Stolt-Nielsen Says Dow Lawsuit Without Merit
Commenting on a lawsuit filed recently by Dow Chemical Co. against four chemical carriers including Stolt-Nielsen S.A., SNSA said that the company believes the Dow Chemical claims are without merit and that it will vigorously defend itself against those claims. The company added that the relationships between its chemical shipping unit - Stolt-Nielsen Transportation Group B.V. - and its customers are governed by contracts that contain arbitration clauses. SNSA said it will move for the courts to compel arbitration as agreed to by customers in their contracts with the company. The other three carriers named in the Dow Chemical suit are Odfjell ASA, Jo Tankers B.V. and Tokyo Marine Co, a unit of Mitsui O.S.K. Line Group.
Parcel Tanker Company Agrees to Plead Guilty, Pay $19.5M Fine
The U.S. Department of Justice issued a Press Release stating that Jo Tankers B.V. has agreed to plead guilty and pay a $19.5 million criminal fine for participating in an international cartel to allocate customers, rig bids, and fix prices on parcel tanker affreightment contracts for shipment of specialty liquids to and from the United States and elsewhere. The plea agreement and recommended sentence are subject to court approval. (HK Law)
