Stolt-Nielsen Buys Out Oiltanking's Interest In Houston Storage Terminal

Stolt Terminals Inc., a wholly owned subsidiary of Stolt Tankers and Terminals (Holdings) S.A., has purchased the interest held by Oiltanking Holding USA Inc., in their Stolt & Oiltanking Chemical Terminal joint venture in Houston. The amicable arrangement dissolves a partnership of six years. Stolt-Nielsen, as part of its corporate objective of becoming a fully integrated transportation and distribution company, wishes to expand the chemical storage facility to achieve closer integration with its tanker operations.

The terminal will be marketed as Stolthaven Houston. Oiltanking Holding USA Inc. has decided to concentrate on petroleum storage and handling, one of its primary interests worldwide.

Stolt-Nielsen's objective in the acquisition and subsequent expansion of Stolthaven Houston is to develop its "Owner's Berth" concept by making the terminal the focal point for cargo consolidation, transshipment and onward distribution, and thereby improve the cargo handling performance of the Stolt- Nielsen tankers calling at the Port of Houston.

Stolt Tankers and Terminals operates more than 55 parcel tankers, totaling 1.4 million deadweight tons, on worldwide trade routes, as well as four bulk liquid storage terminals and one cargo transfer facility with over 3.5 million barrels of capacity, and a fleet of more than 1,900 intermodal tank containers.

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Maritime Reporter Magazine, page 4,  Jul 1988 Connecticut

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First published in 1881 Maritime Reporter is the world's largest audited circulation publication serving the global maritime industry.