Eitzen Chemical Buys and Sells Vessels

Thursday, May 31, 2007
Eitzen Chemical ASA announced has reached an agreement to acquire the vessel Team Actinia for $20m. 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. The company also reported that it has sold the Sichem Camaron (7,650 dwt, built 1983) for $3.2m. The vessel is expected to be delivered in the 2nd quarter 2007. The company will book a profit of approximately $1m. from this sale.

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