Eitzen News. November 2005 No. 4. Dreams, hopes and imaginations

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1 Eitzen News November 2005 No. 4 Dreams, hopes and imaginations

2 Dreams, hopes Eitzen News November 2005 No. 4 Published by: Camillo Eitzen & Co ASA Camillo Eitzen House Smakkedalen 8 DK-2820 Gentofte Denmark Telephone Editor: Peer Harms Larsen Layout: Anne Kok Front cover: SIGAS LANRICK previously from the Gibson Gas Tankers fleet now fully dressed in Eitzen Gas colour and funnel mark. We have had a period with no major acquisitions, however good organic growth since the last issue of Eitzen News, and it has been a very active and good period as well within the organisation, as we have further strengthened our important relationship and presence within the Japanese ship owning community by signing two more contracts with Japanese owner on long term charter with purchase option of two tdw coated chemical tankers from the INP Shipyard in Korea. Furthermore we have taken three Japanese owned ethylene carriers on relet T/C with purchase options from Exmar, and we are extremely happy with this strengthening and broadening of the Japanese relations, and this is a very strong and long term philosophy of Camillo Eitzen going forward. We believe the business ethics, the mutual understanding between Scandinavia and Japan, are sincere, strong and sustainable and will bring mutual benefits in a wide and long term perspective for both parties. We are also very happy to have taken over the two first of a series of now 13 chemical vessels contracted with Korean Yards. This is the first series of new buildings for the Eitzen Group in Korea ever, and we are very happy to start building relations in Korea. Eitzen Bulk has decided to open an office in Beijing starting in November this year, and I am excited about this development in the most important area for the shipping business world wide, and I am confident that this will prove to be an important move for our activities. In India we are constantly expanding our business and our relations, and we are looking forward to celebrating the 10th anniversary of our partnership later this year, and I think these activities are representative of the importance of the Far East region for the Eitzen Group. However, this development is based on our strong fundament in Europe, and we have strengthened our organisation with establishing a legal department in Oslo. It will be most important for our corporate, commercial and technical entities, to have legal in-house council, and I am happy to welcome Marit Kirkehusmo to the organisation. Naviera Quemica has changed name to Eitzen Chemical (Spain), and all vessels have been renamed with "SICHEM" in front. This has coincided with the organisation renewing and reorganizing the office in a very consolidating and efficient way. Furthermore a reorganisation of TESMA (Denmark) has been very successfully completed. We are now much better geared for expansion both in Denmark as well as world wide, without sacrificing any of our quality goals for the efficient ship management. The Camillo Eitzen fleet have experienced a deterioration of our historically very good insurance ratio over the last period. This is a ratio I would very much like to see back on track. The 2 Eitzen News

3 and imaginations ratio is showing the diligence of our ship management services, as well as being an important part of our competitiveness on total management cost. It is natural with the expansion we have had, and also with the relative mature age of a sophisticated fleet acquired, that we have certain, immediate negative tendency, but we still can improve until next renewal, and I urge everybody to do everything possible for turning this trend. The Eitzen Group Brand Platform has now been in existence for almost two years since the launching in November 2003, and I think the platform has proven to be a very explicit and important for our Group. I am also very happy that I feel the content is now just as accurate, if not even more, since the vast expansion of the Group during these two years. I feel the success of our Group is very much thanks to and dependant on everybody's personal attachment to and performance in accordance with the philosophy and mindset expressed in the brand platform, and I am, and we all can be, extremely proud of and happy with what has been achieved. We had our absolutely best year financially in 2004, and with the first six months being the main contributor, where Eitzen Bulk contributed 72% of the earnings then. This year (6 months) we are ahead of budget, and also ahead of last year, but now Eitzen Chemical/Gas/OBO has contributed 88% of the result, and I believe this to be a significant indicator that our philosophy of being diversified and willing to increase focus and exposure where the potential is the highest within our core businesses is fundamentally correct, and with the bulk market now again in line with our expectations, we are definitely looking forward to the future. Last, but not least, I would like to express my happiness with completion of the art work of Simon Debel at the property of Eitzen House in Copenhagen. Everybody can make their own interpretation, but to me I feel it represents some core values of the Group as it represents dreams, hopes and imaginations through the following qualities: "The size is impressive, it is glowing and transparent, it is masculine but also feminine, it is pure and clean, the materials used are not unique by themselves but together it is very powerful, its simple in total appearance but very expressive and sophisticated in detail, it is unique and different, it represents dynamics and innovation." To me, I feel it represents EITZEN GROUP As we now are approaching the festive season, I would like to use this opportunity to thank everybody for the good and loyal work throughout the year, and wish for all to have a peaceful and Merry Christmas and an exciting, prosperous and Happy New Year. Thank you all very much and very best regards Axel C. Eitzen CEO 3

4 M/V "JÖKULFEL By Ralph Helmer-Juhl, Director TESMA Monday 7th February 2005 at 19:53 UTC a distress signal was transmitted from M/V "JÖKULFELL" and the most tragic event in the history of TESMA was about to unfold. During that stormy and fateful night M/V "JÖKULFELL" rapidly capsized and sank some 55 nautical miles north of the Faeroe Islands. The North Atlantic Ocean claimed six lives and left their families and colleagues in deep sorrow, whereas five seafarers barely survived the tragic accident. In memory of our dear colleagues and in respect to the bereaved families a memorial tour to the scene of the tragic accident was arranged on 5th July In February the inspection vessel "BRIMIL" participated in the "JÖKULFELL" search and rescue operation and Captain Jan A. Kristoffersen and his crew offered their kind assistance in connection with the memorial tour. The memorial tour commenced at Fuglefjord, 80 km northwest of Torshavn, where Captain Jan A. Kristoffersen and his crew welcomed the families and assisted them onboard, and at 0930 "BRIMIL" set course towards the position of the tragedy. After two hours sailing "BRIMIL" arrived at the scene of the tragedy and the engines were stopped, and all people onboard were gathered on the poop-deck, where the memorial ceremony was announced traditionally by hitting nine glasses on the ships bell. Vicar Meinhard Bjartalíð, who as a member of the TESMA "on-scene crisis-team" in Torshavn had comforted and supported the five survivors from the "JÖKULFELL" disaster after their rescue, had kindly accepted to perform the memorial ceremony. Vicar Meinhard Bjartalíð preached: Grace to you and peace from God our Father and the Lord Jesus Christ. We have come together to this memorial service in commemoration of those of the crew who lost their lives at sea, when their ship, M/S "JÖKULFELL", went down the 7th of February this year. We will read from Holy Scriptures, bring them, their loved ones, and ourselves before God in prayer and silence. A reading from Saint Paul's letter to the Romans; "For none of us liveth to himself and no man dieth to himself. For whether we live, we live unto the Lord; and whether we die, we die unto the Lord: whether we live therefore, or die, we are the Lord's" (14, 7-9) In honor of those who lost their lives, and with thanks we will now respectfully read their names. These two were never found: Andres Truu Vladimir Pamshev These were found and buried in their home church yard: Toomas Variksoo Nikolay Volkov Aleksandr Beljakov Urmas Koningsberg 4 Eitzen News

5 L" - memorial tour The involuntary selected graves of Vladimir Pamshev and Andres Truu whose bodies were never found and brought home were blessed, and after Vicar Meinhard Bjartalíð preach, wreaths and flowers were laid down at the scene of the accident. After the ceremony "BRIMIL" headed back towards Fuglefjord, and the 2½ hour steaming was used to process the impressions of the day and the memorial tour. The families and TESMA expressed their deepest gratitude and appreciation to the entire crew of the "BRIMILl", and to Vicar Bjartalíð, for making the memorial tour possible and such a beautiful memory. 5

6 Eitzen Launching and naming of M/T "SICHEM PEACE" By Thomas Rossen, Senior Chartering Manager Eitzen Chemical On 25th June 2005 M/T "SICHEM PEACE" was successfully launched from Usuki Shipyard in the presence of her coming owners Toda Ship Co. Ltd. Naming and cutting the ropes was done in a convincing and moving manor by Mr. Axel C. Eitzen respectively Mrs. Nina Eitzen. Prior to this the 'Mochimaki' ceremony took place, which is throwing of rice cakes by all invited to guests and visitors; this symbolizes good luck. The ceremony itself did not last for more than 20 minutes from when started and until the vessel had slipped down the slipway and entered the sea, but during this short time you are witness to something quite extraordinary. M/T "SICHEM PEACE" is a double hulled 8,800 deadweight IMO2 chemical tanker with 12 fully segregated stainless steel tanks having a cubic capacity of 9,200 cbm. She is a sister vessel to M/T "SICHEM PALACE", also delivered from Toda Ship Co. Ltd. in September M/T "SICHEM PEACE" is fixed on a 4-6 year time charter with purchase options and time charter owners is Sichem Singapore Pte Ltd and vessel is commercially managed by Eitzen Chemical A/S, Copenhagen. The vessel was delivered in late August 2005 and on her maiden a full cargo of palm oils products to Mediterranean from Indonesia was loaded. After the the official launching ceremony golfing was arranged for the entire group of participants and later the same evening a memorable launching celebration party took place in Oita, where very nice Japanese food and drinking was served and traditional speeches and Japanese singing (read karaoke) took place. A special thanks to Usuki Shipyard for an indeed very successful and memorable day in Usuki and Oita. 6 Eitzen News

7 Chemical Eitzen Chemical enters long term time charters with Japanese owner By Jens Grønning, Managing Director Eitzen Chemical Eitzen Chemical has - as part of a fleet renewal program - entered into two seven year time charter contracts for two 13,000 dwt chemical tanker newbuildings from a Japanese owner. The vessels will be built by INP Heavy Industries, South Korea, and is scheduled to deliver during 4th quarter 2007 respectively 1st quarter INP Heavy Industries was established in 1939, it is located in Ulsan and the yard is widely regarded to be one of the best small shipyards in South Korea, having had prominent customers such as Schoeller, Swire, Clipper, Lauritzen, and in fact also Naviera Quimica as M/T "SICHEM SPAR- ROW" and M/T "SICHEM COLIBRI" were built there. The two ships are practically sister vessels to the existing CECO 13,000 dwt "City Class" newbuildings, which with the above two ships, will bring the total tally to 11 such "sister ships" being delivered over the next 2.5 years. The time charter contracts have been entered with a Japanese owner, Hisafuku Kisen KK, which is a family owned ship-owning company originally founded in 1923 and now headed by Mr Ayao Yamane. The company is based in Onomichi-city, Hiroshima, and the fleet presently consist of six vessels of which four are chemical tankers and the remaining two are modern bulk carriers. As the picture illustrate, a signing ceremony was arranged and took place in Tokyo on 22nd September, During the pleasant dinner in the evening, an important decision was taken between Mr Eitzen and Mr Yamane, who decided that the first vessel will be named M/T "SICHEM ONOMICHI", the hometown of Hisafuku Kisen K.K. Eitzen Chemical appreciates very much this new relationship and are sincerely looking forward to working and cooperating closely with Hisafuku Kisen in the future. From l to r: Nina Eitzen, Jens Grønning, Axel. C. Eitzen, Klaus Munk Andersen. Mr. Ayao Yamane, Hisafuku Kisen K.K. and Christian Skovhøj, Maersk Broker, Tokyo. 7

8 Naviera Quimica S.A. changes its identity By Jens Grønning, Managing Director Eitzen Chemical In the Eitzen News edition from August 2004, we were very pleased to announce the acquisition of Naviera Quimica S.A. in Marbella, South Spain. We were obviously very happy with this new platform and trading area. However, had we fully known what a motivated, positive and competent staff we would be taken over, we would no doubt had been even more thrilled with the acquisition. For easy perusal, we remind you that the company is headed by Mr Juan Marin, and is organized as illustrated. During our senior management meeting in Norway in April, we decided to brand the company in line with other companies in the Group, and it was thus decided to change the name to Eitzen Chemical (Spain) S.A. Knowing the paperwork required, and knowing the preparations we would need to do vis-à-vis our business partners and customers having been named Naviera Quimica S.A. for 38 CHARTERING EITZEN CHEMICAL (Spain) S.A. Eva M. Sosso Secretary Lucas Fernandez-Peña Chartering Manager Alfonso Martinez Chartering/Operations Jesus Valdivieso Chartering/Operations CREW-SAFETY Leon Mengod Manager Carlos López Facio Company Security Officer Javier Alvarado Assistant years (!!), we knew that some lead-time was required. Irrespectively, we ambitiously agreed to pursuit a deadline of 1st July, Impressively, the organization managed to live up to this deadline, and an announcement about the namechange was distributed on 1st July itself! At time of writing, we are also very pleased to advise that all nine Organisation Juan F. Marin Managing Director TECHNICAL Juan Romero Superintendent David López Facio Superintendent Antonio Mata Assistant ACCOUNTS José María Villalba Accounting Manager Marivi Ruiz Melgar Financial Controller Miguel Morales Accountant ships in the fleet have had "SICHEM" as prefix added to their name, ie M/T "SICHEM COLIBRI", M/T "SICHEM SPARROW" etc. I would like to take this opportunity to thank the organization of Eitzen Chemical (Spain) S.A. for their commitment and positive attitude thereby making this a smooth transition. 8 Eitzen News

9 Transportation of fresh water between Lorient and Belle Ile en Mer By Raymond Roussel, Managing Director Navale Française During this summer France suffers from a very important dryness and stocks of fresh water in about 70 departments amongst 95 was greatly below the normal level. In the west the famous island of Belle Ile en Mer where about people are living and is very appreciated by tourists as the population grows up to during summer. Water is stocked in natural reservoirs in the country and then treated before human consumption, but since the end of 2004, it has not been raining here and the stocks available in June 2005 were about half of minimum quantities necessary to welcome tourists. In this bad position the local authorities decided by the end of June to hire a tanker, with suitable tanks and last cargoes, for the transportation of fresh water from Lorient on the continent to Belle Ile en Mer, which is about three hours off Belle Ile by sea. The main difficulty was the impossibility to berth in Belle Ile, because there are only very small ports for yachts and fishing boats, and it was necessary to create a solution by establishing a mooring area on buoys about one kilometre off the beach of "Les Grands Sables" in front of Belle Ile and with a very nice view for the tourists on the beach. During July, which means about one month only before the beginning of the operation, our technical department was very occupied by the study and fittings of the mooring area with a specialized company and under supervision of Technitas, a subsidiary of Bureau Veritas. The project was approved by local maritime authorities and the first loading of mts fresh water was The pilot embarking POINTE DU CROISIC done in Lorient, and a shipment was performed every third day until beginning of September Today we can say that this operation was a great technical and commercial success for Navale Française and Eitzen Group, and that local authorities and even the Environment Ministry, who was in Belle Ile en Mer for the first discharge, was fully satisfied. Navale Française has sent its offer mid of June and our tanker "POINTE DU CROISIC", built in 2001, with fully stainless steel tanks and a last cargo of vegetable oil was elected by the local authorities "Conseil Général du Morbihan" to perform the transportation of the fresh water on a consecutive voyage basis with a first loading fixed at end of July. The branchpipe leading fresh water to Belle Ile en Mer 9

10 Naming and delivery of M/T "SICHEM OSLO" By Jens Grønning, Managing Director Eitzen Chemica Following the delivery of M/T "SICHEM COPENHAGEN" on 10th June 2005, it became time to name-give and take delivery of the second new-building from Samho Shipbuilding, South Korea. Representatives of CECO and TESMA, Difko (part-owners), R.S. Platou, Bery Maritime, Nordea Oslo, Wikborg Rein, Samho Shipyard and - godmother Merete Grønning - attended name-giving on 21st September 2005 at the Shipyard. Merete Grønning is wife of Jens Grønning, Managing Director of Eitzen Chemical. As can be seen from the pictures, the traditional Korean tape- cutting took place following the successful name-giving of the ship. Similarly to the first new-building, a post naming dinner was hosted by CECO and Difko at the Paradise Hotel in Pusan, and we believe that all had a very pleasant evening. A special and sincere thanks to Samho Shipbuilding not only for making this a very special day, but also for the cooperation and relationship we have established together during the past period of time. The vessel was delivered to Eitzen Chemical on 10th October, and has - like the "SICHEM COPENHAGEN" entered into a time charter to Stasco (Shell). The ship is No. two in the series of the so-called "City Class" ships, which Eitzen Chemical shall be receiving a total of 11 ships of during the next about two years (variety of ownership, time charter and poolmembership). The ship measures about 12,975 DWT and length overall and beam is 126,4 m / 20,4 m. Eitzen Chemical A/S and TESMA Denmark A/S is doing the commercial respectively technical management of the ship, and well-known command Captain Juriy Pavlovs and Chief Engineer Sergey Lysak took the vessel out from the shipyard. From r to l: Klaus Munk Andersen, Camillo Eitzen Singapore, Mogens Buschard, Chairman of Nordic Tankers A/S, H.C. Shin, President Samho Shipping, Nina Eitzen, Camillo Eitzen & Co, Axel C Eitzen, CEO Camillo Eitzen & CO, godmother Merete Grønning, Ki-Beom Ock, President of Samho Shipbuilding, Jens Grønning, Eitzen Chemical, John Hughes, Camillo Eitzen & Co and Elias Galananopoulos, Director & Partner of Bery Maritime, Greece, Shiro Mizuno, General Manager ClassNK. 10 Eitzen News

11 Living the Eitzen Brand - from heart to hand "Stupidity doesn't really exist - development potential does!" "Helpfulness is the feeling we experience from another human being, when we refer to the term "service". And when the feeling is exceptionally good, we call it "Attentive helpfulness"." By Peer Harms Larsen, Editor Eitzen News As part of the process of integrating all the employees of the Eitzen Group on to the same cultural and value-based platform all colleagues in Denmark and Norway, who have not been participating in the previous sessions, were invited to participate in a two days seminar at Comwell Borupgaard Hotel lying in beautiful surroundings at Helsingør. The main focus of the two days workshop was the promises and values based on the Eitzen Group Brand Platform, and once again the facilitator was Henrik Meng of Meng & Company, who has designed and implemented workshops for Eitzen Bulk for the past three years. His performance was as usual very enthusiastic and it was very impressive that he could talk for two days without having a script, and his knowledge of Eitzen Group was exceptional. A great standupper and entertainer has gone lost in Mr. Meng. There was a lot of interactive work between Mr. Meng and the participants, with many new concepts and ideas to be discussed, and one of the session was to make our own Development Shield listing: The successes of my life, what is important in teamwork, the energy in Eitzen is highest, when, my hopes and dreams for the future and my motto, and a lot of interesting and valuable shields were coming to the surface. Another task for the seminar was to be acquainted with colleagues from the various segments in Eitzen Group as participants were coming from Eitzen Bulk, Gas, Chemical, TESMA, Camillo Eitzen, Copenhagen and Oslo, and the social aspect came to full bloom during the delicious dinner and the get together in the bar afterwards. "If there is a big gab between what you say, and what you do, rest assured that everyone sees you and no-one listens." "Values alone, seldom make any difference; it is the way values are valued - and lived - that truly makes a difference." "Most goals are easier reached, when you imagine yourself already there: Then, in reality all you have to do is thinking backwards and see how you reached the goal." "When what you DO correlates with WHO you really want to be, your life becomes an even more interesting place to be." 11

12 Eitzen Nearly 50 years business relat The authors of this article Tony Spruce, Energy Director in International Energy Group and Anders Rasmussen, Managing Director of Eitzen Gas recently celebrating their 30 years relationship In the English Channel just 12 sea miles west of the Normandy coast line lay the Channel Islands which have been a British Dependency since The two main islands Jersey and Guernsey are regularly visited by the Sigas Kosan LPG Carriers delivering propane and butane to International Energy Group, the local LPG distributor on the islands. Not many people know that the relationship between the two companies or ancestors to the companies goes back 47 years. It all started way back in 1958 when the then Guernsey Gas Light Company and Kosangas A/S of Denmark established a gas distribution company in Guernsey called Kosangas Channel Islands Ltd., each party holding a 50% share. Kosangas of Denmark, which was established by the Tholstrup family ten years earlier, were pioneers in the gas business and already at that time operated number of cylinder filling plants in Denmark and abroad. Further in 1953 Kosangas ordered and took delivery of the first purpose built gas carrier in the world - namely the 600 cbm pressurized gas carrier "RASMUS THOLSTRUP". She became the first ship in the impressive fleet Kosangas built up over the years. The fleet was sold in 1989 to J. Lauritzen A/S and is now operated under the name Lauritzen Kosan. "RASMUS THOLSTRUP" later became an important factor for the development of gas distribution on Guernsey. During the late 50's Kosangas established similar set-ups with other British Offshore Gas Companies among them Douglas Gas Light Company of Isle of Man and Jersey Gas Light Company of Jersey. Until 1958 Guernsey Gas Light Company was manufacturing town gas from coal and distributing it through the local pipe gas system on the island. In 1959 the gas bottle filling plant was completed and Kosangas Channel Islands started selling liquefied petroleum gas in bottles. In order to supply the filling plant with gas a terminal was required. The plant was placed close to the port of St. Sampson where the cargo tanks from RASMUS THOLSTRUP were used as land storage and a pipe line was laid to the quay. The vessel was becoming too small for the trade she operated in, and it was therefore decided to lengthen her and install larger cargo tanks. The 12 old cargo tanks were lifted off in St. Sampson and installed on a site adjacent to the quayside close the fill- "RASMUS THOLSTRUP" pictured in St. Sampson while the cargo tanks were lifted off 12 Eitzen News

13 Gas ionship - and still inseparable "SIGAS CHAMPION" discharging in St. Sampson lying high and dry ing plant. Five of these cargo tanks remain in use to this day. The load capacity of "RASMUS THOLSTRUP" was increased to 1,000 cbm and she was subsequently trading for Kosangas till 1980 at which time she was sold to a Thai shipping company, who used the vessel to supply gas to terminals on the Chao Phrayd River until the early 90'ties when she was scrapped. From 1959 and onward the Tholstrup fleet became regular visitors to St. Sampson and during the early 60'ties the most frequent ship size used for delivering gas to the island was the 200 and 300 tonners. In 1964 Guernsey Gas Light Company decided to convert its main gas production facilities from coal to liquefied petroleum gas. It then became necessary to increase the land storage and slightly bigger vessels with a load capacity of 500 to 1,000 tones became more frequent visitors. Port restrictions limited the size to about 1,000 tons parcels which also applies today. Further the port is tide restricted and can only be entered at high tide. The tide differential at spring tide is 10 meters and the port is totally dry during low tide hence the vessel is lying safely aground during the discharging operation. In 1989, following the sale by the Tholstrup family of the Kosangas companies, Guernsey Gas Light Company acquired the remaining 50% of the shares in Kosangas Channel Islands Ltd. and at the same time they changed name to Guernsey Gas. In 1992 Guernsey Gas acquired Jersey Gas Company and in 1996 Manx Gas Ltd., the former Douglas Gas Light Company. In 1995 the Guernsey Gas Company was floated on the London Stock Exchange and the company changed name to International Energy Group. In May 2005 the company was de-listed in connection with Babcock & Brown of Australia acquiring all the shares. International Energy Group is, besides the operation on the Islands, also involved in distribution of LPG in Portugal and Natural Gas in the United Kingdom. From the start of the LPG business on the British offshore Islands, Sigas Kosan or ancestors to the partners in Sigas Kosan have delivered all the gas. Literally thousands of voyages and millions of tonnes of LPG have been delivered reliably and on time, ensuring that the Islands have never run out of gas. Reliable and timely delivery of LPG has always been of utmost importance to the Islands as they are fully dependant on this source of energy for all their gas requirements. Sigas Kosan has continued the business relationship with International Energy Group and is today delivering all the LPG to the three islands, which amounts to more than 30,000 metric tons per year in 1,000 tonnes shipments. The product is loaded from ExxonMobil's refinery at Fawley Marine Sea Terminal in Southampton. Sigas Kosan is a pool co-operation owned equally by Lauritzen Kosan and Eitzen Gas and commercially operates its partners fleet of gas carriers below 3,000 cbm in cargo capacity. Sigas Kosan operates today 16 vessels predominantly in Europe and Mediterranean. "SIGAS CHAMPION" approaching St. Sampson port. Part of the gas bottle filling plant can be seen at the bottom of the picture 13

14 Eitzen SIBULK INNOVATION discharge record at Tofte By Jesper A. Andersen, Assistant Operation Manager Eitzen Bulk Eitzen Bulk has a long history of loading eucalyptus logs in bundles and being one of the biggest log carriers in the world with about 20 yearly shipments, it was a logical move to include a certain number of fully fitted loggers when the new building program was decided. After the delivery of M/V "SIBULK INNOVATION" in November 2004 from Imabari Shipyard we were all looking very much forward to the 1st log loading of this fine lady. "SIBULK INNOVATION" was going to load a full cargo of eucalyptus pulpwood logs from two ports in Uruguay to Tofte in Norway under a long term contract with Eitzen Bulk. The type of logs we load, vary between three species of eucalyptus logs, Grandis, Globolus and Dunnii, all grown in forest areas in Uruguay, where shippers carve, skin and bundle the logs for being loaded onto trucks for further transport to the stockyard near the port. The loading is done by the vessels gear, where a special designed spreader is attached to the cranes hooks; the spreader can load about five bundles at the same time, and despite of the very rough weather with heavy rain, the vessel loaded one of biggest loads of eucalyptus in bundles of the species Globolus for discharging in Tofte, Norway. "SIBULK INNOVATION" loaded 43, solid cubic meters to the great pleasure of our customers Messrs Sodra Tofte and Messrs Tile-Forestal. The loading in Uruguay was supervised by our port captain Mr. Osvaldo Gutierrez who like the stevedores, shippers and agents were very excited by the performance of the vessel, and there is no doubt that Eitzen Bulk has a world class logger in "SIBULK INNOVATION" and we feel sure that the vessel is ready for more records in the future. Upon arrival at Sodra's pulp mill in Tofte, Norway the cargo was discharged in six days only. At the plant the logs are being chipped, boiled, blended and bleached for further processing of high quality paper. Some facts: The Eucalyptus logs which are being harvested and used for the paper industry are plantation logs, and in Uruguay it takes around seven years from the logs are being planted until they are ready for harvest/shipment, whereas in Europe it would take around years. Cargo intake: Around 44,000 solid cubic meter in 8,150 bundles each weighing about five tons. For the lashing of the deck cargo we used about two km of steel wire and about one km of solid steel chains. 14 Eitzen News

15 Bulk Naming and delivery of "SIBULK DEDICATION" The sixth newbuilding contracted in Japan by Eitzen Bulk A/S, Copenhagen was named "SIBULK DEDICATION" on 10th June 2005 at Imabari Shipyard and delivered to its owner Paraiso Shipping, a subsidiary of Shoei Kisen, which is a large shipowning company controlled by the Imabari Group. The sponsors were Mrs. Mariko Utsuda, and her husband Mr. Shoei Utsuda, President of Mitsui & Co. Ltd., and present at the naming and delivery ceremony was a group of Eitzen Bulk customers as well as staff from Camillo Eitzen (Denmark) and Eitzen Bulk. Simultaneously with the delivery "SIBULK DEDICATION" was taken on hire by Eitzen Bulk for a long term time charter with purchase option. "SIBULK DEDICATION" is a fully lumber/logs fitted super handymax bulk carrier equipped with 4 x 30.5 tons cranes and collapsible stanchions. The vessel has a carrying capacity of 53,206 tons deadweight and a grain capacity of 68,927 cubic metres. Her sister vessel - "SIBULK INNOVA- TION" - was delivered in November On her maiden voyage "SIBULK DEDICATION" carried a full cargo of potash from Vancouver on the West Coast of Canada to Rio Grande and Paranagua, Brazil for account of Canpotex and thereafter the vessel will be carrying a full cargo of pulpwood logs from Fray Bentos and Nueva Palmira, Uruguay to Casablanca, Morocco for account of Tile Forestal. "SIBULK DEDICATION" is the last vessel in a series of six vessels ordered by Eitzen Bulk in

16 Eitzen Group golf outing By Nathan J. Dworak, Trainee Eitzen Bulk As summer ends and the worldwide shipping community returns to the daily hustle and bustle of our business so does the need to get out and begin one of the essential components of our small but strong community in the shipping world, networking and customer appreciation. For the 4th consecutive year Eitzen Bulk hosted our annual golf tournament, this time joining forces with the newly established Eitzen Chemical team represented by Thomas Rossen and Lars Christiansen. The venue this year brought us to the rolling hills of upstate New York at the beautiful Branton Woods Country Club on one of the most spectacular days of September. All forty golfers arrived at the office of Eitzen Bulk (USA). Thursday morning and after a nice reunion with a lot of familiar faces, we boarded for an hour journey north, and the laughs and business chatter began early for what would turn out to be an outstanding day on the golf course. Upon arriving to Branton Woods and its spectacular club house, we enjoyed a great picnic lunch followed by one hour of loosening up on the golf range, and the days golf format was established as a shotgun start scramble. All four members from each foursome hit from the previous shots best ball position until one ball was holed out for best possible score per hole, and this format proved to be a great team oriented approach and provided a lot of camaraderie. All agreed the course offered a perfect amount of aesthetics, challenge and the day itself offered impeccable weather. As all groups finished the round and freshened up, we headed for the evenings dinner and awards ceremony at the outdoor gazebo overlooking the 18th hole. As the appetizers made their rounds as did the laughs from our prize ceremony led by Henrik Sleimann Petersen of Eitzen Bulk (USA). Winning this years event was the group headed by Mark Hanna of Eitzen Bulk (USA) at eight under par, comprised of Bill Pitt from Carolina Shipping, Rob Herb from Terminal Shipping and John McConaghy of Glencore USA. The night concluded with a very tasty buffet dinner which was well needed after a long day on the golf course. As a group all involved, agents, brokers and charterers alike enjoyed the day's festivities. We are proud to say we have received very gracious and positive feedback from all and all look forward to next year's event, and we would like to thank all who participated in the event as the participants are truly the key component for such a successful outing. Each year Eitzen Bulk attends a number of commodity conferences world wide, primarily focused on coal, cement and fertilizer products. The conferences give us a good opportunity to stay in touch with our customers, and discuss their future transportation needs. Eitzen Bulk at fertilizer conference By Hans Christian Olesen, General Manager Eitzen Bulk of the growing commodities. As a recognition of the increasing importance Eitzen Bulk is member of the International Fertilizer Association, who once a year assembles its members to a world wide trade conference with about 2,000 participants representing all aspects of the business. table. There was great interest in the Eitzen Group, and a large number of image brochures and Eitzen News were distributed amongst the conference participants. With an expected volume of 2.5 million metric tons transported on Eitzen Bulk vessels this year, fertilizer is one This year the conference was held in Kuala Lumpur in Malaysia, and for the first time Eitzen Bulk had a display 16 Eitzen News

17 Trainee sail-along with SELANDIA By Claus Andersen, Trainee Eitzen Bulk On 12th August 2005 M/V "SELANDIA" berthed in Tilbury, UK for discharging a cargo of coal at Tilbury Power Station., and thereby the opportunity arose for Thomas Lindgren Jensen and the undersigned, being new trainees in Eitzen Bulk, to join the vessel for a voyage from Tilbury to Antwerp. On 20th August we took the early flight to Stansted, where we were picked up by our agent, Denholm Barwil Ltd, to whom we owe our gratitude. Once on board "SELANDIA" we were accommodated in the pilot's cabin and after a quick unpacking we were provided with a helmet and a pair of safety-shoes, and properly equipped, we hurried into our TESMA boiler suit and were given the grand tour of the vessel by the very competent 2nd mate. workforce to the 1st mate and spent the following two days digging out the ladders and sweeping the holds in great companionship with the Filipino crew. "SELANDIA" departed from Tilbury at 3 am on the 23rd August, and in spite of the pitch dark it was in fact a very beautiful trip down the river Thames, and luckily the seas were calm when we crossed the Channel to Antwerp. Sailing into Antwerp was a very beautiful experience, because of the very difficult and long river passage that leads to berth. In Antwerp "SELANDIA" loaded steel, mainly in coils, but also a few plates, and in complete contrast to the discharging in Tilbury, the process of loading the steel seemed to be very labour intensive. Because of the size of the steel coils, there was, of course, not much we could do around the ship, but due to the previous four days this was very welcome indeed, and we had the privilege of spending a day in beautiful Antwerp. All in all we had a most pleasant stay on board SELANDIA, and both Thomas and I are most grateful of the hospitality provided by Captain Ashok and his crew. Simultaneously we had the chance to study the discharging of coal which was undertaken by an enormous discharging machine provided by Tilbury Power Station itself. It was, however, not the responsibility of the stevedores to clean the ladders on both sides of the holds, so we offered our Crossing the Channel Entering the locks in Antwerp Loading in Antwerp By Lars Mathiesen, General Manager Eitzen Bulk In connection with the visit by Niels Jørgen Laustsen, Claus Stahl, Michael Paulsen and Jesper Andersen of Eitzen Bulk, Copenhagen to Brazil in August, Eitzen Bulk, Rio de Janeiro arranged to host a party for our clients and business associates. A total of about 40 people from Brazil, Uruguay and Argentina including Eitzen staff were present to enjoy a relaxed afternoon onboard the M/Y "CASABLANCA", which is a motor Rio cruise yacht of 120' LOA and two decks. The weather co-operated and we proceeded from Marina da Gloria in Guanabara Bay in daylight along the beaches of Leme and Copacabana returning after sunset in the glare of the city's night lights. Eitzen Bulk, Copenhagen had arranged to bring a batch of light windbreakers in Eitzen livery, which was presented to each guest upon arrival onboard. Great food and drinks were provided by a local caterer and all took the opportunity to socialize and enjoyed the maritime setting around the great city of Rio de Janeiro. The Rio team 17

18 Best in class By Per Sennicksen, Director TESMA Dedication from our purchasing teams through the initial months of 2005 resulted in TESMA being awarded as "TradeNet Ship Owner/Manager of the Year that has been most progressive in using technology to improve the way it interacts with suppliers" at the annual TradeNet conference during June The nomination by our supplier base was for "TESMA centralising and streamlining purchasing for all offices through one channel, that makes dealing with the TESMA organisation even easier for suppliers". The judging panel included representatives from DnV Maritime, CapGemini, Digital Ship, Lloyds List and ShipServ. However, it was not only the award that was gratifying, because during the two day conference 100 maritime executives were tasked with identifying initiatives that would deliver a "SUPEREFFICIENT ship supply chain". The discussions and presentations from the ten workgroups revealed that TESMA already has in place what many visualise as being required IT support tools in the future. Perhaps most obvious was a statement by one of our esteemed competitors and colleagues: "TESMA is at least three years ahead of us". The TESMA e-way has also proven to give us the flexibility intended. Several vessels have transferred from one TESMA entity to another without loss of data, and the TESMArisation of TESMA UK did happen rather smoothly. We must, however, not rest on the laurels. A TESMA Global Information & Support Team (GIST) is being established to ensure we have sufficient focus and resources designated to continue our drive for innovation. Senior management meeting By Per Sennicksen, Director TESMA TESMA used the opportunity of TESMA UK's Grand Opening to conduct a two day Senior Management Meeting (TSMM) on under the heading "TESMA today the new beginning". The TSMM was the first of its kind since Camillo Eitzen & Co took 100% ownership of the TESMA network of professional ship managers. Discussions centred on the important topics of - Strategy; how ought TESMA to progress its business activities - Resourcing of seafarers; how do we maintain and expand our pool of qualified seafarers - Service and Delivery; how do we provide customer care The agenda allowed for a tour of Edinburgh Castle and a thorough introduction in single malt whisky from the highlands. 18 Eitzen News

19 TESMA introduces the SPOS onboard weather system By Peter Stoter, Meteo Consult B.V. Over the past years, new technological developments in IT, communications and weather forecasting have made it possible to support weather sensitive operations in a new way. For shipping, onboard advisory tools have been developed to increase both safety and economic performance. Following an evaluation, the technical department of TESMA in Copenhagen have decided to install the SPOS weather system on board vessels to support captains and officers in taking weather wise decisions. The main objectives are to avoid HW damage, save time and fuel whenever possible and calculate accurate ETA's taking forecasted weather conditions into account. Since 1997, the SPOS weather system has been developed by Dutch weather bureau Meteo Consult and Jo Tankers from Norway were the first users. Today, over 500 ships have a SPOS system on board, many Scandinavian shipping companies such as AP Møller/Maersk, Torm, Bergesen and Knutsen. The SPOS concept is fairly simple. A software program is installed on board and with this software, the master can subscribe to a weather forecast, e.g. for the North Atlantic. He can receive one or two updates per day via with pressure, wind, wave, hurricane, ice and ocean current information for the next five days. Each time when a new forecast is received, it is loaded into SPOS and weather maps can be displayed; also in animations. SPOS can also be used for voyage planning. The planned track can be analysed but SPOS may also calculate an optimum track for the voyage. Various tools (like tables, graphs) are present to compare different route options. A voyage plan is then created and may be updated each day with new weather and position information. At the end of the voyage, a complete voyage log is available in SPOS. To make the use of SPOS easier, a demo option is available in the software, explaining how to use this new tool in only ten minutes. Meteo Consult is pleased to welcome TESMA DK as a new customer and they have indicated that remarks and suggestions about SPOS are always welcome at TESMA trusts that SPOS will help us to "Master" the Weather. 19

20 Picasso at work for TESMA By Ricky S. Mehra, Master M/T SITAKATHRINE Generally people do ponder as to how the families on board the ships, pass their time doing something worthwhile. This picture shows my son Picasso (Tejas Mehra) at work and it is a classic example as how families keep themselves busy with due regard to safety. It is undoubtedly a good exposure to kids which help them to give importance to any kind of job in hand, and will surely help them to be better individuals in the future. We as parents should try to give the kids who are sailing as much as exposure of such kind to overcome the disadvantage of not being in touch with other kids of the same age. At last but not the least it makes them realise how the father earns his monthly wages to keep them happy and buy them all the possible comforts of life! TESMA crowd at Sembawang Shipyard In August TESMA Denmark had three LR product-tankers and sistervessels dry-docking at the same time at Sembawang Shipyard in Singapore, namely from left M/T "DIFKO BIRTHA" and M/T "DIFKO HANNE" owned by the Difko Company Nordan Tankers I/S and M/T "SITACAMILLA" owned by Waterfront Shipping AS. All three vessels were built in 1987 from Burmeiser & Wain Shipyard in Copenhagen. 20 Eitzen News

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