Norwegian shipowner Axel C Eitzen plans to combine several of his shipping companies into one this autumn.
The move would bring together family-controlled companies Catre, Camillo Eitzen and Eitzen Rederi.
Eitzen told Norwegian daily Finansavisen that it will be possible to combine the ownership of the company now that the group has found a solution with a Danish bank that considerably improves its financial situation.
The Norwegian businessman's activities include chemical tanker business through shipowning company Christiania Shipping in Copenhagen, and he has part ownership and management of a bulker and three gas carriers.
His son, Fridtjof C Eitzen, represents a fifth generation in the family's involvement in Camillo Eitzen & Co after joining as partner last year.
Axel Eitzen is now planning a full refinancing of Christiania Shipping.
In 2018, he joined together with two Norwegian partners — Erik Bartnes and Nicolai Heidenreich — to take over Herning Shipping from the investment company Triton, before renaming it Christiania.
The fleet now has 12 owned and seven chartered tankers between 3,500 dwt and 12,600 dwt in size. Eitzen Rederi owns 45% of Christiania Shipping.
Christiania Shipping had operating revenue of $88.5m last year, against $90.6m in 2018.
Its operating result improved from a $1.4m loss to a $100,000 profit in 2019.
