Eitzen Bulk profit of 3,1m dollar in 1H

SHIPPING: Eittzen Bulk Shipping, listed in Copenhagen and since Monday operating under the new name U-Sea Bulk Shipping, scored a 3,1 million dollar net-profit in the first half year 2010. Q2 ended with a deficit of 2 million dollar,

U-Sea Bulk Shipping maintains its EBITDA outlook for 2010 of 16-22 million dollar, excluding non cash impact of the share options program and provisions for any impairment on prepayments for new build. The impact of the share options program totals 7.6 million dollar in 2010.

In June Camillo Eitzen & Co. ASA sold its majority shareholding of 74.3 % in Eitzen Bulk Shipping

to Ultragas. The family owned chilenian shipping company now holds 88,6 % of the shares in U-Sea Bulk Shipping.

Source: Eittzen Bulk Shipping / maritimedanmark.dk

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