Eitzen Chemical ASA buys and sells vessels

Eitzen Chemical ASA (the Company) announced today that it has reached an agreement in principal to acquire the vessel “Team Actinia” for USD 20.0 mill. The vessel is 40,296 dwt, built in Uljanik Shipyard, Croatia in 1993, single sided and double bottom. The intention is to convert the vessel to double hull. The vessel is currently trading in the Team Tanker Pool and is well known to the Company. Delivery of the vessel is expected to take place in the 3rd quarter 2007.