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Pakhoed News

06 Jul 1999

Dutch Shippers Pakhoed, Van Ommeren To Merge

Pakhoed NV and Koninklijke van Ommeren reportedly plan to merge into a European powerhouse with $3.43 billion in annual sales.

29 Jun 1999

Pakhoed Delays Refinancing of Fleet

Pakhoed NV has reportedly postponed the refinancing of part of its Pakhoed Shipping division fleet.

19 Jul 1999

Van Ommeren, Clipper In Dry Freight Venture

Van Ommeren, due to merge with domestic rival Pakhoed, announced its Van Ommeren Shipping venture will combine dry freight operations with those of Clipper Group in a new joint venture.

25 Aug 2000

Vopak Shares Hit Low

Shares in Dutch shipping and tank storage firm Vopak fell to a two-month low in early trade on Friday on poor earnings, a weak outlook and disappointing merger synergies. By 0734 GMT the stock was off almost nine percent at 22.90 euros, having earlier touched a bottom of 22.70 euros, making it the biggest percentage loser on the Amsterdam bourse. "Vopak said the merger synergies would be postponed, so the merger is not delivering results on the upside. That's a negative sign," said Wouter van Baal, senior account manager at Eureffect. Vopak, formed in November 1999 through the merger of Dutch sector peers Van Ommeren and Pakhoed, said it would not achieve the targeted merger synergies of 20 million euros this year, but these would reach 50 million euros by 2002.

15 Mar 2001

Vopak Sells Stake In Heavy Transport Group

Dutch-based chemical distribution and storage company Vopak NV said on Thursday it had sold one third of its 30 percent stake in unit Heavy Transport Group NV to unlisted Dutch partner Heerema. The transaction will generate a book profit of about 20 million euros ($18.15 million), which will be included in the 2001 results as an extraordinary gain, Vopak said in a brief statement. Last week, the group said it planned to trim its ownership in the shipping sector. Vopak was formed in November 1999 through the merger of Dutch sector peers Van Ommeren and Pakhoed NV. - (Reuters)

26 Apr 2001

Vopak To Sell Bitumen Fleet

Dutch-based chemical distribution and storage company Vopak NV said it signed a memorandum of understanding to sell its bitumen fleet to Swedish Tarbit Shipping AB. No financial details of the planned sale were released. Vopak had earlier said the bitumen fleet member Theodora Tanker no longer fitted with its strategy. Earlier this year Vopak sold one-third of its 30 percent stake in unit Heavy Transport Group to unlisted Dutch partner Heerema. Vopak was formed in November 1999 through the merger of Dutch sector peers Van Ommeren and Pakhoed NV. - (Reuters)

18 Oct 1999

Pakhoed Plans To Issue Financing Preference Shares

Pakhoed NV will reportedly publish a prospectus for the issue of a maximum of four million cumulative financing preference shares. The issue price is approximately $1,545 per 100 financing preference shares series 2. The proceeds of the issue will amount to about $62 million if the maximum number of shares are issued. The proceeds will be used to finance planned investment programs, including possible future acquisitions. The dividend percentage will be determined on Nov. 3 as specified in the prospectus, according to Pakhoed officials.

22 Oct 1999

Container Shippers Seek Rate Hikes

A group of container-shipping companies will reportedly seek rate increases of between 10 and 15 percent next year on cargo traveling to the United States from Asia. The group, the Transpacific Stabilization Agreement, represents 14 container-shipping companies that handle goods ranging from clothes to electronics, toys and home furnishings. Cargo in the trade, of which the group handles more than 70 percent, has been valued at more than $200 billion a year. The rate increases are scheduled to go into effect May 1, 2000. The Oakland, Calif.-based Transpacific Stabilization Agreement represents major shipping lines including A.P. Moller-Maersk Line, Evergreen Marine Corp.

22 Oct 1999

Shipping Industry To Face 'Famine'

The shipping industry faces lean times or worse over the next few years, industry experts said at a round table discussion. "I don't see any fat times ahead. I see lean times and perhaps famine," said Alexandros Kedros, a director of Greek company Halkidon Shipping. "It will not be easy... the ability to create assets (ships) will continue to undermine ability to earn a good return on operating those assets," said Peter Stokes head of research at investment bank Lazard Capital Markets. Stokes said most of the shipping industry was not large enough to attract public financial backing and was unable to make adequate returns on capital in the bulk and container sectors.

04 Nov 1999

Vopak, Worlds Largest Chem Shipping Company Born

Pakhoed NV and Van Ommeren - after years of toying with the idea of consolidation - have formally become the world's largest chemical shipping, tank storage and logistics group with the launch of Vopak shares on the Amsterdam bourse. The shares started trading at $24.84 (26.05 euros) and closed at a session high of 27 euros, giving the new company a market capitalization of $1.46 billion (1.396 billion euros). With more than 90 terminals, Vopak will hold about 30 percent of the world market in independent tank storage in addition to its market leading position in U.S. chemicals distribution and number two position in the European market, with an estimated overall worldwide market share of about five percent.

05 Nov 1999

Happy Birthday, Vopak: Worlds Largest Chem Shipping Company Born

After years of courting, Pakhoed NV and Van Ommeren formally became the world's largest chemical shipping, tank storage and logistics group last Thursday with the launch of Vopak shares on the Amsterdam bourse. The shares started trading at $24.84 (26.05 euros) and closed at a session high of 27 euros, giving the new company a market capitalization of $1.46 billion (1.396 billion euros). "We don't expect any spectacular movements in the share price" in the short term, said SNS Securities analyst Okko de Jager, who has a "buy" recommendation on the shares. The on-again, off-again merger of the former rivals has created a giant with deep pockets - estimated at one billion euros - and market commanding positions in Europe and the U.S.

25 Feb 2000

Vopak Reports '99 Net Down, Eyes Improvement

Dutch shipping and tank storage firm Vopak NV reported that its ordinary net profit fell by 5.3 percent in 1999, but said it expected improvements this year. Net profit from ordinary activities fell to $163.2 million, from $174.4 million in 1998, roughly in line with analysts' forecasts and earlier indications from the company of a five to 10 percent drop. The weakness was largely due to a drop in earnings at Tanker Shipping as excess capacity pressured rates. Total group net profits fell to $105. 3 million from $170 million, after $51.7 million of one-off charges mostly related to last year's merger. Vopak, the world's largest oil and chemical storage firm, was formed last year through the combination of Dutch rivals Van Ommeren and Pakhoed.