Eitzen Chemical ASA: Sale of Vessel

5 March 2008

Eitzen Chemical ASA has reached an agreement to sell the 42,000 dwt SITEAM MERKUR built in 1981. The delivery is expected to take place during the second quarter of 2008. The price is in line with the basis for the latest net asset value guidance and the company expects to book a gain of approximately USD 1.5 million from the sale.

Eitzen Chemical ASA's fleet will after this sale consist of 105 vessels, whereof 63 vessels are owned or financially controlled, 26 newbuildings and 16 pool vessels.

Eitzen Chemical, press release