Port Security Conference

April 10, 2003

Chemical carrier case could drag on
"This matter will be ongoing for months if not years," says an update from Norwegian chemical carrier owner Odfjell on investigations by the EU Commission and the US Department of Justice into possible breaches of competition regulations.
"Shortly after the investigations were announced," says today's update from Odfjell, "one of our customers, JLM Industries, initiated a lawsuit against Odfjell in the US. The lawsuit is entirely based on information given in various articles in the Wall Street Journal. The claim is approximately $3 million."

Application as been made to the U.S. courts to convert the lawsuit into a class action against Odfjell, Stolt-Nielsen, Tokyo Marine and JO Tankers.
Odfjell says it has not yet received any feedback from the EU Commission.

"In the U.S.," says today's statement, "we are currently preparing to hand over to the authorities various documents as requested. It is anticipated that this matter will be ongoing for months if not years. Breaches of antitrust regulations in the EU and/or the U.S. may lead to substantial fines as well as potential civil lawsuits.

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