Eitzen Chemical ASA to sell the 42,000 dwt SITEAM MERKUR

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.