Camillo Eitzen & Co

Camillo Eitzen & Co developed as a Norwegian shipping company operating within the broader Eitzen corporate sphere. The company was headquartered in Oslo and traded on the Oslo Stock Exchange under the symbol CECO. The Eitzen Group controlled approximately 53 percent of the company, although Camillo Eitzen & Co had previously been part of that group before becoming separately organized in 2004. The company’s business was structured around maritime transportation and related shipping ownership or management. Its described fleet included dry bulk vessels, gas tankers, and conventional tankers. The company distinguished between vessels it operated directly, vessels under commercial management, and newbuilding ships. On the figures available in the reference material, 51 vessels were operated in the principal categories, while the wider managed and ordered fleet reached 136 vessels. Gas shipping formed the most extensively quantified operating segment. Eitzen Gas operated 22 vessels and had six additional vessels on order. A second gas subsidiary, ENGC, operated 18 vessels and had three more on order. Together, the two gas businesses accounted for 49 vessels in service or on order. These figures suggest that gas transportation was a substantial part of the group’s shipping platform during the period covered by the source. The tanker business was held through three subsidiaries: Partankers I KS, Partankers II KS, and Partankers III AS. Their fleets consisted of two, three, and one vessels respectively, for a combined total of six tankers. The reference material also records that the company had previously owned Tschudi & Eitzen Shipping, illustrating the group’s history of changing joint ventures and subsidiary holdings. Camillo Eitzen & Co also maintained a connection to dry bulk shipping through its ownership of Eitzen Bulk Shipping A/S. In June 2010, it sold its full 74.33 percent stake in that company to Navieras Ultragas Ltda. for an agreed price of 93 million U.S. dollars. The transaction ended Camillo Eitzen & Co’s ownership interest in Eitzen Bulk Shipping and marked a material change in its bulk-shipping portfolio. The company was additionally described as a majority owner of Eitzen Chemical and Eitzen Maritime Services. These holdings placed Camillo Eitzen & Co within a wider maritime business network extending beyond the operation of its own vessel fleet. The available references do not provide enough information to establish a complete chronology of incorporation, later restructuring, management succession, or the company’s present status. The record therefore describes the company using the historical operational information available rather than asserting that it remains active today.

• 2010

  Sale of Eitzen Bulk Shipping stake

  [1]Camillo Eitzen & Coen.wikipedia.org

  The company sold its entire 74.33 percent holding in Eitzen Bulk Shipping A/S to Navieras Ultragas Ltda. for an agreed price of 93 million U.S. dollars.

• 2004

  Separation from the Eitzen Group

  [1]Camillo Eitzen & Coen.wikipedia.org

  Camillo Eitzen & Co had previously been part of the Eitzen Group and was described as having become separate from it by 2004, while remaining controlled by the group.

A diversified Norwegian shipping group with exposure to dry bulk, gas transportation, tanker operations, vessel management, and maritime investments.

• Maritime transportation

  Dry bulk shipping

  Camillo Eitzen & Co had exposure to dry bulk shipping through its interest in Eitzen Bulk Shipping A/S. The company sold its entire 74.33 percent stake in that business in June 2010, after which it no longer owned shares in the bulk-shipping company.

• Maritime transportation

  Gas tanker shipping

  Gas shipping was operated through Eitzen Gas and ENGC. The available description records 22 vessels in operation and six on order for Eitzen Gas, alongside 18 vessels in operation and three on order for ENGC. The two businesses together represented 49 vessels operating or on order.

• Maritime transportation

  Tanker shipping

  The tanker operation consisted of six vessels held through Partankers I KS, Partankers II KS, and Partankers III AS. The three entities held two, three, and one vessels respectively.

• Maritime services

  Commercial vessel management

  The company’s reported fleet figures included commercially managed and newbuilding vessels in addition to vessels directly operated. This indicates that its maritime offering included management and fleet-development activities as well as vessel ownership.

• 2010

  Divestment of Eitzen Bulk ShippingM&A

  Background

  Camillo Eitzen & Co held a 74.33 percent interest in Eitzen Bulk Shipping A/S as part of its dry bulk exposure.

  Action taken

  The company sold its entire stake to Navieras Ultragas Ltda. for an agreed purchase price of 93 million U.S. dollars.

  Aftermath

  Camillo Eitzen & Co no longer owned shares in Eitzen Bulk Shipping after the transaction.

  Agreed purchase price. 74.33% ownership stake → No ownership stake (June 2010)

  Source

1. 1Camillo Eitzen & Coen.wikipedia.org