Chemical tanker owner Christiania Shipping is embarking on a new chapter after refinancing loans that allowed Axel Eitzen and his partners to buy the company in 2018.
Eitzen said on Thursday that Christiania has struck a "long-term" deal with Dutch lender NIBC for an undisclosed amount.
In January 2018, the Norwegian shipowner joined together with compatriots Erik Bartnes and Nicolai Heidenreich to take over Herning Shipping from the investment company Triton, before renaming it Christiania.
The Denmark-based company was bought with three-year acquisition finance, including equity and bank borrowings.
Christiania said it now has a renewed equity base, comprising Oslo's Eitzen Group as the main shareholder, together with international long-term partners.
Big profit coming in 2020
The company added that it will be reporting Ebitda of more than $10m for 2020.
"I am very grateful and happy for the initial equity investors taking the chance to acquire the company three years ago, with the substantial challenge to return the company to profitability," said Eitzen, the majority owner and chief executive.
"I am equally grateful for the new long term investors and stakeholders now coming in and having faith in the future of the organisation and the company going forward."
Christiania has 18 smaller chemical tankers in operation. Of these, 13 are believed to be owned.
"We can therefore now look to the future with enthusiastic inspiration and the long term industrial, developing focus," Eitzen added.
Eitzen simplifying business interests
It was reported in October that Eitzen planned 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 would be possible to combine the ownership after the group found a solution with a Danish bank that considerably improved its financial situation.
The shipowner 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, after joining as partner last year.
Eitzen Rederi was previously reported to own 45% of Christiania Shipping, which logged revenue of $88.5m in 2019, against $90.6m in 2018. Eitzen Group now holds 70%.
Turned a profit in 2019
The operating result improved from a $1.4m loss in 2018 to a $100,000 profit in 2019.
Christiania marked a fresh start in Eitzen's shipping career.
After the global financial crash, he lost control of his four publicly-listed companies and went from employing 7,400 staff to just two.
But he told TradeWinds last year he always intended to make a shipping return.
