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Marine Log

April 21, 2008

Eitzen Chemical sells newbuild quartet

Eitzen Chemical ASA has reached an agreement to sell four newbuildings that it has on order in South Korea. The vessels are coated 13,000 dwt chemical carriers. The vessels will be delivered to the buyer upon delivery from the shipyard, which is expected to take place during the remainder of 2008, with the first vessel expected to be delivered in the second quarter. The total price is approximately $112 million and Eitzenwill book a total gain of approximately $12.5 million from the sale.

Chief Executive Terje Askvig said "these four vessels were contracted in 2007 with an opportunistic strategy in mind, and the divestment is coherent with this strategy."

After this sale the Eitzen Chemical fleet will consist of 101 vessels, 62 vessels of them owned or financially controlled, 22 newbuildings and 17 pool vessels.

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