Dow Chemical Files Suit Against Shipping Companies
Dow Chemical Company and its subsidiary Union Carbide Corporation have filed lawsuits in the US against Odfjell and three other major parcel chemical tanker carriers, Stolt-Nielsen, Tokyo Marine and JO Tankers in relation to violations of antitrust laws in the US, and claimed damages as a consequence thereof. The lawsuits have not yet been served on Odfjell. On September 29, Odfjell ASA's wholly owned subsidiary Odfjell Seachem AS entered into a voluntary plea agreement with the US Department of Justice. Odfjell Seachem AS agreed to plead guilty to a single-count violation of the US Sherman Antitrust Act for allocating customers and thereby fixing prices on certain contracts of affreightment from 1998 to 2002.
Kirby Buys 94 Inland Tank Barges
Kirby Corporation purchased from Union Carbide Finance Corporation, a subsidiary of Union Carbide Corporation, 94 inland tank barges for $23 million in cash. Nine of the 94 tank barges are currently out-of- service and will be sold. Kirby has operated the tank barges since February 2001 under a long-term lease agreement between Kirby and Union Carbide Finance Corporation. Joe Pyne, Kirby's President and Chief Executive Officer, commented, "The 85 in-service inland tank barges are all double hull. We anticipate this transaction to be marginally accretive to our 2003 earnings, as the integration of the leased tank barge fleet was completed during the 2001 third quarter." Kirby Corporation, based in Houston, Texas, owns or operates 937 inland tank barges and 219 inland towing vessels.
