Stolt-Nielsen, Vopak and Essberger Combine Chemical Tanker Fleets

Stolt-Nielsen Transportation Group Ltd., a wholly-owned subsidiary of Stolt-Nielsen S.A., Vopak Chemical Tankers B.V. and John T. Essberger GmbH & Co announced that, subject to regulatory approval by the European commission, they intend to establish a joint venture to combine their respective European chemical tanker coastal fleets commencing December 1, 2001 under the name of Vopak Essberger Stolt ChemPool.

SNTG's European chemical tanker fleet has operated under the name of Stolt-Nielsen Inter European Service (SNIES) and comprises 11 chemical tankers totaling 56,000 dwt. Since July 2000, Vopak Chemical Tankers B.V. and John T. Essberger GmbH & Co have operated under the name Vopak Essberger ChemPool, and consists of 24 chemical tankers totaling close to 96,000 dwt.

With the addition of the SNIES fleet, the Vopak Essberger Stolt ChemPool fleet will comprise 35 modern double hull chemical tankers with a total capacity of approximately 150,000 dwt. The new combined fleet will be managed from ChemPool offices located in Hamburg, Germany and Dordrecht, the Netherlands. SNIES will transfer its marketing and operational personnel to Hamburg and Dordrecht.

The marketing responsibilities will be divided between the offices as follows: From/to and within the Baltic: Hamburg Within the North Sea area/United Kingdom: Hamburg and Dordrecht From/to and within the Western to Central Mediterranean: Dordrecht From/to and within Eastern Mediterranean: Hamburg and Dordrecht