Camillo Eitzen Hits the Bourse - Eitzen group
Camillo Eitzen Hits the Bourse - Eitzen group
Camillo Eitzen Hits the Bourse - Eitzen group
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<strong>Eitzen</strong> News<br />
AUGUST 2004 No. 2<br />
<strong>Camillo</strong> <strong>Eitzen</strong><br />
<strong>Hits</strong> <strong>the</strong> <strong>Bourse</strong>
<strong>Camillo</strong> <strong>Eitzen</strong> & Co ASA<br />
Dedication and Dynamics<br />
It is truly amazing to write <strong>Eitzen</strong> News No. 2 as a stock listed company; something<br />
which was not at all in our minds at <strong>the</strong> time of issuing No. 1 in November of last year.<br />
Dedication and dynamics are important virtues of our company and organisation, and I<br />
think our development during <strong>the</strong> first half year of 2004 clearly supports our promises<br />
of <strong>the</strong> <strong>Eitzen</strong> Group branding platform with <strong>the</strong> necessary action.<br />
WE DELIVER<br />
<strong>Eitzen</strong> News<br />
August 2004 No. 2<br />
Published by:<br />
<strong>Camillo</strong> <strong>Eitzen</strong> & Co AS<br />
<strong>Camillo</strong> <strong>Eitzen</strong> House<br />
Smakkedalen 8<br />
DK-2820 Gentofte<br />
Denmark<br />
Telephone +45 7733 8600<br />
Editor:<br />
Peer Harms Larsen<br />
Lay out:<br />
Anne Kok<br />
Front cover:<br />
The Stock Exchange in Oslo<br />
Contents:<br />
Dedication and Dynamics<br />
Initial Public Offering (IPO)<br />
Navale Française<br />
Naviera Quimica<br />
Launching “SICHEM PALACE”<br />
Board of Directors<br />
Delivery “SIBULK TRADITION”<br />
Delivery “SICHEM PEARL”<br />
New Era in Gas<br />
TESMA on <strong>the</strong> Move<br />
www.eitzen-<strong>group</strong>.com<br />
JAF 2004<br />
Personalia<br />
Firstly <strong>the</strong> <strong>Eitzen</strong> Group has been divided into a non-shipping entity and a pure shipping<br />
company, and <strong>the</strong>reafter <strong>the</strong> shipping company has been successfully listed at <strong>the</strong> Oslo<br />
Stock Exchange through an IPO.<br />
I am extremely happy to have been able to streng<strong>the</strong>n our platform for fur<strong>the</strong>r expansion<br />
through <strong>the</strong> above process, and I believe we <strong>the</strong>reby have every possibility to successfully<br />
develop each of our segments and <strong>the</strong>ir organisations, into market leading entities.<br />
As a stock listed company, we want to continue our philosophy from earlier:<br />
We want to be a diversified and fully integrated shipping company.<br />
We want to focus on long term development ra<strong>the</strong>r than short term adjustments, how<br />
ever we would like to be opportunistic if we believe same to be right.<br />
We would like to expand both through organic as well as non organic growth.<br />
We want to focus on consolidation effects within our segments and want to optimize synergies,<br />
both commercial as well as technical.<br />
We want to have focus on our most valued resources; <strong>the</strong> human resource. The multinational<br />
integration of new colleagues and organisations into <strong>the</strong> <strong>Eitzen</strong> Group with our<br />
vision and values shall have our continued and full attention.<br />
We want to combine <strong>the</strong> daily operation with elements of asset play.<br />
We want to focus on shareholder values in addition to declaring yearly dividends.<br />
We want to be active and have fun.<br />
Parallel with <strong>the</strong> IPO, we have been reorganizing <strong>the</strong> ownership model of <strong>Eitzen</strong> Bulk,<br />
increased our ownership in Sigloo Gas KS, as well as investing as <strong>the</strong> managing partner<br />
with 25 % in Parmar KS owning 9 MR product tankers on 5 year bareboat charter.<br />
Additionally we have invested in <strong>the</strong> chemical market and I am very happy to welcome<br />
and introduce <strong>the</strong> organisations of Naviera Quimica and Navale Française. With <strong>the</strong>se<br />
two chemical companies, based in Spain and France; <strong>the</strong> <strong>Eitzen</strong> Group exposure to <strong>the</strong><br />
chemical markets is expanded up to 27 vessels.<br />
The shipping markets in dry bulk have experienced amazing development since last<br />
autumn, with historically high rates paid in all sizes, and significant deterioration <strong>the</strong>reafter,<br />
and we are very happy that <strong>Eitzen</strong> Bulk's strategy with strict exposure control still<br />
is able to generate such positive results in <strong>the</strong>se highly volatile markets, and that our position<br />
going forward is strong and well balanced.<br />
I would like to use this opportunity to thank <strong>the</strong> whole organisation, but in particular <strong>the</strong><br />
administration, finance and accounting department in Copenhagen for <strong>the</strong>ir enormous<br />
efforts in producing all <strong>the</strong> figures, real and proforma, during <strong>the</strong>se processes our Group<br />
has been through <strong>the</strong> last years. Your contribution has been essential in establishing our<br />
stock listed platform for <strong>Camillo</strong> <strong>Eitzen</strong> & Co ASA.<br />
I am very much looking forward to <strong>the</strong> future that lies ahead of us, and truly believe we<br />
will prove and continue to make a difference.<br />
Thank you and very best regards<br />
Axel C. <strong>Eitzen</strong><br />
Managing Director<br />
2 <strong>Eitzen</strong> News
<strong>Camillo</strong> <strong>Eitzen</strong> & Co ASA<br />
IPO<br />
By Snorre Krogstad, Chief Financial Officer, CECo, Oslo<br />
After two months of hard work for a<br />
number of people involved in <strong>the</strong><br />
IPO (Initial Public Offering), <strong>Camillo</strong><br />
<strong>Eitzen</strong> & Co ASA was ready for listing<br />
at Oslo Stock Exchange on Monday<br />
28th June 2004 at 10:00. The floating<br />
of <strong>the</strong> shares commenced when Axel<br />
C. <strong>Eitzen</strong> proudly rang <strong>the</strong> bell at <strong>the</strong><br />
opening of <strong>the</strong> trading day.<br />
The bell symbolized <strong>the</strong> end of a period<br />
of hard work; writing prospectus,<br />
establishing <strong>the</strong> new company structure,<br />
putting toge<strong>the</strong>r pro forma<br />
accounts for <strong>the</strong> consolidated company,<br />
and a two week "roadshow" giving<br />
presentations to investors in Oslo,<br />
London, New York, Copenhagen and<br />
Stockholm. The ringing fur<strong>the</strong>r symbolized<br />
<strong>the</strong> end of a family owned<br />
company and <strong>the</strong> beginning of a new<br />
period as a public stock listed company<br />
trading under <strong>the</strong> ticker "CECO".<br />
The share was priced to NOK 35 per<br />
share and a total of 8,602,561 shares<br />
were issued. The total share capital<br />
was after <strong>the</strong> IPO NOK 153,012,805<br />
equaling 30,602,561 shares divided on<br />
approximately 200 shareholders, fully<br />
paid. The market capitalization based<br />
on NOK 35 per share was approximately<br />
NOK 1.1 billion.<br />
Fur<strong>the</strong>rmore, we are very pleased to<br />
see that so many of <strong>the</strong> employees<br />
subscribed for <strong>the</strong> stock. This shows<br />
<strong>the</strong> o<strong>the</strong>r investors that we have confidence<br />
in our ability to be profitable.<br />
After <strong>the</strong> first day of listing, <strong>the</strong> price<br />
of <strong>the</strong> stock has developed firmly,<br />
reaching a temporarily high of NOK<br />
38.90 per share on 4th July. (In order<br />
to follow <strong>the</strong> stock price please see<br />
http://www.oslobors.no/ob/ and<br />
insert CECO at <strong>the</strong> open area after<br />
"Ticker")<br />
We would like to take <strong>the</strong> opportunity<br />
to thank everyone for an outstanding<br />
job and effort in connection with <strong>the</strong><br />
IPO, especially <strong>the</strong> investment bankers<br />
at Pareto represented by Erik Holsten<br />
and Elisabeth Wiger, <strong>the</strong> lawyers at<br />
Wikborg Rein represented by Trond<br />
Eilertsen, Are Zachariassen and<br />
Alexander Lund, <strong>the</strong> auditors at Ernst<br />
& Young Johnny Duedahl and Sondre<br />
Kvaalen, and last but not least Pia<br />
Lindberg and her co-workers in<br />
Copenhagen.<br />
The IPO has given <strong>Camillo</strong> <strong>Eitzen</strong> &<br />
Co ASA a firm platform for fur<strong>the</strong>r<br />
expansion within its core shipping<br />
activities, enhancing <strong>the</strong> ability to<br />
develop cost efficient and value added<br />
shipping related services to our customers,<br />
and creating value added<br />
investments to <strong>the</strong> shareholders.<br />
Name Number of shares %<br />
<strong>Eitzen</strong> Holding AS 22,001,000 72,0%<br />
Orkla 1,500,000 4,9%<br />
Ospraie 878,570 2,9%<br />
Polaris 828,570 2,7%<br />
Pareto Aksje 642,860 2,1%<br />
Bergesen d.y. ASA 607,140 2,0%<br />
Premier Limited 600,000 2,0%<br />
Fritt Ord 428,570 1,4%<br />
Gambak 428,570 1,4%<br />
Lannebo Fonder 285,000 0,9%<br />
3
Navale Française<br />
MONT BLANC<br />
Navale Française is a Company active in <strong>the</strong> trade with chemicals, products and wine, and it<br />
has offices in three locations within France. The head office and administration is situated in<br />
Monpellier, <strong>the</strong> commercial and operational office is in Paris and <strong>the</strong> technical and crewing<br />
departments in Saint Malo.<br />
Navale Française has been bought by a joint venture company of Ruysdael Investissement<br />
with 51 % and <strong>Camillo</strong> <strong>Eitzen</strong> (Denmark) A/S with 49 %, but <strong>Eitzen</strong> Group is however <strong>the</strong><br />
industrial partner and have on certain terms and after a certain time a possibility to increase<br />
<strong>the</strong> shareholding.<br />
The trade is predominantly in <strong>the</strong> European/Mediterranean waters as well as to <strong>the</strong> West<br />
Coast of Africa and <strong>the</strong> company has a number of long lasting contracts with major clients,<br />
and is as well trading in <strong>the</strong> spot market.<br />
Below fleet list of <strong>the</strong> company:<br />
Name Built Flag DWT Commercial<br />
Management<br />
Technical<br />
Management<br />
POINTE DU CORMORAN 1987 FRA 5,339 Navale Française Navale Française<br />
POINTE DU SABLON 1991 FRA 4,470 Navale Française Navale Française<br />
POINTE DU CASTEL 1992 FRA 4,864 Navale Française Navale Française<br />
POINTE DU CROISIC 2001 FRA 7,721 Navale Française Navale Française<br />
TOUR MARGAUX 1993 FRA 9,063 Navale Française Navale Française<br />
TOUR POMEROL 1998 FRA 10,379 Navale Française Navale Française<br />
MONT BLANC 2000 FRA 19,733 Navale Française Navale Française<br />
KERFONS 2001 FRA 8,068 Socatra Socatra<br />
The management of <strong>the</strong> company is Chairman of <strong>the</strong> Board and Chief Executive Officer<br />
Mr. Marc Chevallier, and Deputy General Manager Mr. Raymond Roussel. The company<br />
employs a total of about 83 people.<br />
4<br />
<strong>Eitzen</strong> News
Naviera Quimica<br />
COLIBRI<br />
Naviera Quimica is a Company based in Marbella in Spain and active in <strong>the</strong> trade of chemicals,<br />
acids and products, predominantly in <strong>the</strong> European and Mediterranean waters.<br />
The company owns <strong>the</strong> vessel M/V "CAMARON", and has been taken over by <strong>Camillo</strong><br />
<strong>Eitzen</strong> (Denmark) A/S, while <strong>the</strong> remaining vessels commercially controlled by Naviera<br />
Quimica will be owned by a <strong>Camillo</strong> <strong>Eitzen</strong> (Singapore) Ltd controlled company.<br />
Naviera Quimica has a number of long lasting contracts with major clients, and is also active<br />
in <strong>the</strong> spot market.<br />
Below fleet list of <strong>the</strong> company:<br />
Name Built Flag DWT Commercial<br />
Management<br />
Technical<br />
Management<br />
COLIBRI 2001 MAD 3,591 Naviera Quimica Naviera Quimica<br />
SPARROW 2001 MAD 3,596 Naviera Quimica Naviera Quimica<br />
ETILICO 1985 MAL 7,578 Naviera Quimica Naviera Quimica<br />
METHANOL 1984 MAL 6,525 Naviera Quimica Naviera Quimica<br />
FORMOL 1983 MAL 6,227 Naviera Quimica Naviera Quimica<br />
CAMARON 1983 LIB 7,650 Naviera Quimica Naviera Quimica<br />
FENOL 1985 MAL 7,158 Naviera Quimica Naviera Quimica<br />
Managing Director is Mr. Juan Marin Sanchez, Commercial Director is Mr. Lucas Fernández<br />
Peña, and <strong>the</strong> Technical Director is Mr Juan Romero and <strong>the</strong> company has 14 employees.<br />
5
Naming and Launching<br />
Ceremony of<br />
First Newbuilding<br />
from Usuki Shipyard, Japan<br />
Mr. Axel C. <strong>Eitzen</strong>, Managing<br />
Director of <strong>Camillo</strong> <strong>Eitzen</strong> & Co.<br />
ASA name-giving SICHEM<br />
PALACE<br />
By Jens Grønning, CECo, Copenhagen<br />
The first of two new-buildings from<br />
Usuki Shipyard - M/T "SICHEM<br />
PALACE" - which <strong>Eitzen</strong> Chemical<br />
will take on long term charter from<br />
Toda Ship Co. Ltd., Japan, was successfully<br />
named and launched on 20th<br />
July 2004. For most of <strong>the</strong> participants<br />
from <strong>the</strong> <strong>Eitzen</strong> Group this was <strong>the</strong>ir<br />
first traditional launching, and this was<br />
truly a very memorable and special<br />
experience for all of us. As can be<br />
seen, Mr. Axel C. <strong>Eitzen</strong>, Managing<br />
Director of <strong>Camillo</strong> <strong>Eitzen</strong> & Co.<br />
ASA (CECo) and Mrs. Nina <strong>Eitzen</strong>,<br />
wife of Mr. <strong>Eitzen</strong> and Vice Chairman<br />
of CECo had <strong>the</strong> honour of namegiving<br />
respectively cutting <strong>the</strong> holding<br />
rope of <strong>the</strong> vessel.<br />
We feel that <strong>Eitzen</strong> Group - over <strong>the</strong><br />
past almost two years - have developed<br />
a very sincere and close relationship<br />
with Toda Ship Co. Ltd. We <strong>the</strong>refore<br />
put an effort into finding a name for<br />
<strong>the</strong> ship toge<strong>the</strong>r which would reflect a<br />
bit of both our companies. Since Toda<br />
Ship Co. Ltd. uses "ACE" as a standard<br />
(and have reached <strong>the</strong> letter "P"<br />
in <strong>the</strong>ir fleet), <strong>the</strong> name M/T<br />
"SICHEM PALACE" was chosen.<br />
M/T "SICHEM PALACE" will be<br />
registered in Singapore. Her main particulars<br />
are: 8.700 DWT on 7.55 m<br />
draft, cargo tank capacity is 9.370<br />
CBM and her LOA/Beam is<br />
112.00m/19.0 m. She has 12 cargo<br />
tanks all of stainless steel, and is able<br />
to offer 12 complete segregations. She<br />
is powered by a MAN-B&W 6L35MC<br />
Mark 6 engine giving <strong>the</strong> vessel a service<br />
speed of about 14 knots.<br />
Following <strong>the</strong> launching - and as can<br />
be seen - vessel ber<strong>the</strong>d alongside so<br />
that final out-fitting can take place. She<br />
is expected to be delivered end of<br />
September, and <strong>Eitzen</strong> Chemical looks<br />
very much forward to taking delivery<br />
of this beautiful ship.<br />
Mrs. Nina <strong>Eitzen</strong>, Vice Chairman<br />
of <strong>Camillo</strong> <strong>Eitzen</strong> & Co. ASA<br />
cutting <strong>the</strong> holding ropes of <strong>the</strong> vessel<br />
The traditional launch of <strong>the</strong> vessel<br />
The traditional launch of <strong>the</strong> vessel<br />
SICHEM PALACE ber<strong>the</strong>d<br />
alongside outfitting quay<br />
Group photo of guests from <strong>Eitzen</strong><br />
Group, Toda Ship Co. and staff<br />
from Usuki Shipyard<br />
6<br />
<strong>Eitzen</strong> News
In connection with <strong>the</strong> Stock listing of<br />
<strong>Camillo</strong> <strong>Eitzen</strong> & Co ASA, a new<br />
Board was elected on May 11th 2004<br />
New Board of Directors of<br />
<strong>Camillo</strong> <strong>Eitzen</strong> & Co ASA<br />
We are hereby very happy to present <strong>the</strong> new Board of Directors:<br />
Jørgen Lund (50) Chairman of <strong>the</strong> Board. Mr. Lund holds a law degree from University of Oslo<br />
and a Master of International Management from AGSIM, USA. He is partner of <strong>the</strong> law firm<br />
Thommessen Krefting Greve Lund in Oslo. Mr. Lund has been practicing law since 1980, and is now<br />
primarily acting for clients within <strong>the</strong> shipping, gas and oil industry. He is vice chairman of <strong>the</strong> board<br />
of Petoro, board member of R.S. Platou Shipbrokers a.s. and Chairman of <strong>the</strong> Control Committee<br />
of <strong>the</strong> Norwegian Shipowners Mutual War Risk Insurance. He is a Norwegian citizen residing in Oslo.<br />
Nina <strong>Eitzen</strong> (46) Vice Chairman. Mrs. <strong>Eitzen</strong> holds a degree in Physio<strong>the</strong>rapy from Scotland. She<br />
has held various positions, and been advisor to <strong>the</strong> Medical Officer of Oslo and Norwegian Ministry<br />
of Health. She is <strong>the</strong> wife of Axel C. <strong>Eitzen</strong>, and has been closely involved in <strong>the</strong> shipping business<br />
for <strong>the</strong> last 18 years. She is chairman of <strong>the</strong> board of <strong>Eitzen</strong> Holding. She is a Norwegian citizen residing<br />
in Oslo.<br />
Annette Malm Justad (45) Board member. Mrs. Malm Justad holds a Master in Chemical<br />
Engineering and Master of Technology Management from MIT, USA / NTH, Norway. She is currently<br />
Head of Purchasing in Yara International ASA (former Hydro Agri). Previously she has been<br />
within technical and commercial management in Hydro, and held position as Technical and Project<br />
Director in Norgas Carriers (IM Skaugen). She is a Norwegian citizen residing in Oslo.<br />
Henrik von Platen (52) Board member. Mr. von Platen holds a MBA from Stamford Graduate<br />
School of Business and a BA in economics and finance from Stockholm School of Economics. He<br />
is presently Executive Vice Chairman for <strong>the</strong> privately owned shipping company Samco in London,<br />
in addition to being a private investor. He is chairman of <strong>the</strong> board of Hawker Pacific, and board<br />
member of Anchor Group, Gibson Gas, HDS Prochem and Stove Shipping among o<strong>the</strong>rs. He is a<br />
Swedish citizen, residing in Denmark.<br />
Peter Appel (42) Board member. Mr. Appel is a law graduate from University of Copenhagen<br />
Denmark, holds a special degree in maritime law from University of Oslo and a Master of Laws<br />
(LLM) from London School of Economics, London University. Mr. Appel is partner in <strong>the</strong> law firm<br />
Gorrissen Federspiel Kierkegaard in Copenhagen. He serves as Danish council to <strong>the</strong> <strong>Eitzen</strong> <strong>group</strong>.<br />
He is a Danish citizen residing in Copenhagen.<br />
Axel C. <strong>Eitzen</strong> (49) Board member. Mr. <strong>Eitzen</strong> holds a Master of Mechanical Engineering from<br />
ETH, Switzerland, and a degree in Economics from Oslo. He is <strong>the</strong> direct descendant of <strong>Camillo</strong><br />
<strong>Eitzen</strong>, who was <strong>the</strong> founder of <strong>Camillo</strong> <strong>Eitzen</strong> & Co. He has been partner and Managing Director<br />
of Tschudi & <strong>Eitzen</strong> from 1980-2003, and is currently Chief Executive Officer of <strong>Camillo</strong> <strong>Eitzen</strong> &<br />
Co ASA. He is chairman of <strong>the</strong> board of NaturGass (USA) AS, board member of Det norske Veritas<br />
(DnV) and member of <strong>the</strong> executive committee in GARD. He is a Norwegian citizen residing in Oslo.<br />
We feel <strong>the</strong> board's varied qualification, experience and personality gives a solid foundation for an innovative and dynamic<br />
team work, and <strong>the</strong> challenges that lie ahead. The Board will play an active role with focus on strategy, fur<strong>the</strong>r development<br />
and good Corporate Governance.<br />
We would like to thank <strong>the</strong> new Board members for <strong>the</strong>ir dedication, and welcome <strong>the</strong>m to <strong>the</strong> <strong>Eitzen</strong> Group.<br />
Nina <strong>Eitzen</strong><br />
Axel C. <strong>Eitzen</strong><br />
7
Naming and Delivery<br />
of <strong>Eitzen</strong> Bulk's<br />
First Newbuilding from<br />
Oshima Shipyard<br />
At an extraordinarily spectacular and traditional ceremony<br />
<strong>Eitzen</strong> Bulk's first vessel built by Oshima Shipyard was named<br />
"SIBULK TRADITION” on 16th July 2004. The sponsor<br />
was Mrs. Lise Laustsen, married to <strong>the</strong> Managing Director of<br />
<strong>Eitzen</strong> Bulk A/S, Copenhagen, Mr. Niels Jørgen Laustsen.<br />
"SIBULK TRADITION" is a standard super handymax bulk<br />
carrier with a carrying capacity of 55,362 DWT and a grain<br />
capacity of 69,872 cbm. She is fitted with 4 x 30.5 tons<br />
cranes. "SIBULK TRADITION" is fully owned/controlled<br />
by <strong>Eitzen</strong> Bulk, Copenhagen and has been registered in<br />
Singapore.<br />
On her maiden voyage "SIBULK TRADITION" will be<br />
loading a full cargo of potash at Vancouver on <strong>the</strong> West Coast<br />
Canada destined for Brazil.<br />
In addition to above newbuilding, <strong>Eitzen</strong> Bulk has taken two<br />
newbuildings from Oshima Shipyard on long term time charter<br />
with purchase options. Both vessels are likewise standard<br />
super handymax bulk carriers, largely of same carrying capacity<br />
as <strong>the</strong> "SIBULK TRADITION". They are scheduled for<br />
delivery in January and May 2005, respectively.<br />
Fur<strong>the</strong>rmore <strong>Eitzen</strong> Bulk has taken two newbuildings from<br />
Imabari Shipbuilding Co. on long term time charter, also with<br />
purchase options. Both vessels are fully lumber/logs fitted<br />
super handymax bulk carriers with a carrying capacity of<br />
about 53,500 DWT. They are scheduled for delivery in<br />
November 2004 and May 2005, respectively. These two vessels<br />
are in addition to <strong>the</strong> "SIBULK PREMIER", which was<br />
delivered to <strong>Eitzen</strong> Bulk in January last year. This vessel has in<br />
<strong>the</strong> meantime been sold to German interests with period<br />
charter back to <strong>Eitzen</strong> Bulk.<br />
All contracts have been concluded through <strong>the</strong> intervention<br />
of R.S. Platou Shipbrokers AS, Oslo.<br />
Having sold its last older bulk carrier, "SITRIA" late last year<br />
to Thai interests, above fleet renewal programme signifies<br />
<strong>Eitzen</strong> Bulk's commitment to <strong>the</strong> handymax segment of <strong>the</strong><br />
dry bulk market and will enhance its position in <strong>the</strong> market in<br />
<strong>the</strong> years ahead.<br />
Oshima Shipbuilding has a tradition to invite all inhabitants<br />
of Oshima Island and <strong>the</strong> nearby area as a lively audience<br />
for all Naming and Delivery Ceremonies at <strong>the</strong> yard.<br />
The picture shows <strong>the</strong> president of Oshima Shipbuilding,<br />
Sho Minami, presenting from <strong>the</strong> left Hanne and Jørgen<br />
Lund, Nina and Axel C. <strong>Eitzen</strong> and Lise and Niels<br />
Jørgen Laustsen, to <strong>the</strong> audience<br />
Mr. Sho Minami and <strong>the</strong> Sponsor, Mrs. Lise Laustsen,<br />
admiring <strong>the</strong> colourful show that was unfolded in connection<br />
with <strong>the</strong> naming<br />
8 <strong>Eitzen</strong> News
First Stainless Steel<br />
Chemical Carrier in<br />
<strong>the</strong> Fleet<br />
e Naming and Delivery Ceremony started with a traditional demonation<br />
of how to make rice cake. Nina and Axel C. <strong>Eitzen</strong>, Vice<br />
airman and Managing Director of <strong>Camillo</strong> <strong>Eitzen</strong> & Co. ASA,<br />
k <strong>the</strong>ir turn to pound steamed rice into a substance like marcipan<br />
By Jens Grønning, CECo, Copenhagen<br />
M/T "SICHEM PEARL" (ex M/T "PERLA") was<br />
successfully taken over in New Zealand from Maruta<br />
Industries in Japan on <strong>the</strong> 13th of April 2004. The vessel<br />
is jointly owned with Difko, and <strong>the</strong> investment<br />
marks <strong>Eitzen</strong> Chemical's first fully stainless steel<br />
Chemical Carrier.<br />
ud and impressive giant drum performance on <strong>the</strong> quay<br />
M/T "SICHEM PEARL" is registered in Singapore<br />
and is a 10.331 DWT chemical tanker with 20 stainless<br />
steel cargo tanks and 20 complete segregations. She<br />
was built at <strong>the</strong> Asakawa Shipyard in Japan in 1994, and<br />
she is <strong>the</strong> first unit that <strong>Eitzen</strong> Chemical controls from<br />
this quality shipyard. Vessel is commercially managed<br />
by Copenhagen Tankers, and is technically managed by<br />
TESMA Singapore.<br />
oup photo of guests and staff from Oshima Shipbuilding Co. Ltd.,<br />
mitomo Corporation and <strong>Eitzen</strong> Group incl. <strong>the</strong> Master (far left in<br />
nt) and Chief Engineer (far right in front) of SIBULK TRADI-<br />
ON<br />
9
<strong>Eitzen</strong> Group Enters<br />
New Era in Gas<br />
SIGAS CHAMPION<br />
By Anders Rasmussen, <strong>Eitzen</strong> Gas, Copenhagen<br />
When <strong>Eitzen</strong> Group in March 2004,<br />
toge<strong>the</strong>r with o<strong>the</strong>r investors via a<br />
KS arrangement, took over <strong>the</strong> Igloo<br />
fleet of Bergesen, a new era started.<br />
Not only did <strong>Eitzen</strong> Gas become<br />
involved in <strong>the</strong> segment up to 12.000<br />
cbm, but also in Ethylene carriers,<br />
which toge<strong>the</strong>r with LNG carriers<br />
are considered <strong>the</strong> most sophisticated<br />
carriers of gases. <strong>Eitzen</strong> Group<br />
initially took a 25% share of <strong>the</strong> KS<br />
Company, which later on was<br />
increased to 40%.<br />
Until <strong>the</strong> take over of <strong>the</strong> Igloo fleet<br />
<strong>the</strong> <strong>Eitzen</strong> Group fleet consisted of<br />
nine semi/ref. LPG carriers up to<br />
3,500 cbm in cargo capacity, which<br />
were and still are commercially managed<br />
by <strong>Eitzen</strong> Gas. Seven of <strong>the</strong><br />
carriers are employed in <strong>the</strong> Sigas<br />
Kosan Pool, a pool company jointly<br />
owned by Lauritzen Kosan and<br />
<strong>Eitzen</strong> Gas, and <strong>the</strong> remaining two<br />
are employed by Lauritzen Kosan on<br />
a long term charter deal with <strong>Eitzen</strong><br />
Gas.<br />
After <strong>the</strong> take over, <strong>the</strong> Igloo fleet<br />
was renamed <strong>the</strong> Sigloo fleet, which<br />
is also <strong>the</strong> prefix in all <strong>the</strong> carriers<br />
names. The fleet consist of seven<br />
sophisticated semi/ref. carriers,<br />
which have <strong>the</strong> ability to carry not<br />
only o<strong>the</strong>r liquefied gas cargoes, but<br />
also ethylene at its atmospheric boiling<br />
point of minus 104 degrees C. In<br />
addition all <strong>the</strong> Sigloo carriers are<br />
able to handle a wide range of liquid<br />
chemicals and liquefied gases simultaneously.<br />
These ship feature cylindrical,<br />
insulated, stainless steel cargo<br />
tanks able to accommodate cargoes<br />
up to a maximum specific gravity of<br />
1,8 at temperatures ranging from a<br />
10 <strong>Eitzen</strong> News<br />
minimum of minus 104 degrees C. to<br />
a maximum of plus 80 degrees C. and<br />
at a maximum tank pressure of 5 bar.<br />
The vessels can load and discharge at<br />
virtually all pressurized and refrigerated<br />
terminals, making <strong>the</strong>m <strong>the</strong> most<br />
versatile gas carriers in terms of<br />
cargo handling ability.<br />
All <strong>the</strong> <strong>Eitzen</strong> Group gas carriers,<br />
including <strong>the</strong> Sigloo fleet, are technically<br />
managed by TESMA, who,<br />
with skilled personal both at shore<br />
and at sea, provide a service far<br />
above industrial standard. The fleet<br />
thus fully comply with all oil and<br />
petrochemical majors' requirement to<br />
safe and reliable sea transport.<br />
The Sigloo vessels are commercial<br />
managed by <strong>Eitzen</strong> Gas, who in turn<br />
has entered <strong>the</strong> fleet into <strong>the</strong><br />
Skandigas/MNGC Pool. This Pool<br />
consists of 11 owners and 59 gas carriers<br />
ranging in size from 6.000 cbm<br />
to 20.000 cbm. Of <strong>the</strong> 59 carriers 33<br />
are capable of transporting ethylene<br />
and represent <strong>the</strong> largest ethylene<br />
fleet in <strong>the</strong> world. Maersk Gas<br />
Carriers toge<strong>the</strong>r with NGC are pool<br />
managers and provide employment<br />
for <strong>the</strong> fleet through offices in<br />
Copenhagen, Singapore, Houston<br />
and Dubai.<br />
The Sigloo Fleet operates world<br />
wide, but is mainly engaged in transport<br />
of petrochemical gases from <strong>the</strong><br />
Middle East to destinations in <strong>the</strong> Far<br />
East, Europe and America.<br />
With <strong>the</strong> addition of <strong>the</strong> Sigloo fleet<br />
<strong>the</strong> <strong>Eitzen</strong> Group's fleet of gas carriers<br />
now numbers 16 vessels ranging<br />
in size from 1.600 cbm to 11.600<br />
cbm.<br />
SIGLOO NORSE
TESMA on <strong>the</strong> Move<br />
By Per Sennicksen, TESMA A/S, Copenhagen<br />
The first half of 2004 has been busy at TESMA.<br />
TESMA expansion<br />
Several of our customers have been on a buying<br />
spree in <strong>the</strong> buoyant Sale and Purchase market.<br />
O<strong>the</strong>r customers have decided to outsource <strong>the</strong><br />
management of more vessels from <strong>the</strong>ir fleets to<br />
TESMA; whilst new customers have joined.<br />
As a consequence our fleet is currently at some 80<br />
vessels in full technical management - a 50% growth<br />
compared with our fleet of 50 vessels in November<br />
2003. This has put TESMA in <strong>the</strong> Top 10 of 3rd<br />
party ship managers. We also have active some 1,900<br />
seafarers on more than 150 vessels - including <strong>the</strong> 80<br />
in technical management.<br />
TESMA India is now managing a fleet of five product<br />
and chemical tankers - believed to be <strong>the</strong> first 3rd<br />
party ship manager operating tankers from India.<br />
TESMA Denmark has in excess of 40 vessels,<br />
TESMA Estonia some 15 vessels and TESMA<br />
Singapore about 25 vessels, and many new colleagues<br />
have joined <strong>the</strong> TESMA team around <strong>the</strong> world.<br />
TESMA network<br />
Our focus is on expanding <strong>the</strong> TESMA network<br />
with alliance partners in Japan, Italy, and Greece.<br />
Discussions continue with prospective alliance partners<br />
are progressing satisfactory manner, and we<br />
expect to conclude <strong>the</strong>se negotiations in <strong>the</strong> near<br />
future.<br />
ISPS certification<br />
The ISPS code is now in operation. TESMA was<br />
achieved one of <strong>the</strong> first International Ship Security<br />
Certificate (ISSC) back in October 2003; and had <strong>the</strong><br />
entire fleet certified within <strong>the</strong> 1st July 2004 deadline.<br />
TESMA had <strong>the</strong> opportunity to speak and be interviewed<br />
on our viewpoints on <strong>the</strong> code. Regrettably,<br />
our suggestions for global standardisation have not<br />
been adapted by <strong>the</strong> authorities. Now our seafarers<br />
have to cope with a heavy administrative burden on<br />
daily basis as well as accept a potential limitation of<br />
<strong>the</strong>ir freedom whilst in ports.om whilst in ports.<br />
OBO carrier "TJORE FREMGANG" owned<br />
by J.B. Ugland OBO, Oslo is one of <strong>the</strong> new vessels,<br />
which has been taken into management by<br />
TESMATESMA<br />
www.eitzen-<strong>group</strong>.com<br />
By Steen Larsen, CEDK, Copenhagen<br />
In connection with <strong>the</strong> re-branding of <strong>Camillo</strong><br />
<strong>Eitzen</strong> & Co in 2003 we laid down our requirements<br />
for a new corporate website. One of our primary<br />
goals was to be able to easily manage <strong>the</strong> updating of<br />
all web content ourselves. Ano<strong>the</strong>r goal was to find<br />
a flexible and experienced partner with a product<br />
which complies with our requirements now and in<br />
future.<br />
In our search for a collaborator with <strong>the</strong> right interpersonal<br />
skills and with a suitable product we got<br />
soon into contact with InleadMedia ApS. This company<br />
is a full service web development bureau and<br />
with a Content Management System (CMS) called<br />
EasySite as its core product.<br />
EasySite CMS is an 80% standard and 20% build<br />
system, i.e. a system that satisfies 80% of website<br />
functionality as standard. To facilitate <strong>the</strong> delivery of<br />
bespoke solutions to <strong>Eitzen</strong> Group, InleadMedia<br />
build <strong>the</strong> remaining 20% of our requirements. This<br />
assured us proven software that was rapidly implemented<br />
and to a very competitive price as well.<br />
From our first meeting with Sales and Project<br />
Manager Søren Bruun, InleadMedia, we used less<br />
than 3 weeks to structure and determine our requirements<br />
until <strong>Eitzen</strong> Group website was released.<br />
Obvious <strong>the</strong> period was very hectic describing our<br />
<strong>group</strong>, collecting pictures etc., but throughout <strong>the</strong><br />
entire period InleadMedia showed us whole-hearted<br />
dedication, good sparring and provided us of such<br />
with an excellent level of service.<br />
EasySite CMS empowers us to take full in-house<br />
control of all website content. This system secures<br />
rapid updating and that all content is approved by<br />
<strong>the</strong> correct personnel before being published, which<br />
is a very important factor for us now being a stock<br />
listed company.<br />
Anne Kok is EasySite CMS super user and in charge<br />
of <strong>Eitzen</strong> Group Website and please feel free to<br />
contact Anne at ako@eitzen-<strong>group</strong>.com if you have<br />
any proposals, suggestion or o<strong>the</strong>r opinion about<br />
our website.<br />
11
Your Job and<br />
Your Family<br />
By Jørgen K. Jørgensen, <strong>Eitzen</strong> Bulk, Copenhagen<br />
As a follow-up on <strong>the</strong> very successful<br />
Value Seminars first held at<br />
"Lykkesholm" castle in November<br />
2001 and subsequently in Singapore<br />
and New York <strong>the</strong> management of<br />
<strong>Eitzen</strong> Bulk invited all staff members<br />
at <strong>the</strong> office in Copenhagen and <strong>the</strong><br />
offices in New York, Rio de Janeiro,<br />
Singapore, Hong Kong and<br />
Melbourne and <strong>the</strong>ir spouses to attend<br />
a seminar during <strong>the</strong> weekend 13th -<br />
14th June 2004, at Hotel Ebeltoft<br />
Strand in Ebeltoft on <strong>the</strong> peninsular of<br />
Jutland, where <strong>the</strong> participants could<br />
enjoy <strong>the</strong> beautiful and historic surroundings.<br />
The seminar entitled "Your Job and<br />
Your Family", for short JAF 2004, was<br />
composed and conducted by Henrik<br />
Meng of Meng & Co., Copenhagen<br />
who was also engaged for <strong>the</strong> Value<br />
Seminars, and in his welcome message<br />
Henrik Meng said:<br />
"This weekend will be a journey<br />
through some of <strong>the</strong> options and<br />
obstacles that life brings us. You will<br />
have a chance to look at time spent<br />
and at efforts invested, both in <strong>the</strong> private<br />
and professional life. All I ask you<br />
to do is play along. Ask yourself along<br />
<strong>the</strong> way <strong>the</strong> same question over and<br />
over again, "How could this benefit<br />
my life". "What could I and we use<br />
<strong>the</strong>se thoughts and discussions for in<br />
improving our lives in <strong>the</strong> direction<br />
that we truly want, if we really want<br />
to".<br />
"This weekend is not about correcting<br />
what is wrong. It is, however, about<br />
refining relationships and dreams, that<br />
already exist, and about "jumping in<br />
one of life's puddles". It is about making<br />
adjustments, and refining focus on<br />
<strong>the</strong> things and actions, that you have<br />
already initiated throughout your life<br />
so far."<br />
"I will not be telling anyone how to<br />
live <strong>the</strong>ir lives. I will be towing <strong>the</strong> line<br />
of thought, and I will do my utmost to<br />
inspire you to do your utmost to live<br />
your life to <strong>the</strong> fullest, as you go<br />
along".<br />
Saturday evening all participants<br />
walked to <strong>the</strong> fully restored frigate<br />
"JYLLAND" built in 1860, which is<br />
now a museum and moored close to<br />
Ebeltoft Strand Hotel. After a guided<br />
tour of <strong>the</strong> ship, all participants were<br />
treated to a delicious buffet dinner on<br />
board <strong>the</strong> frigate.<br />
After <strong>the</strong> seminar was closed on<br />
Sunday at noon, all participated in a<br />
picnic at a beautiful nearby area called<br />
Mols Bjerge (Bjerge are mountains in<br />
English, and in <strong>the</strong> mainly flat<br />
Denmark a hill having a height of<br />
more than 100m is often called a<br />
mountain). It was sunny and warm and<br />
all had an enjoyable and relaxing time.<br />
Upon return to Ebeltoft Strand Hotel,<br />
all participants left for <strong>the</strong>ir destinations<br />
in Denmark and abroad loaded<br />
with lots of fruits for thought, as well<br />
as useful tools and inspiration from<br />
<strong>the</strong> seminar combined with <strong>the</strong> comforting<br />
feeling of having been at a<br />
family ga<strong>the</strong>ring where you have met<br />
close and distant relatives, some of<br />
<strong>the</strong>m you may not have seen for a long<br />
time, or even some relatives you have<br />
never met before.<br />
All expressed great satisfaction with<br />
<strong>the</strong> contents of <strong>the</strong> seminar and <strong>the</strong><br />
benefit of employees and <strong>the</strong>ir spouses<br />
having been closely toge<strong>the</strong>r at <strong>the</strong><br />
seminar session and socially for a couple<br />
of days.<br />
12<br />
<strong>Eitzen</strong> News
T&E Cup 2004<br />
<strong>Eitzen</strong> Bulk Signing 2 x 3<br />
Year Contract with Bhatia<br />
By Anne Kok, CEDK, Copenhagen<br />
It is mid March <strong>the</strong> sun is shining<br />
from a clear blue sky and <strong>the</strong><br />
slopes are swarmed with enthusiastic<br />
skiers awaiting <strong>the</strong> opening<br />
of <strong>the</strong> 10th T&E Cup at<br />
Norefjell.<br />
Despite of <strong>the</strong> de-merger of<br />
Tschudi & <strong>Eitzen</strong> in 2003 <strong>the</strong><br />
slalom cup took place as usual and<br />
will continue take place in <strong>the</strong><br />
years to come.<br />
As usual, <strong>the</strong> Norwegians dominated<br />
in all disciplines but <strong>the</strong><br />
international participation was<br />
broader than ever.<br />
Are Zachariassen, Wikborg Rein<br />
& Co., won <strong>the</strong> parallel slalom.<br />
Thierry van't Hoff won <strong>the</strong> "Best<br />
foreigner" trophy.<br />
Ane Varden, CECo, won for <strong>the</strong><br />
second time <strong>the</strong> "Ladies Trophy".<br />
Lars Solbakken, Fortis Bank, won<br />
<strong>the</strong> non-handicap race.<br />
After a nice day in <strong>the</strong> slopes <strong>the</strong><br />
participants met in <strong>the</strong> Fjellhvil<br />
Hotel for "After-ski", followed<br />
later in <strong>the</strong> evening by prize giving<br />
and dinner.and dinner.<br />
Jørgen P. Løfqvist, <strong>Eitzen</strong> Bulk Singapore, Tommy J. Rathleff, <strong>Eitzen</strong> Bulk Rio, Mr. S.S. Bhatia,<br />
CEO, Bhatia International, Capt Jha, Vice President, Bhatia International, Mr D. Saigal, MD,<br />
Saigal Sea Trade<br />
By Jørgen P. Løfqvist, <strong>Eitzen</strong> Bulk, Singapore<br />
During 3rd quarter of year 2003 <strong>Eitzen</strong> Bulk, Singapore concluded a<br />
three year coal contract with Messrs Bhatia of Indore in India. The contract<br />
volume is 12 shipments per annum in <strong>the</strong> size from 36.000 mts upto<br />
49.500 mts cargo size. During <strong>the</strong> 2nd quarter of year 2004 <strong>Eitzen</strong> Bulk<br />
was able to conclude ano<strong>the</strong>r similar contract of coal with Messrs Bhatia<br />
of ten shipments per annum also over three years, and involves transportation<br />
of coal in bulk from mines in Kalimantan, Indonesia to <strong>the</strong><br />
East or West Coast of India.<br />
The COA is based on self-loading in Kalimantan, where <strong>the</strong> ships can utilize<br />
<strong>Eitzen</strong> Bulk's own set of modern Peiner grabs with a capacity of 10<br />
cbm adjustable down to 5 cbm., and in India <strong>the</strong> vessels will likewise self<br />
discharge <strong>the</strong> coal using <strong>Eitzen</strong> Bulk's Peiner grabs in India, controlled by<br />
our joint partner Seacrest, Mumbai with whom we have five sets of grabs.<br />
Messrs Bhatia is a privately owned company who began three decades<br />
ago as a wholesale distributor of steam coal to small volume customers,<br />
and is today, a Rupee 7.5 billion (USD 160 million) company with 25<br />
offices in India and employs around 400 people. As one of <strong>the</strong> largest<br />
importers of coal in India, <strong>the</strong> <strong>group</strong> supplies coal, both domestic and<br />
imported to various blue chip companies in almost all sectors where coal<br />
is used ei<strong>the</strong>r for heat or power generation. The <strong>group</strong> imports coal predominantly<br />
from Indonesian mines. Messrs Bhatia concentrates on total<br />
logistic solutions for <strong>the</strong>ir clients which includes inland handling including<br />
transport by road via <strong>the</strong>ir own trucking company.<br />
One of <strong>the</strong> <strong>group</strong>s latest developments has been to set up a new Coke<br />
Oven Plant with a capacity of 0.25 million tonne per annum in Tamil<br />
Nadu and most recently <strong>the</strong> <strong>group</strong> has opened offices in Indonesia and<br />
Dubai.<br />
<strong>Eitzen</strong> Bulk is very pleased with <strong>the</strong> co-operation with Messrs Bhatia so<br />
far and looks forward to an even stronger relationship in <strong>the</strong> future.<br />
The contract was concluded with assistance of Messrs Saigal Sea Trade,<br />
Bombay.<br />
13
Reception Party<br />
at<br />
<strong>Eitzen</strong> Bulk, Rio<br />
In <strong>the</strong> middle <strong>the</strong> three staff members of <strong>Eitzen</strong> Bulk do Brasil Ltda., from left<br />
Tommy J. Rathleff, Néli Lima and Mads Navarro Gundersen and to <strong>the</strong>ir left General<br />
Manager Claus Stahl and to <strong>the</strong>ir right Managing Director Niels Jørgen Laustsen<br />
By Tommy J. Rathleff, <strong>Eitzen</strong> Bulk, Rio de Janeiro<br />
At <strong>the</strong> end of 2003 a fair amount of staff rotations were<br />
carried out within <strong>the</strong> <strong>Eitzen</strong> Bulk organisation. At <strong>the</strong> Rio<br />
office Peter G. Hansen left and Tommy J. Rathleff took<br />
over as General Manager on 6th October 2003.<br />
In connection with this rotation and <strong>the</strong> name change to<br />
<strong>Eitzen</strong> Bulk, it was decided to host a cocktail reception for<br />
close clients and friends on <strong>the</strong> 11th December 2003 at <strong>the</strong><br />
office premises, and <strong>the</strong> event was attended by Managing<br />
Director of <strong>Eitzen</strong> Bulk A/S, Mr. Niels Jørgen Laustsen<br />
and Mr. Claus Stahl, General Manager of <strong>the</strong> South<br />
Atlantic desk in Copenhagen.<br />
The turn out was quite high, considering <strong>the</strong> holiday season,<br />
as 65 guests attended, and among <strong>the</strong>m several of<br />
<strong>Eitzen</strong> Bulk's most important South American clients.<br />
All in all a very pleasant evening which was enjoyed by<br />
everyone and most importantly it was extremely encouraging<br />
to note that <strong>the</strong> seemingly smooth change of management<br />
was well received by our clients and partners.<br />
<strong>Eitzen</strong> Celebrates Relaunch<br />
In connection with <strong>the</strong> change of name to <strong>Camillo</strong><br />
<strong>Eitzen</strong> & Co. in late November 2003 Nina and Axel<br />
<strong>Eitzen</strong> hosted launch parties for more than 200 guests in<br />
Oslo and Copenhagen.<br />
14 <strong>Eitzen</strong> News
Shipboard Education of<br />
<strong>Eitzen</strong> Bulk Trainees<br />
Vessels Sold<br />
M/T "SICHEM HOLGER" has<br />
been sold and delivered to her<br />
new owners, Thaioil Marine Co.<br />
Ltd., Thailand on 12th April<br />
2004. Vessel's new name is M/T<br />
"KAMEE".<br />
LISSA TOPIC entering <strong>the</strong> Bosphorus Strait<br />
By Julie Voigt, <strong>Eitzen</strong> Bulk, Copenhagen<br />
In compliance with <strong>the</strong> ongoing trainee program at <strong>Eitzen</strong> Bulk,<br />
Copenhagen, Thomas Ingerslev and Julie Voigt joined <strong>the</strong> M/V “LISSA<br />
TOPIC” for an exciting trip through <strong>the</strong> Suez Canal continuing to <strong>the</strong><br />
Black Sea with discharge operations in Ilichevsk, Ukraine. The vessel<br />
was carrying nickel ore which was loaded in Teoudie, New Caledonia.<br />
The M/V “LISSA TOPIC” is one of <strong>Eitzen</strong> Bulks long-term period<br />
chartered ships. The vessel left <strong>the</strong> shipyard in June 2003 and is currently<br />
sailing under Liberian flag.<br />
After a couple of days in Cairo accompanied by <strong>the</strong> agent in Suez, Leth<br />
Suez, we arrived in Suez, and after a short visit to Leth Suez's office we<br />
boarded <strong>the</strong> vessel. We were warmly welcomed by Captain Zlatko<br />
Marinovic, who was very helpful in informing us about <strong>the</strong> different<br />
aspects of <strong>the</strong> daily work during <strong>the</strong> stay on board.<br />
Also M/T "SIBEIA" has been<br />
sold and she has been delivered<br />
to <strong>the</strong> new owners, Bakri<br />
Navigation Co. Ltd., Saudi<br />
Arabia on 3rd May 2004. Vessel's<br />
new name is M/T "AL MADI-<br />
NA".<br />
The following day <strong>the</strong> ship transited <strong>the</strong> Suez Canal and after dropping<br />
<strong>the</strong> last pilot at Port Said, we sailed towards <strong>the</strong> Dardanelles and <strong>the</strong><br />
Bosphorus Strait. At Port Said we also said goodbye to Richard<br />
Skogheim, representative of Leth Suez who accompanied us during <strong>the</strong><br />
transit through Suez and our days in Cairo. Richard and his colleagues at<br />
Leth Suez were very helpful and gave Thomas and me a very memorable<br />
visit in Egypt.<br />
After two days of sailing we sailed through <strong>the</strong> Dardanelles. It was late<br />
in <strong>the</strong> evening so unfortunately <strong>the</strong>re was not much to see besides <strong>the</strong><br />
glittering lights. The next morning we sailed through <strong>the</strong> Bosphorus<br />
Strait. It was a great experience to see <strong>the</strong> ship maneuvers through <strong>the</strong><br />
narrow strait. Upon arriving at Ilichevsk <strong>the</strong> vessel commenced <strong>the</strong> discharge<br />
operation which we followed for a couple of days. Our stay in<br />
Ilichevsk gave us a more in-depth understanding of a discharge operation<br />
and we also learned about <strong>the</strong> problems that can occur during a port<br />
call. We went home to Denmark after a very educational experience.<br />
15
Personalia<br />
New Staff in Oslo<br />
Thor Christian Rønning<br />
previously employed with<br />
NaturGass (USA) AS, took<br />
up <strong>the</strong> position as Director of<br />
<strong>Eitzen</strong> Invest AS on 1st<br />
February 2004.<br />
Snorre S. Krogstad previously<br />
employed with<br />
Storebrand Bank, took up<br />
<strong>the</strong> position as Chief<br />
Financial Officer on 1st June<br />
2004.<br />
Vikas Tyagi joined CECo on 25th January 2004 as <strong>the</strong> first of<br />
our Ship Inspectors. Vikas was previously sailing as Chief<br />
Engineer on a number of <strong>the</strong> SIBO vessels through our manning<br />
agents, Selandia, Mumbai, before taking up this shore appointment.<br />
Vikas is married and lives with his family in New Delhi, and<br />
has recently received certification from LRQA on behalf of IRCA<br />
(International Register of Certified Auditors) as a Lead Auditor.<br />
Kristin Nordal joined <strong>Camillo</strong> <strong>Eitzen</strong> & Co ASA as part<br />
time receptionist on 1st June 2004.<br />
New Apprentices<br />
Gannavaram Sharatkumar joined CECo on 14th April 2004 as a Ship Inspector.<br />
Sherat was previously sailing as Master on a number of <strong>the</strong> Waterfront Shipping and<br />
Difko LR1 product carriers through our manning agents, Selandia, Mumbai, before<br />
taking up this shore appointment. Sharat is married and lives with his family in<br />
Bangalore, and has recently received certification from LRQA on behalf of IRCA<br />
(International Register of Certified Auditors) as a Lead Auditor.<br />
New Staff in Copenhagen<br />
Andreas D. Rossen previously<br />
employed with Rossen<br />
Shipping A/S, took up <strong>the</strong><br />
position as Chartering<br />
Manager of <strong>Eitzen</strong> Bulk A/S<br />
on 1st January 2004.<br />
Michael Mark previously<br />
employed with I/S<br />
Vestforbrænding, took up<br />
<strong>the</strong> position as IT supporter<br />
of <strong>Camillo</strong> <strong>Eitzen</strong><br />
(Denmark) A/S on 1st<br />
June 2004.<br />
Nicolai Ladewig and Arne Lange have begun education with <strong>Eitzen</strong> Bulk,<br />
Copenhagen on 1st August 2004.<br />
Nicolai and Arne shall be joining <strong>the</strong> education programme at Maritimt<br />
Uddannelsescenter Vest, Esbjerg in cooperation with Esbjerg Handelsskoles kursuscenter.<br />
The shipping programme has been developed with participation of<br />
Danish Shipbrokers Association and Maritime Development Centre of Europe.<br />
Lene Bartrumsen<br />
has been employed<br />
as assistant in <strong>the</strong><br />
staff canteen on<br />
26th July 2004.<br />
Old Apprentice<br />
Thor Dam Andersen<br />
completed successfully<br />
his apprenticeship on<br />
31st July 2004. We congratulate<br />
and wish him<br />
<strong>the</strong> very best in future.<br />
Thor will continue his<br />
employment as Assistant<br />
within <strong>Eitzen</strong> Bulk.<br />
Staff Transfers<br />
Jesper Bo Mogensen has been transferred from Copenhagen to New York<br />
office by <strong>the</strong> 1st January 2004 to take up a position as Assistant Operations<br />
Manager.<br />
Jesper Andersen is back after having done his military service. Jesper has taken<br />
up a position as Assistant Operations in <strong>Eitzen</strong> Bulk A/S on 1st June 2004.<br />
Anders Rasmussen has on 1st June 2004 been relocated to <strong>Eitzen</strong> Group,<br />
Copenhagen and has taken up <strong>the</strong> position as Managing Director of <strong>Eitzen</strong> Gas.<br />
Lill Irene Skovli has on 1st 2004 June been relocated to <strong>Eitzen</strong> Group, Oslo<br />
and has taken up <strong>the</strong> position as secretary and switchboard operator.