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Shanghai Sinochem-Stolt Shipping Company Ltd. Put into Operation

Date:2005-11-03 Source:Sinochem Group
On Sept.22nd, Shanghai Sinochem-Stolt Shipping Company Ltd., jointly held by Hainan Sinochem Shipping Ltd. and Stolt Group, was inaugurated in Shanghai. Sinochem-Stolt's founding was approved by the Ministry of Communication. The company went through the Ministry's tendering process and finally won the franchise. The establishment of the company signifies the great leap for China's water transportation to the direction of “Specialization, Consolidation and Standardization”.

Luo Dongjiang, the Chief Legal Counsel of Sinochem Corporation and the Chairman of the Board of Sinochem International, and Mr. Otto Frizner, CEO of Stolt Transportation Group, were presented at the inauguration ceremony. The ceremony was also attended by the officials from Shanghai Marine Administration and Shanghai Customs and the representatives from Shell, Taos, BASF and other companies.

In 2004, the Ministry of Communication launched the tendering for the business of marine transportation of chemical products between ports of mainland China for the shipping joint-ventures. The purpose for that was trying to level up the domestic chemicals transportation sector. As the syndication, Sinochem and Stolt won the bidding.

As China's largest liquid Chemical products' transporter, Hainan Sinochem Shipping is mainly engaged in liquid chemical products'cargo transportation along marine and river transportation routes both globally and domestically. Its business scope also covers ship management and proxy-protection. Hainan Sinochem Shipping has 16 ships for liquid chemical products' transportation; the annual shipping volume has surpassed 1.5 million tons. There are another 12 new high-standard liquid chemical transportation ships under construction. Hainan Sinochem Shipping owns 51% of the equity of Sinochem-Stolt.

Stolt Transportation Group is dual-listed in Oslo and Nasdaq. It is the world's largest transporter of chemicals products and other special liquids. It enjoys the leading technology and dominant market share. Its inland river transportation strictly follows the QHSE quality benchmark and wins the acknowledgement from BASF, Shell and other global chemical giants.