of Camillo Eitzen & Co. ASA 

cutting the holding ropes of the vessel 

The traditional launch of the vessel 

The traditional launch of the vessel 

SICHEM PALACE berthed 

alongside outfitting quay 

Group photo of guests from Eitzen 

Group, Toda Ship Co. and staff 

from Usuki Shipyard 

6 


In connection with the Stock listing of 

Camillo Eitzen & Co ASA, a new 

Board was elected on May 11th 2004 

New Board of Directors of 


We are hereby very happy to present the new Board of Directors: 

Jørgen Lund (50) Chairman of the Board. Mr. Lund holds a law degree from University of Oslo 

and a Master of International Management from AGSIM, USA. He is partner of the law firm 

Thommessen Krefting Greve Lund in Oslo. Mr. Lund has been practicing law since 1980, and is now 

primarily acting for clients within the shipping, gas and oil industry. He is vice chairman of the board 

of Petoro, board member of R.S. Platou Shipbrokers a.s. and Chairman of the Control Committee 

of the Norwegian Shipowners Mutual War Risk Insurance. He is a Norwegian citizen residing in Oslo. 

Nina Eitzen (46) Vice Chairman. Mrs. Eitzen holds a degree in Physiotherapy from Scotland. She 

has held various positions, and been advisor to the Medical Officer of Oslo and Norwegian Ministry 

of Health. She is the wife of Axel C. Eitzen, and has been closely involved in the shipping business 

for the last 18 years. She is chairman of the board of Eitzen Holding. She is a Norwegian citizen residing 

in Oslo. 

Annette Malm Justad (45) Board member. Mrs. Malm Justad holds a Master in Chemical 

Engineering and Master of Technology Management from MIT, USA / NTH, Norway. She is currently 

Head of Purchasing in Yara International ASA (former Hydro Agri). Previously she has been 

within technical and commercial management in Hydro, and held position as Technical and Project 

Director in Norgas Carriers (IM Skaugen). She is a Norwegian citizen residing in Oslo. 

Henrik von Platen (52) Board member. Mr. von Platen holds a MBA from Stamford Graduate 

School of Business and a BA in economics and finance from Stockholm School of Economics. He 

is presently Executive Vice Chairman for the privately owned shipping company Samco in London, 

in addition to being a private investor. He is chairman of the board of Hawker Pacific, and board 

member of Anchor Group, Gibson Gas, HDS Prochem and Stove Shipping among others. He is a 

Swedish citizen, residing in Denmark. 

Peter Appel (42) Board member. Mr. Appel is a law graduate from University of Copenhagen 

Denmark, holds a special degree in maritime law from University of Oslo and a Master of Laws 

(LLM) from London School of Economics, London University. Mr. Appel is partner in the law firm 

Gorrissen Federspiel Kierkegaard in Copenhagen. He serves as Danish council to the Eitzen group. 

He is a Danish citizen residing in Copenhagen. 

Axel C. Eitzen (49) Board member. Mr. Eitzen holds a Master of Mechanical Engineering from 

ETH, Switzerland, and a degree in Economics from Oslo. He is the direct descendant of Camillo 

Eitzen, who was the founder of Camillo Eitzen & Co. He has been partner and Managing Director 

of Tschudi & Eitzen from 1980-2003, and is currently Chief Executive Officer of Camillo Eitzen & 

Co ASA. He is chairman of the board of NaturGass (USA) AS, board member of Det norske Veritas 

(DnV) and member of the executive committee in GARD. He is a Norwegian citizen residing in Oslo. 

We feel the board's varied qualification, experience and personality gives a solid foundation for an innovative and dynamic 

team work, and the challenges that lie ahead. The Board will play an active role with focus on strategy, further development 

and good Corporate Governance. 

We would like to thank the new Board members for their dedication, and welcome them to the Eitzen Group. 

Nina Eitzen 

Axel C. Eitzen 

7

Naming and Delivery 

of Eitzen Bulk's 

First Newbuilding from 

Oshima Shipyard 

At an extraordinarily spectacular and traditional ceremony 

Eitzen Bulk's first vessel built by Oshima Shipyard was named 

"SIBULK TRADITION” on 16th July 2004. The sponsor 

was Mrs. Lise Laustsen, married to the Managing Director of 

Eitzen Bulk A/S, Copenhagen, Mr. Niels Jørgen Laustsen. 

"SIBULK TRADITION" is a standard super handymax bulk 

carrier with a carrying capacity of 55,362 DWT and a grain 

capacity of 69,872 cbm. She is fitted with 4 x 30.5 tons 

cranes. "SIBULK TRADITION" is fully owned/controlled 

by Eitzen Bulk, Copenhagen and has been registered in 

Singapore. 

On her maiden voyage "SIBULK TRADITION" will be 

loading a full cargo of potash at Vancouver on the West Coast 

Canada destined for Brazil. 

In addition to above newbuilding, Eitzen Bulk has taken two 

newbuildings from Oshima Shipyard on long term time charter 

with purchase options. Both vessels are likewise standard 

super handymax bulk carriers, largely of same carrying capacity 

as the "SIBULK TRADITION". They are scheduled for 

delivery in January and May 2005, respectively. 

Furthermore Eitzen Bulk has taken two newbuildings from 

Imabari Shipbuilding Co. on long term time charter, also with 

purchase options. Both vessels are fully lumber/logs fitted 

super handymax bulk carriers with a carrying capacity of 

about 53,500 DWT. They are scheduled for delivery in 

November 2004 and May 2005, respectively. These two vessels 

are in addition to the "SIBULK PREMIER", which was 

delivered to Eitzen Bulk in January last year. This vessel has in 

the meantime been sold to German interests with period 

charter back to Eitzen Bulk. 

All contracts have been concluded through the intervention 

of R.S. Platou Shipbrokers AS, Oslo. 

Having sold its last older bulk carrier, "SITRIA" late last year 

to Thai interests, above fleet renewal programme signifies 

Eitzen Bulk's commitment to the handymax segment of the 

dry bulk market and will enhance its position in the market in 

the years ahead. 

Oshima Shipbuilding has a tradition to invite all inhabitants 

of Oshima Island and the nearby area as a lively audience 

for all Naming and Delivery Ceremonies at the yard. 

The picture shows the president of Oshima Shipbuilding, 

Sho Minami, presenting from the left Hanne and Jørgen 

Lund, Nina and Axel C. Eitzen and Lise and Niels 

Jørgen Laustsen, to the audience 

Mr. Sho Minami and the Sponsor, Mrs. Lise Laustsen, 

admiring the colourful show that was unfolded in connection 

with the naming 


First Stainless Steel 

Chemical Carrier in 

the Fleet 

e Naming and Delivery Ceremony started with a traditional demonation 

of how to make rice cake. Nina and Axel C. Eitzen, Vice 

airman and Managing Director of Camillo Eitzen & Co. ASA, 

k their turn to pound steamed rice into a substance like marcipan 

By Jens Grønning, CECo, Copenhagen 

M/T "SICHEM PEARL" (ex M/T "PERLA") was 

successfully taken over in New Zealand from Maruta 

Industries in Japan on the 13th of April 2004. The vessel 

is jointly owned with Difko, and the investment 

marks Eitzen Chemical's first fully stainless steel 

Chemical Carrier. 

ud and impressive giant drum performance on the quay 

M/T "SICHEM PEARL" is registered in Singapore 

and is a 10.331 DWT chemical tanker with 20 stainless 

steel cargo tanks and 20 complete segregations. She 

was built at the Asakawa Shipyard in Japan in 1994, and 

she is the first unit that Eitzen Chemical controls from 

this quality shipyard. Vessel is commercially managed 

by Copenhagen Tankers, and is technically managed by 

TESMA Singapore. 

oup photo of guests and staff from Oshima Shipbuilding Co. Ltd., 

mitomo Corporation and Eitzen Group incl. the Master (far left in 

nt) and Chief Engineer (far right in front) of SIBULK TRADI- 

ON 

9

Eitzen Group Enters 

New Era in Gas 

SIGAS CHAMPION 

By Anders Rasmussen, Eitzen Gas, Copenhagen 

When Eitzen Group in March 2004, 

together with other investors via a 

KS arrangement, took over the Igloo 

fleet of Bergesen, a new era started. 

Not only did Eitzen Gas become 

involved in the segment up to 12.000 

cbm, but also in Ethylene carriers, 

which together with LNG carriers 

are considered the most sophisticated 

carriers of gases. Eitzen Group 

initially took a 25% share of the KS 

Company, which later on was 

increased to 40%. 

Until the take over of the Igloo fleet 

the Eitzen Group fleet consisted of 

nine semi/ref. LPG carriers up to 

3,500 cbm in cargo capacity, which 

were and still are commercially managed 

by Eitzen Gas. Seven of the 

carriers are employed in the Sigas 

Kosan Pool, a pool company jointly 

owned by Lauritzen Kosan and 

Eitzen Gas, and the remaining two 

are employed by Lauritzen Kosan on 

a long term charter deal with Eitzen 

Gas. 

After the take over, the Igloo fleet 

was renamed the Sigloo fleet, which 

is also the prefix in all the carriers 

names. The fleet consist of seven 

sophisticated semi/ref. carriers, 

which have the ability to carry not 

only other liquefied gas cargoes, but 

also ethylene at its atmospheric boiling 

point of minus 104 degrees C. In 

addition all the Sigloo carriers are 

able to handle a wide range of liquid 

chemicals and liquefied gases simultaneously. 

These ship feature cylindrical, 

insulated, stainless steel cargo 

tanks able to accommodate cargoes 

up to a maximum specific gravity of 

1,8 at temperatures ranging from a 

10 Eitzen News 

minimum of minus 104 degrees C. to 

a maximum of plus 80 degrees C. and 

at a maximum tank pressure of 5 bar. 

The vessels can load and discharge at 

virtually all pressurized and refrigerated 

terminals, making them the most 

versatile gas carriers in terms of 

cargo handling ability. 

All the Eitzen Group gas carriers, 

including the Sigloo fleet, are technically 

managed by TESMA, who, 

with skilled personal both at shore 

and at sea, provide a service far 

above industrial standard. The fleet 

thus fully comply with all oil and 

petrochemical majors' requirement to 

safe and reliable sea transport. 

The Sigloo vessels are commercial 

managed by Eitzen Gas, who in turn 

has entered the fleet into the 

Skandigas/MNGC Pool. This Pool 

consists of 11 owners and 59 gas carriers 

ranging in size from 6.000 cbm 

to 20.000 cbm. Of the 59 carriers 33 

are capable of transporting ethylene 

and represent the largest ethylene 

fleet in the world. Maersk Gas 

Carriers together with NGC are pool 

managers and provide employment 

for the fleet through offices in 

Copenhagen, Singapore, Houston 

and Dubai. 

The Sigloo Fleet operates world 

wide, but is mainly engaged in transport 

of petrochemical gases from the 

Middle East to destinations in the Far 

East, Europe and America. 

With the addition of the Sigloo fleet 

the Eitzen Group's fleet of gas carriers 

now numbers 16 vessels ranging 

in size from 1.600 cbm to 11.600 

cbm. 

SIGLOO NORSE

TESMA on the Move 

By Per Sennicksen, TESMA A/S, Copenhagen 

The first half of 2004 has been busy at TESMA. 

TESMA expansion 

Several of our customers have been on a buying 

spree in the buoyant Sale and Purchase market. 

Other customers have decided to outsource the 

management of more vessels from their fleets to 

TESMA; whilst new customers have joined. 

As a consequence our fleet is currently at some 80 

vessels in full technical management - a 50% growth 

compared with our fleet of 50 vessels in November 

2003. This has put TESMA in the Top 10 of 3rd 

party ship managers. We also have active some 1,900 

seafarers on more than 150 vessels - including the 80 

in technical management. 

TESMA India is now managing a fleet of five product 

and chemical tankers - believed to be the first 3rd 

party ship manager operating tankers from India. 

TESMA Denmark has in excess of 40 vessels, 

TESMA Estonia some 15 vessels and TESMA 

Singapore about 25 vessels, and many new colleagues 

have joined the TESMA team around the world. 

TESMA network 

Our focus is on expanding the TESMA network 

with alliance partners in Japan, Italy, and Greece. 

Discussions continue with prospective alliance partners 

are progressing satisfactory manner, and we 

expect to conclude these negotiations in the near 

future. 

ISPS certification 

The ISPS code is now in operation. TESMA was 

achieved one of the first International Ship Security 

Certificate (ISSC) back in October 2003; and had the 

entire fleet certified within the 1st July 2004 deadline. 

TESMA had the opportunity to speak and be interviewed 

on our viewpoints on the code. Regrettably, 

our suggestions for global standardisation have not 

been adapted by the authorities. Now our seafarers 

have to cope with a heavy administrative burden on 

daily basis as well as accept a potential limitation of 

their freedom whilst in ports.om whilst in ports. 

OBO carrier "TJORE FREMGANG" owned 

by J.B. Ugland OBO, Oslo is one of the new vessels, 

which has been taken into management by 

TESMATESMA 

www.eitzen-group.com 

By Steen Larsen, CEDK, Copenhagen 

In connection with the re-branding of Camillo 

Eitzen & Co in 2003 we laid down our requirements 

for a new corporate website. One of our primary 

goals was to be able to easily manage the updating of 

all web content ourselves. Another goal was to find 

a flexible and experienced partner with a product 

which complies with our requirements now and in 

future. 

In our search for a collaborator with the right interpersonal 

skills and with a suitable product we got 

soon into contact with InleadMedia ApS. This company 

is a full service web development bureau and 

with a Content Management System (CMS) called 

EasySite as its core product. 

EasySite CMS is an 80% standard and 20% build 

system, i.e. a system that satisfies 80% of website 

functionality as standard. To facilitate the delivery of 

bespoke solutions to Eitzen Group, InleadMedia 

build the remaining 20% of our requirements. This 

assured us proven software that was rapidly implemented 

and to a very competitive price as well. 

From our first meeting with Sales and Project 

Manager Søren Bruun, InleadMedia, we used less 

than 3 weeks to structure and determine our requirements 

until Eitzen Group website was released. 

Obvious the period was very hectic describing our 

group, collecting pictures etc., but throughout the 

entire period InleadMedia showed us whole-hearted 

dedication, good sparring and provided us of such 

with an excellent level of service. 

EasySite CMS empowers us to take full in-house 

control of all website content. This system secures 

rapid updating and that all content is approved by 

the correct personnel before being published, which 

is a very important factor for us now being a stock 

listed company. 

Anne Kok is EasySite CMS super user and in charge 

of Eitzen Group Website and please feel free to 

contact Anne at ako@eitzen-group.com if you have 

any proposals, suggestion or other opinion about 

our website. 

11

Your Job and 

Your Family 

By Jørgen K. Jørgensen, Eitzen Bulk, Copenhagen 

As a follow-up on the very successful 

Value Seminars first held at 

"Lykkesholm" castle in November 

2001 and subsequently in Singapore 

and New York the management of 

Eitzen Bulk invited all staff members 

at the office in Copenhagen and the 

offices in New York, Rio de Janeiro, 

Singapore, Hong Kong and 

Melbourne and their spouses to attend 

a seminar during the weekend 13th - 

14th June 2004, at Hotel Ebeltoft 

Strand in Ebeltoft on the peninsular of 

Jutland, where the participants could 

enjoy the beautiful and historic surroundings. 

The seminar entitled "Your Job and 

Your Family", for short JAF 2004, was 

composed and conducted by Henrik 

Meng of Meng & Co., Copenhagen 

who was also engaged for the Value 

Seminars, and in his welcome message 

Henrik Meng said: 

"This weekend will be a journey 

through some of the options and 

obstacles that life brings us. You will 

have a chance to look at time spent 

and at efforts invested, both in the private 

and professional life. All I ask you 

to do is play along. Ask yourself along 

the way the same question over and 

over again, "How could this benefit 

my life". "What could I and we use 

these thoughts and discussions for in 

improving our lives in the direction 

that we truly want, if we really want 

to". 

"This weekend is not about correcting 

what is wrong. It is, however, about 

refining relationships and dreams, that 

already exist, and about "jumping in 

one of life's puddles". It is about making 

adjustments, and refining focus on 

the things and actions, that you have 

already initiated throughout your life 

so far." 

"I will not be telling anyone how to 

live their lives. I will be towing the line 

of thought, and I will do my utmost to 

inspire you to do your utmost to live 

your life to the fullest, as you go 

along". 

Saturday evening all participants 

walked to the fully restored frigate 

"JYLLAND" built in 1860, which is 

now a museum and moored close to 

Ebeltoft Strand Hotel. After a guided 

tour of the ship, all participants were 

treated to a delicious buffet dinner on 

board the frigate. 

After the seminar was closed on 

Sunday at noon, all participated in a 

picnic at a beautiful nearby area called 

Mols Bjerge (Bjerge are mountains in 

English, and in the mainly flat 

Denmark a hill having a height of 

more than 100m is often called a 

mountain). It was sunny and warm and 

all had an enjoyable and relaxing time. 

Upon return to Ebeltoft Strand Hotel, 

all participants left for their destinations 

in Denmark and abroad loaded 

with lots of fruits for thought, as well 

as useful tools and inspiration from 

the seminar combined with the comforting 

feeling of having been at a 

family gathering where you have met 

close and distant relatives, some of 

them you may not have seen for a long 

time, or even some relatives you have 

never met before. 

All expressed great satisfaction with 

the contents of the seminar and the 

benefit of employees and their spouses 

having been closely together at the 

seminar session and socially for a couple 

of days. 

12 


T&E Cup 2004 

Eitzen Bulk Signing 2 x 3 

Year Contract with Bhatia 

By Anne Kok, CEDK, Copenhagen 

It is mid March the sun is shining 

from a clear blue sky and the 

slopes are swarmed with enthusiastic 

skiers awaiting the opening 

of the 10th T&E Cup at 

Norefjell. 

Despite of the de-merger of 

Tschudi & Eitzen in 2003 the 

slalom cup took place as usual and 

will continue take place in the 

years to come. 

As usual, the Norwegians dominated 

in all disciplines but the 

international participation was 

broader than ever. 

Are Zachariassen, Wikborg Rein 

& Co., won the parallel slalom. 

Thierry van't Hoff won the "Best 

foreigner" trophy. 

Ane Varden, CECo, won for the 

second time the "Ladies Trophy". 

Lars Solbakken, Fortis Bank, won 

the non-handicap race. 

After a nice day in the slopes the 

participants met in the Fjellhvil 

Hotel for "After-ski", followed 

later in the evening by prize giving 

and dinner.and dinner. 

Jørgen P. Løfqvist, Eitzen Bulk Singapore, Tommy J. Rathleff, Eitzen Bulk Rio, Mr. S.S. Bhatia, 

CEO, Bhatia International, Capt Jha, Vice President, Bhatia International, Mr D. Saigal, MD, 

Saigal Sea Trade 

By Jørgen P. Løfqvist, Eitzen Bulk, Singapore 

During 3rd quarter of year 2003 Eitzen Bulk, Singapore concluded a 

three year coal contract with Messrs Bhatia of Indore in India. The contract 

volume is 12 shipments per annum in the size from 36.000 mts upto 

49.500 mts cargo size. During the 2nd quarter of year 2004 Eitzen Bulk 

was able to conclude another similar contract of coal with Messrs Bhatia 

of ten shipments per annum also over three years, and involves transportation 

of coal in bulk from mines in Kalimantan, Indonesia to the 

East or West Coast of India. 

The COA is based on self-loading in Kalimantan, where the ships can utilize 

Eitzen Bulk's own set of modern Peiner grabs with a capacity of 10 

cbm adjustable down to 5 cbm., and in India the vessels will likewise self 

discharge the coal using Eitzen Bulk's Peiner grabs in India, controlled by 

our joint partner Seacrest, Mumbai with whom we have five sets of grabs. 

Messrs Bhatia is a privately owned company who began three decades 

ago as a wholesale distributor of steam coal to small volume customers, 

and is today, a Rupee 7.5 billion (USD 160 million) company with 25 

offices in India and employs around 400 people. As one of the largest 

importers of coal in India, the group supplies coal, both domestic and 

imported to various blue chip companies in almost all sectors where coal 

is used either for heat or power generation. The group imports coal predominantly 

from Indonesian mines. Messrs Bhatia concentrates on total 

logistic solutions for their clients which includes inland handling including 

transport by road via their own trucking company. 

One of the groups latest developments has been to set up a new Coke 

Oven Plant with a capacity of 0.25 million tonne per annum in Tamil 

Nadu and most recently the group has opened offices in Indonesia and 

Dubai. 

Eitzen Bulk is very pleased with the co-operation with Messrs Bhatia so 

far and looks forward to an even stronger relationship in the future. 

The contract was concluded with assistance of Messrs Saigal Sea Trade, 

Bombay. 

13

Reception Party 

at 

Eitzen Bulk, Rio 

In the middle the three staff members of Eitzen Bulk do Brasil Ltda., from left 

Tommy J. Rathleff, Néli Lima and Mads Navarro Gundersen and to their left General 

Manager Claus Stahl and to their right Managing Director Niels Jørgen Laustsen 

By Tommy J. Rathleff, Eitzen Bulk, Rio de Janeiro 

At the end of 2003 a fair amount of staff rotations were 

carried out within the Eitzen Bulk organisation. At the Rio 

office Peter G. Hansen left and Tommy J. Rathleff took 

over as General Manager on 6th October 2003. 

In connection with this rotation and the name change to 

Eitzen Bulk, it was decided to host a cocktail reception for 

close clients and friends on the 11th December 2003 at the 

office premises, and the event was attended by Managing 

Director of Eitzen Bulk A/S, Mr. Niels Jørgen Laustsen 

and Mr. Claus Stahl, General Manager of the South 

Atlantic desk in Copenhagen. 

The turn out was quite high, considering the holiday season, 

as 65 guests attended, and among them several of 

Eitzen Bulk's most important South American clients. 

All in all a very pleasant evening which was enjoyed by 

everyone and most importantly it was extremely encouraging 

to note that the seemingly smooth change of management 

was well received by our clients and partners. 

Eitzen Celebrates Relaunch 

In connection with the change of name to Camillo 

Eitzen & Co. in late November 2003 Nina and Axel 

Eitzen hosted launch parties for more than 200 guests in 

Oslo and Copenhagen. 


Shipboard Education of 

Eitzen Bulk Trainees 

Vessels Sold 

M/T "SICHEM HOLGER" has 

been sold and delivered to her 

new owners, Thaioil Marine Co. 

Ltd., Thailand on 12th April 

2004. Vessel's new name is M/T 

"KAMEE". 

LISSA TOPIC entering the Bosphorus Strait 

By Julie Voigt, Eitzen Bulk, Copenhagen 

In compliance with the ongoing trainee program at Eitzen Bulk, 

Copenhagen, Thomas Ingerslev and Julie Voigt joined the M/V “LISSA 

TOPIC” for an exciting trip through the Suez Canal continuing to the 

Black Sea with discharge operations in Ilichevsk, Ukraine. The vessel 

was carrying nickel ore which was loaded in Teoudie, New Caledonia. 

The M/V “LISSA TOPIC” is one of Eitzen Bulks long-term period 

chartered ships. The vessel left the shipyard in June 2003 and is currently 

sailing under Liberian flag. 

After a couple of days in Cairo accompanied by the agent in Suez, Leth 

Suez, we arrived in Suez, and after a short visit to Leth Suez's office we 

boarded the vessel. We were warmly welcomed by Captain Zlatko 

Marinovic, who was very helpful in informing us about the different 

aspects of the daily work during the stay on board. 

Also M/T "SIBEIA" has been 

sold and she has been delivered 

to the new owners, Bakri 

Navigation Co. Ltd., Saudi 

Arabia on 3rd May 2004. Vessel's 

new name is M/T "AL MADI- 

NA". 

The following day the ship transited the Suez Canal and after dropping 

the last pilot at Port Said, we sailed towards the Dardanelles and the 

Bosphorus Strait. At Port Said we also said goodbye to Richard 

Skogheim, representative of Leth Suez who accompanied us during the 

transit through Suez and our days in Cairo. Richard and his colleagues at 

Leth Suez were very helpful and gave Thomas and me a very memorable 

visit in Egypt. 

After two days of sailing we sailed through the Dardanelles. It was late 

in the evening so unfortunately there was not much to see besides the 

glittering lights. The next morning we sailed through the Bosphorus 

Strait. It was a great experience to see the ship maneuvers through the 

narrow strait. Upon arriving at Ilichevsk the vessel commenced the discharge 

operation which we followed for a couple of days. Our stay in 

Ilichevsk gave us a more in-depth understanding of a discharge operation 

and we also learned about the problems that can occur during a port 

call. We went home to Denmark after a very educational experience. 

15

Personalia 

New Staff in Oslo 

Thor Christian Rønning 

previously employed with 

NaturGass (USA) AS, took 

up the position as Director of 

Eitzen Invest AS on 1st 

February 2004. 

Snorre S. Krogstad previously 

employed with 

Storebrand Bank, took up 

the position as Chief 

Financial Officer on 1st June 

2004. 

Vikas Tyagi joined CECo on 25th January 2004 as the first of 

our Ship Inspectors. Vikas was previously sailing as Chief 

Engineer on a number of the SIBO vessels through our manning 

agents, Selandia, Mumbai, before taking up this shore appointment. 

Vikas is married and lives with his family in New Delhi, and 

has recently received certification from LRQA on behalf of IRCA 

(International Register of Certified Auditors) as a Lead Auditor. 

Kristin Nordal joined Camillo Eitzen & Co ASA as part 

time receptionist on 1st June 2004. 

New Apprentices 

Gannavaram Sharatkumar joined CECo on 14th April 2004 as a Ship Inspector. 

Sherat was previously sailing as Master on a number of the Waterfront Shipping and 

Difko LR1 product carriers through our manning agents, Selandia, Mumbai, before 

taking up this shore appointment. Sharat is married and lives with his family in 

Bangalore, and has recently received certification from LRQA on behalf of IRCA 

(International Register of Certified Auditors) as a Lead Auditor. 

New Staff in Copenhagen 

Andreas D. Rossen previously 

employed with Rossen 

Shipping A/S, took up the 

position as Chartering 

Manager of Eitzen Bulk A/S 

on 1st January 2004. 

Michael Mark previously 

employed with I/S 

Vestforbrænding, took up 

the position as IT supporter 

of Camillo Eitzen 

(Denmark) A/S on 1st 

June 2004. 

Nicolai Ladewig and Arne Lange have begun education with Eitzen Bulk, 

Copenhagen on 1st August 2004. 

Nicolai and Arne shall be joining the education programme at Maritimt 

Uddannelsescenter Vest, Esbjerg in cooperation with Esbjerg Handelsskoles kursuscenter. 

The shipping programme has been developed with participation of 

Danish Shipbrokers Association and Maritime Development Centre of Europe. 

Lene Bartrumsen 

has been employed 

as assistant in the 

staff canteen on 

26th July 2004. 

Old Apprentice 

Thor Dam Andersen 

completed successfully 

his apprenticeship on 

31st July 2004. We congratulate 

and wish him 

the very best in future. 

Thor will continue his 

employment as Assistant 

within Eitzen Bulk. 

Staff Transfers 

Jesper Bo Mogensen has been transferred from Copenhagen to New York 

office by the 1st January 2004 to take up a position as Assistant Operations 

Manager. 

Jesper Andersen is back after having done his military service. Jesper has taken 

up a position as Assistant Operations in Eitzen Bulk A/S on 1st June 2004. 

Anders Rasmussen has on 1st June 2004 been relocated to Eitzen Group, 

Copenhagen and has taken up the position as Managing Director of Eitzen Gas. 

Lill Irene Skovli has on 1st 2004 June been relocated to Eitzen Group, Oslo 

and has taken up the position as secretary and switchboard operator.

Camillo Eitzen Hits the Bourse - Eitzen group

Create successful ePaper yourself

Delete template?

Save as template?