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Annual Report 2012

Annual Report 2012

Vessel Built Dwt Flag

Vessel Built Dwt Flag Ship owning companyTechnicalMgmt.Coating IMOSichem Marseille 2007 12,928 Singapore Eitzen ChemicalSelandia Epoxy II(Singapore) Pte. Ltd.Sichem Dubai 2007 12,889 Malta Eitzen ChemicalSelandia Epoxy II(Singapore) Pte. Ltd.Sichem Challenge 1998 12,181 Singapore Eitzen ChemicalSelandia Stainless Steel II(Singapore) Pte. Ltd.Sichem Fumi 1996 11,674 Panama Eitzen ChemicalThome Stainless Steel II(Singapore) Pte. Ltd.Tour Pomerol 1998 10,379 Singapore Eitzen Chemical Invest V-Ships Stainless Steel II(Singapore) Pte. LtdSichem Palace 2004 8,807 Singapore Eitzen ChemicalThome Stainless Steel II(Singapore) Pte. Ltd.Tour Margaux 1993 8,674 Malta Eitzen ChemicalV-Ships Stainless Steel II(Singapore) Pte. Ltd.Sichem Iris 2008 8,140 Malta Eitzen ChemicalThome Stainless Steel II(Singapore) Pte. Ltd.Sichem Orchid 2008 8,115 Malta Eitzen ChemicalThome Stainless Steel II(Singapore) Pte. Ltd.Sichem Lily 2009 8,000 Malta Eitzen ChemicalThome Stainless Steel II(Singapore) Pte. Ltd.Sichem Croisic 2001 7,721 Malta Sichem Pearl Shipping V-Ships Stainless Steel IICo Pte. Ltd.Sichem Casablanca 1993 6,999 UK Napoli Chemicals KS V-Ships Stainless Steel IISichem Houston 1995 6,239 UK Napoli Chemicals KS V-Ships Stainless Steel IISichem Sparrow 2001 3,596 Malta Eitzen Chemical(Singapore) Pte. Ltd.Sichem Colibri 2001 3,592 Malta Eitzen Chemical(Singapore) Pte. Ltd.Selandia Stainless Steel IISelandia Stainless Steel IILeased vesselsAs of 31 December 2012, the Company had chartered in 14 chemical tankers, of which four are on bareboatbasis and ten are on time-charter basis. The duration of all charters are arranged as firm periods withadditional option periods for the Company. Charter hire is differentiated in relation to firm and optionalperiods for some of the charters. All charter-parties include purchase options in favour of the Company apartfrom the Sichem Pace charter-party. For an overview of the vessels chartered in by subsidiaries of theCompany and the main provisions of these charter-parties, reference is made to the following two tables.6

Vessels on finance leasesThe vessels classified as finance lease vessels are recognized in the same manner as vessels owned by theCompany. Overview of Eitzen Chemical’s ten finance lease vessels:Vessel Built Dwt FlagTechnical Latest PurchaseMgmt. exercise Price*Coating IMOSiteam Jupiter 2000 48,309 Liberia Chemikalien May-2013 USD 15.8M Epoxy / IISeetransportZincSiteam Neptun 2000 48,309 Liberia Chemikalien Apr-2013 USD 15.8M Epoxy / IISeetransportZincSichem Defender 2007 20,000 Panama FleetJan-2019 JPY 1,485M Stainless IIManagementSteelNorth Fighter 2006 19,932 Panama Selandia May-2014 USD 18.8M Stainless IISteelNorth Contender 2005 19,925 Panama Selandia Jan-2014 USD 18.8M Stainless IISteelSichem2007 19,822 Singapore FleetOct-2019 JPY 1,510M Stainless IIContesterManagementSteelSichem Mumbai 2006 13,084 Panama V-Ships Oct-2018 USD 8.5M Epoxy IISichem Aneline 1998 8,941 Marshall Selandia Jul-2018 JPY 348M Epoxy IIIslandSichem Ruby 2006 8,824 Panama Bernhard Aug-2016 JPY 840M Stainless IISchulteSteelSichem2006 8,817 Panama Bernhard Oct-2016 JPY 840M Stainless IIAmethystSchulteSteel* The purchase price indicates the option price at the latest possible exercise date.Vessels on operating leasesOverview of the Company’s four operating lease vessels:Vessel Built Dwt FlagTechnical Latest PurchaseMgmt. exercise Price*Coating IMOSichem Pace 2006 19,983 Panama Selandia No option No option Stainless IISteelSichem Onomichi 2008 13,104 Singapore Selandia Feb-2015 USD 16.6M Epoxy IISichem Hiroshima 2008 13,000 Singapore Selandia May-2015 USD 16.6M Epoxy IISichem2008 12,273 Panama V-Ships Dec-2028 JPY 1,060M Stainless IIMississippiSteel* The purchase price indicates the option price at the latest possible exercise date.Contract coverageEitzen Chemical has long term relationships with many of its customers. The term business coverage,measured in earnings, was 39 per cent for 2012, with the CoA cover at 34 per cent and Time Charter cover at 5per cent. Firm CoAs and CoAs that, in the management’s opinion, are expected to be renewed based onhistorical and other reasons are included in the estimated contract coverage. CoAs typically have minimumand maximum volumes and the contract coverage is thus based on management’s anticipated volume. TheCoA contracts typically have a firm duration of one year at a time and are subject to annual re-negotiations,but some of the CoAs have firm periods lasting up to five years. The following figure illustrates the expectedcontract coverage in 2013.7

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