Per Sylvester Jensen, the CEO of Eitzen Chemical ASA ("Eitzen") has tendered his notice of resignation to the Eitzen Board of Directors. The Board of Directors has started its search for a new Chief Executive Officer.

As a separate matter, the Board of Directors and the Company's senior vessel lenders are jointly exploring opportunities to restructure the Company's debt to raise money to strengthen the balance sheet and grow the Company.

Chief Executive Officer

The Company's Chief Executive Officer (CEO), Mr. Per Sylvester Jensen, has informed the Board of Directors that he intends to step down from his position as CEO. He will continue in his position until further notice while a search for his successor is conducted. The Board of Directors has already started this work and hope to find Mr. Jensen's successor shortly.

The Board of Directors wishes to express its gratitude to Mr. Jensen for his dedication and leadership throughout his tenure as the Company's CEO, during which time he enhanced the commercial platform and contributed to strengthening Eitzen's position as a market leading chemical tanker operator.

Strengthen the financial base of the Company.

Reference is made to the financial restructuring of Eitzen Chemical ASA and its subsidiaries (the "Company") concluded in January 2013 whereby the Company entered into new loan agreements with its syndicate banks and the trustee of the bond loan (the "Restructuring").

The Restructuring enabled the Company to establish a stable financial base. Now, the Company and the senior vessel lenders are exploring opportunities to raise capital to strengthen the equity of the Company so it can again add to its asset base and market presence. In connection with seeking new investors in the Company, the lenders will consider modifications of the Company's existing indebtedness. The Company believes this is an appropriate time to consider these changes to its capital structure as the current capital structure restricts its ability to grow and to pursue attractive commercial opportunities. The Company also believes that the present market conditions are favorable with respect to investment in the chemical tankers market and a stronger balance sheet and investment capacity is necessary to carry out the Company's strategy.

In this connection with the investor solicitation process and associated debt modifications, Evercore Group L.L.C. (New York) ("Evercore") had been retained as an advisor.

For further information, please contact:

Aage Figenschou

Chairman of the Board of Directors

Telephone: +47 24 11 63 90

Andreas Reklev

Chief Financial Officer

Telephone: +47 23 11 43 21

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

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