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Stolt-Nielsen to enter Asian bitumen tanker market

Stolt-Nielsen to enter Asian bitumen tanker market

Shanghai: Stolt-Nielsen and China's Xinshun Shipyard have signed an agreement for the purchase of up to six 5,900dwt bitumen tanker newbuildings due for delivery beginning February 2010. Under the terms of the agreement, Stolt-Nielsen has placed firm orders for two ships and holds options to purchase a further four ships.
Stolt-Nielsen intends to set a new division in Asia-Pacific dedicated to supplying logistical services for the distribution of bitumen.

"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," said Niels G. Stolt-Nielsen, Stolt-Nielsen ceo. "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."

The company has also announced that it has established a new company, Stolt-Nielsen Gas Ltd (SNGL), in order to enter the LNG logistics business.  [17/08/07]