Stolt-Nielsen in JVs with Gulf Navigation
Stolt-Nielsen S.A. (SNSA) (Oslo Børs: SNI) said that its wholly owned subsidiary Stolt-Nielsen Indian Ocean and Middle East Service Ltd. ("Stolt") has entered into two 50/50 joint ventures with Gulf Navigation PJSC. The first joint venture, Gulf Stolt Tankers FZCO, will own six new 44,000 dwt coated chemical tankers. The ships will be traded in the Stolt Tankers Joint Service (STJS). Technical ship management will be provided by a second joint venture, Gulf Stolt Ship Management JLT, owned by Gulf Navigation and Stolt. Stolt-Nielsen will take delivery of four of the tankers - ordered in 2006 from SLS Shipbuilding in South Korea - during 2008 and 2009. Gulf Navigation will take delivery of two additional sister ships in 2009, having taken over options previously held by Stolt-Nielsen.
Feringa Named President of Stolt Tankers & Terminals
Stolt-Nielsen announced that Hans Feringa has been appointed President of Stolt Tankers & Terminals as of December 1, 2007. Hans Feringa will succeed Otto Fritzner, who will be retiring, as planned, from the Company at the end of the year. Hans Feringa has been Managing Director of Tanker Trading at Stolt Parcel Tankers Division since 2003. Prior to this he was Managing Director of Stolthaven Terminals Division (2000 to 2003) and Asia Pacific Regional Director, Stolthaven Terminals Division (1996 to 2000). Before joining Stolt-Nielsen S.A. in 1996, he was Commercial Director of Van Ommeren's Tank Terminal at Botlek, Rotterdam. He gained an MBA in 1987 from Rotterdam School of Management, Erasmus University prior to joining Van Ommeren.
Stolt-Nielsen Names Feringa as President of Stolt Tankers and Terminals
Stolt-Nielsen S.A. said that Hans Feringa has been appointed President of Stolt Tankers & Terminals as pf December 1, 2007. Hans Feringa will succeed Otto Fritzner, who will be retiring, as planned, from the Company at the end of the year. Feringa has been Managing Director of Tanker Trading at Stolt Parcel Tankers Division since 2003. Prior to this he was Managing Director of Stolthaven Terminals Division (2000 to 2003) and Asia Pacific Regional Director, Stolthaven Terminals Division (1996 to 2000). Before joining Stolt-Nielsen S.A. in 1996, he was Commercial Director of Van Ommeren's Tank Terminal at Botlek, Rotterdam. He gained an MBA in 1987 from Rotterdam School of Management, Erasmus University prior to joining Van Ommeren.
Stolt-Nielsen Announces Organizational Changes
Stolt-Nielsen S.A. announced organizational changes. • Stolt-Nielsen Transportation Group will become two separate business units: Stolt Tankers & Terminals (ST&T) and Stolt Tank Containers (STC). The new structure will enable ST&T to continue to focus on the global operational synergies between the tankers and terminals businesses. STC will benefit from greater flexibility and focus to pursue its targeted growth strategy and markets worldwide. • Implementation of a single Stolt-Nielsen S.A. (SNSA) corporate shared services structure combining HR, IT and Finance under the SNSA umbrella to ensure the deployment of common standards and best practices Company-wide. Stolt Sea Farm's business will be unaffected, apart from benefiting from certain of the shared services organizational changes.
