CECO - Camillo Eitzen & Co

[Laphroaig]

Litt uvanlig at nykommere gjør det godt etter kort tid på børs. Et selskap som bør følges, Camillo Eitzen & Co (CECO)...?

 

[Laphroaig]

Shippingmessig er ikke selskapet noen nykommer.

Kjempe-emisjon i børsnykommer

Av TDN Finans

 

Rederiet Camillo Eitzen & Co. planlegger å selge aksjer for mellom 420 og 456 millioner kroner i en emisjon før notering på Oslo Børs.

 

Administrerende direktør og eneaksjonær Axel C. Eitzen (49) eier i dag 22 millioner aksjer i Camillo Eitzen & Co. I henhold til planen skal 12 millioner aksjer selges til mellom 35 og 38 kroner.

 

- Det er en ren emisjon og jeg skal ikke selge en eneste aksje, sier Eitzen til TDN Finans.

 

Oppkjøp

Selskapets hovedområder er innenfor bulk, kjemikalie og gasstankere. Innen kjemikalie- og gassmarkedet mener Eitzen at tiden er riktig for å være aktiv på oppkjøpsiden.

 

-Pengene skal brukes til å kunne være rede til å ta posisjoner i enten flåter eller andre rederier. Oppkjøp har vi vært veldig opptatt av gjennom tidene. Vi har kjøpt opp ni forskjellig rederier rundt om i verden og det er det vi ønsker å være aktive på i fremtiden også. Her vil det nok komme noen nyheter etter hvert som vi skrider frem, sier Eitzen.

 

-Pr i dag er vi eksponert i kjemikalimarkedet fordi vi tror markedet er i en fase hvor det skal gå oppover, sier rederen.

 

Camillo Eitzen har i dag ti kjemikalietankere på mellom 7.000 og 10.000 kubikkmeter og tre kommende nybygg.

 

Sten på sten

Nordea Securities og Pareto Securities skal bistå Eizten og Co. med emisjon og børsnotering. Pareto Securities har vurdert selskapets verdijusterte egenkapital til 140 millioner dollar.

 

- Vi priser oss noe under det, men det er resultater og kontantstrøm som er det viktige, og som er veldig sterkt hos oss, sier Eitzen, som sier at selskapet ikke alltid har hatt like positive utsikter:

 

-Vi var litt nede med hånden i 1986. Da satt jeg igjen med to båter på teknisk management-kontrakt, ingen penger og fire ansatte. Etter det har det gått i å bygge sakte og forsiktig sten på sten, selvfølgelig har vi lånt mye og også vært relativt friske til å ta risiko, sier eneaksjonæren.

 

Prospektet skal være ferdig for distribusjon tirsdag og salgsperioden er lagt fra onsdag 26. mai til onsdag 9. juni.

 

Av dn.no etter børsnoteringen:

 

Rederiet Camillo Eitzen & Co er det eneste selskapet på Oslo Børs hvor hovedaksjonæren har invitert med seg kona i styret. Men skipsreder Axel C. Eitzen og kona Nina er ikke som andre børsnykommere.

 

Skipsreder Axel C. Eitzen taler varmt om sin kone Nina og hennes støtte i å bygge opp rederivirksomheten de 18 årene de har vært gift.

 

– Det er ensomt på toppen, og hun er en utrolig bra og sterk støtte for meg, sier Axel C. Eitzen til Dagens Næringsliv.

 

– Jeg synes han viser meg stor tillit og at det er spenstig å velge å ta meg med. Han er litt utradisjonell, også i måten å drive business på, sier Nina Eitzen til DN.

 

Hun sitter som nestformann i styret til rederiet Camillo Eitzen & Co, som ble børsnotert tidligere i sommer.

 

Involvert

– Han har involvert meg i virksomheten helt fra begynnelsen av. Det har gått veldig mye opp og ned, fra han begynte med én båt og et par ansatte, sier Nina Eitzen.

 

Hun er utdannet fysioterapeut og har ingen formell utdannelse fra shipping. Hennes erfaring har hun tilegnet seg fra samarbeidet med mannen Axel de siste 18 årene.

 

Godt styre

Formann i Eitzen-styret er advokat Jørgen Lund fra advokatfirmaet Thommessen. Øvrige styremedlemmer er den danske advokaten Peter Appel, som også er rådgiver for rederiet, shippingmannen Henrik von Platen som har vært rådgiver for Eitzen, Yara-direktør Annette Malm Justad og Axel C. Eitzen selv.

 

– Vi føler vi har fått et godt styre, som er uavhengig nok. Det er sikkert noen som kan stille spørsmål om dette med «corporate governance». Vi har vurdert det og undersøkt om det kan være problematisk, men har bare fått positive tilbakemeldinger, sier Axel C. Eitzen til DN..

 

Heller ikke styreformann Jørgen Lund har problemer med ordningen.

 

– Det var et familierederi og hun har vært aktivt med lenge. Nå er det 70 prosent eid av familien, og at de har flere representanter i styret er ikke så unaturlig, sier Lund.

 

Ser nesten ut som oppkjøp fortsetter:

 

23/09-2004 10:20:00: NEGOTIATIONS OF ACQUISITION OF GAS CARRIER COMPANY GIBSON GAS TANKERS LTD.

 

 

Camillo Eitzen & Co ASA is presently negotiating an agreement with

Anchor Holdings PLC for the purpose of acquiring all the shares of

Gibson Gas Tankers Ltd.

 

Gibson Gas Tankers Ltd. is located in Edinburgh, Scotland and

operates and owns a fleet of 5 semi-ref LPG carriers ranging from

3,200 to 6,600 Cbm with average age of 19 years. The vessels trade in

Europe and Caribbean. In addition, Gibson Gas Tankers Ltd. has one

LPG carrier and one small product tanker in technical management.

 

It is in the opinion of Camillo Eitzen & Co ASA that an agreement

will be accomplished within October.

[Laphroaig]

04.11.2004 10:44 Kilde: OBI

 

CECO - SALE OF CHEMICAL CARRIER M/T `MONT BLANC`

 

Camillo Eitzen & Co ASA, through its controlled subsidiary,

Navale Française S.A. is in the process of selling the

19 700 dwt chemical carrier M/T `MONT BLANC`. The agreed

price will be USD 33 mill. The vessel is not optimal in the

present trading pattern of Navale Française due to the

somewhat larger size than the rest of the Navale Française

fleet. The vessel has been operated by a third party

commercial operator, and has thus not been a strategic

important part of the fleet for Navale Française. Delivery

of the vessel will be January 2005.

 

 

 

Axel C. Eitzen

Chief Executive Officer

Tel: +47 67 11 98 00

[Laphroaig]

Carnegie har startet dekning av Camillo Eitzen-aksjen med en "outperform"-anbefaling, melder Reuters.

Meglerhuset synes aksjen er billig og at selskapet er godt posisjonert.

[thomas]

CECO - ACQUISITION OF ADDITIONAL 5.25% IN SIGLOO GAS KS

http://www.newsweb.no/index.asp?melding_ID=101497

 

 

Camillo Eitzen & Co ASA (CECO) has acquired additional

5.25% of the shares in Sigloo Gas KS. The acquisition will

be financed through cash. After completion of the

transaction, CECO`s share in Sigloo Gas KS will be 50.75%.

[thomas]

CECO - ACQUISITION OF THE REMAINING 50% SHARES IN TESMA HOLDIN

http://www.newsweb.no/index.asp?melding_ID=101831

 

 

Camillo Eitzen & Co ASA (CECO) has concluded an agreement

with Tschudi Shipping Company AS whereof Camillo Eitzen &

Co ASA has acquired the remaining 50% of the shares in

TESMA Holding AS and Tschudi Shipping Company AS has

acquired 100% of the shares in TESMA Estonia AS. After the

acquisition, TESMA Holding will be 100% owned by CECO.

 

TESMA Holding AS is an alliance network of professional

ship management companies, providing technical management

services to a fleet of 86 vessels from Technical Competence

Centres in Denmark, India and Singapore. TESMA Holding AS

provides crew management services to more than 170 vessels,

deploying some 2,300 seafarers from Crew Competence Centres

in India, Estonia and the Philippines.

[thomas]

CECO - CAMILLO EITZEN & CO ASA - 4TH QUARTER REPORT 2004

http://www.newsweb.no/index.asp?melding_ID=103905

Attachment on www.newsweb.no

 

CAMILLO EITZEN & CO ASA (CECO) 4th QUARTER CORPORATE EVENTS

 

-CECO reports profit before tax of MUSD 70.0 for 2004

CECO reports EBITDA of MUSD 86.2 for 2004, up from EBITDA

of MUSD 31.8 for 2003. Profit before tax was MUSD 70.0 for

2004, compared to MUSD 7.7 for 2003. 4th quarter EBITDA was

MUSD 16.4, down from MUSD 22.2 from 3rd quarter 2004.

Profit before tax for 4th quarter 2004 was MUSD 16.6,

compared to MUSD 15.4 for 3rd quarter 2004.

 

-Completed acquisition of Gibson Gas Tankers Ltd

CECO completed the acquisition of all outstanding shares in

LPG tanker company Gibson Gas Tankers Ltd on 10 December.

The acquisition price was MUSD 20.8. Gibson Gas Tankers Ltd

operates and owns a fleet of 5 semi-ref LPG carriers

ranging from 3,200 to 6,000 Cbm with an average age of 19

years. In connection with the acquisition, CECO issued

331,816 new shares at NOK 56 per share.

 

-Acquisition of additional 10.75% of the shares in Sigloo

Gas KS

CECO completed acquisition of additional 10.75% shares in

Sigloo Gas KS. 5.5% of the shares were financed through

issuance of 168,832 new shares in CECO at NOK 55 per share,

and 5.25% of the shares were financed through cash.

 

-Completed acquisition of two chemical new-building

contracts

CECO completed acquisition of two new-building re-sale

contracts for 13,000 dwt epoxy coated chemical tankers IMO

II/III. The vessels will be built in South Korea and

delivered about February and June 2006. The vessels will be

100% owned by CECO.

 

-Completed acquisition of 50% of two chemical new-building

contracts

CECO completed acquisition of two chemical new-building re-

sale contracts for 13,000 dwt epoxy coated chemical tankers

IMO II/III. The vessels will be built in South Korea and

delivered about May and November 2005. The vessels will be

owned 50% by CECO and 50% by Nordic Tankers A/S.

 

-Completed closing of bareboat agreement for two chemical

tankers

CECO completed a 5 year bareboat agreement, into CECO, for

two 13,000 dwt epoxy coated chemical tankers, with option 1

+ 1 year, with profit split.

 

-Acquisition of `JMS EMERALD`

Acquisition of 1991 built 7,700 dwt stainless steel

chemical carrier `JMS EMERALD`, renamed `SICHEM MARBELLA`.

 

-Withdrawal from Copenhagen Tankers (CT)

CECO decided to withdraw from CT and establish its own

Chemical department. Sale of shares took place 31 December

2004. CT will continue to commercially manage CECO`s

vessels until end of termination period in May 2005. In

connection with the withdrawal from CT, CECO has taken over

a long term time charter with purchase option of a 19,000

dwt stainless steel chemical tanker to be delivered 1st

quarter 2006.

 

-Completion of 7 year time charter agreement for LPG carrier

CECO entered into a 7 year time charter contract, with

purchase option, for a 5,000 cbm pressurized LPG carrier.

The vessel will be delivered from Sasaki Shipyard during

summer 2006.

 

-Completed share issue of 3,200,000 new shares

CECO completed a share issue of 3,200,000 new shares at NOK

56 per share.

 

Corporate events that have taken place after closing of 4th

quarter:

-CECO concluded an agreement with Tschudi Shipping Company

AS whereof CECO acquires the remaining 50% of TESMA Holding

AS, and Tschudi Shipping Company AS acquires 100% of the

shares in TESMA Estonia AS.

 

 

CECO CONSOLIDATED RESULT

CECO`s reported freight income on T/C basis of MUSD 417.3

for 2004, compared to MUSD 243.2 for 2003. Earnings before

depreciation and amortization amounted to MUSD 86.2, an

improvement of MUSD 54.4 from 2003. The increase reflects:

the additional earnings from vessels acquired during 2004,

strong earnings from the Bulk segment as well as improved

market rates for the Chemical, Gas and OBO segments.

Financial items for 2004 amounted to MUSD -6.3 compared to

MUSD -4.5 for 2003. The increase is due to higher level of

debt, but is somewhat offset by gains realized in 2004.

Profit before tax amounted to MUSD 70.0 compared to MUSD

7.7 for 2003.

 

Freight income on T/C basis for 4th quarter amounted to

MUSD 108.7, compared to MUSD 98.2 for 3rd quarter. The

increase is mainly due to full effect of the consolidation

of Navale Française S.A. and Naviera Quimica S.A. Operating

expenses for T/C vessels were MUSD 72.9 in 4th quarter, up

from MUSD 60.4 for 3rd quarter. The increase is mainly due

to higher average costs of T/C into Eitzen Bulk. Operating

expenses of own vessels were MUSD 14.9 in 4th quarter, an

increase of MUSD 6.9 from last quarter. The increase is due

to full effect of the larger number of Chemical vessels.

 

Administration expenses for 4th quarter were MUSD 6.5. This

is somewhat higher than 3rd quarter due to full effect of

Navale Française and Naviera Quimica as well as year end

bonus to employees. Administration cost for 3rd quarter was

MUSD 8.0, of which MUSD 4.8 was profit split. Financial

items for 4th quarter amounted to MUSD - 2.7. The

escalation, compared to last quarter, is due to increased

amount of long term debt. Profit before tax amounted to

MUSD 16.6, compared to MUSD 15.4 for 3rd quarter.

 

 

FINANCIAL INFORMATION

Total assets amounted to MUSD 523.5 as of 31 December 2004,

an increase of MUSD 341.5 from year end 2003.

 

Book value of vessels increased by MUSD 41.6 during 4th

quarter as a result of acquisitions concluded in 4th

quarter.

 

Long term debt to financial institutions was MUSD 262.0 as

of 31 December 2004, up from MUSD 105.2 as of 31 December

2003. The increase is due to additional debt obtained in

connection with the acquisitions during 2004. Long term

debt was reduced by MUSD 2.5 during 4th quarter as a result

of repayment of debt in connection with a refinancing of

outstanding corporate facility.

 

Total equity increased by MUSD 138.6 to MUSD 164.6 during

2004. The increase is due to positive result of MUSD 51.7

as well as share issue of 14,053,126 shares at par value of

NOK 5 per share. Total outstanding shares at the end of 4th

quarter were 36,053,126 shares.

 

As of 31 December 2004 the CECO share price was NOK 56, an

increase of 82% since the first trading in June. The Oslo

Stock Exchange transportation index increased with 45%

during the same period.

 

The Board of Directors proposes a dividend for 2004 of NOK

2.80 per share. This corresponds to 32% of the Group`s net

profit for 2004. The proposed dividend is not reflected in

the accounts.