3 years ago

Annual Report 2012

Annual Report 2012

Eitzen Chemical Contract

Eitzen Chemical Contract coverage 2013T/C6 %CoA35 %Spot59 %Source: Eitzen Chemical (expected 2013 coverage as at 31.12.2012)Time Charter AgreementsSome of the vessels owned or leased by the Company are chartered out on a time-charter / bare boat basis. Allcharters are based on standard charter party forms and are governed by English or US law. Most of thecontracts are on short to medium term (from 1 – 2 years).Contracts of AffreightmentThe Company has entered into several CoAs with various customers. Several of the Company’s owned orchartered vessels are employed for the performance of these CoAs. The CoAs are with few exceptions notlinked to the use of a particular vessel or a particular group of vessels.Vessels employed in the spot marketSeveral of the vessels owned or chartered by the Company are employed in the spot market for voyagecharters. These contracts are typically based on standard charter party forms like Asbatankvoy, Shell Voy orsimilar and governed by English or US law.8

Introduction to the chemical tanker marketIntroductionChemical tanker vessels are mainly used for cost-efficient long-distance bulk transportation of organicchemicals, inorganic chemicals and vegetable oils and animal fats. In addition, miscellaneous cargoes such asmolasses, lube oils and refined petroleum products, e.g. gasoline and jet fuel, can be transported withchemical tanker vessels.Organic chemicals, also referred to as petrochemicals, are chemicals derived from petroleum products and arecarbon based. The most common organic chemicals transported by sea include methanol, MTBE and BTX(benzene, toluene and xylene). Organic chemicals are estimated to be the largest chemicals product group inthe seaborne chemical trade.Inorganic chemicals are chemicals of mineral origin. These chemicals are derived from other sources thanpetroleum products and do not necessarily have carbon structures. The most common inorganic chemicalsinclude phosphoric acid, sulphuric acid and caustic soda.Vegetable oils and animal fats is the third main category transported on chemical tankers. Growth in the tradeof these products has recently outpaced growth in the organic and inorganic chemicals trade.In addition to chemical transportation, chemical tankers can also be used to transport refined petroleumproducts (CPP), which are usually transported by less sophisticated product tankers. Product tankers can, inturn, be used to carry certain less hazardous chemicals. The chemical tanker market is therefore linked to theproduct tanker market and the boundary between the product tanker and the chemical tanker market istherefore not easily defined.However, IMO rules which came into effect on 1 January 2007 added several new cargoes to the chemicaltanker trade and certain cargoes which previously could be transported by product tankers had to betransported by chemical tankers with effect from 1 January 2007. Of these cargoes, the most significant interms of cargo volumes were vegetable oils and soft oils.The figure below illustrates Eitzen Chemical’s cargo liftings for 2012.Eitzen Chemical Cargo liftings 2012Source: Eitzen Chemical (excluding vessels fixed out on T/C contracts)Seaborne transportation of chemicals takes place in all parts of the world. The most important long haul tradelanes for chemical tankers are between the major chemical supply areas in the US, Northwest Europe,Singapore and the Arabian Gulf region, and the main chemical importing regions in Europe, Asia and SouthAmerica. There is also substantial transatlantic trade between the US and Northwest Europe. Other importanttrade lanes are from the Middle East to North America and to Europe. The Middle East and Asia are expectedto become more important regions in the chemical trade as a result of growth in chemical plant and petroleumrefinery capacity in these regions. In the medium to long term, the shale gas development in the US isexpected to have a positive effect on demand for chemical tanker transportation. The customers of the9

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