European Commission Drops European Inland Barge Investigation

Stolt-Nielsen Transportation Group ), a wholly-owned subsidiary of Stolt-Nielsen S.A. reported that the European Commission's Competition Directorate has informed SNTG that the Competition Directorate has closed its investigation into possible collusive behavior in the intra- European inland barge industry. The European Commission's investigation of possible collusive activities in respect of deep-sea parcel tanker operations continues to be ongoing. In February 2003, SNTG announced it had been granted conditional immunity from imposition of fines by the European Commission with respect to both the deep-sea parcel tanker and intra-European inland barge operations.