Eitzen declares options

Eitzen Chemical ASA in Norway has declared an option to build two additional vessels with Jinse Shipbuilding Co. Ltd. in Korea. The vessels are coated 13,000 dwt chemical carriers and will be delivered in 2008 at a cost of $24 million each. This brings the series from Jinse to four vessels.

Terje Askvig, Chief Executive said: “We find both the price and the delivery time very attractive for these newbuildings, which in today’s market have an estimated value which is above the contract price. Strategic alternatives will be evaluated for these vessels.”

Following this acquisition, the Eitzen Chemical fleet consists of 74 vessels and 32 newbuildings to be delivered before the end of 2010.