August 16, 2007
Stolt Nielsen explores new markets
In separate announcements today, Stolt-Nielsen S.A. (SNSA) (Oslo: SNI), said that it had established Stolt-Nielsen Gas Ltd (SNGL) "to explore opportunities to enter the Liquefied Petroleum Gas logistics business" and that it intends to establish a new division in the Asia-Pacific region that will provide logistical services for the distribution of bitumen.
The company has signed an agreement with Xinshun Shipyard in China for the purchase of up to six 5,900 dwt bitumen tanker newbuildings due for delivery from February 2010. Under the terms of the agreement, SNSA has placed firm orders for two ships and holds options to purchase a further four ships.
Mr. Niels G. Stolt-Nielsen, Chief Executive Officer of SNSA, said, "This investment in new, superior performance bitumen tankers represents our entry into an attractive sector, in a region where SNSA has long been one of the leaders in the chemical products transportation market. We are very pleased to have secured these high quality newbuildings from the Xinshun Shipyard, which will allow us to meet the demanding intra and inter-regional transportation needs of our oil refiner and industrial customers."