OSLO, Norway, March 25, 2002 (PRIMEZONE) -- Odfjell is a leading player in the global market for transportation of chemicals and other specialty liquids, as well as related logistical services. Originally set up in 1916, the company pioneered the development of the chemical tanker trade in the middle of the 1950s and the chemical tank storage business in the late 1960s. Odfjell owns and operates chemical tankers, tank terminals and tank containers. The strategy is to continue developing our position as the leading logistic service provider to the chemical industry. We shall maintain that position through efficient and safe operation of deep-sea and regional chemical tankers, tank terminals and tank containers. Scale is needed to offer an efficient trading pattern in a global business environment, thereby maximizing fleet utilization. Our size also allows us to optimize our purchasing benefits.
Global Trade
The intercontinental transportation of chemicals and other liquids is our core business and as one of only two operators we provide a worldwide service. Our operations are fully integrated, with dedicated functions for technical management, operation and chartering. Odfjell currently operates a substantial share of the world intercontinental core chemical tanker fleet. Our fleet consists of 62 vessels and 10 newbuildings with a total capacity of about 2.5 million tdw. and generated a turnover of USD 621 million in 2001.
Regional Trade
Odfjell has 26 vessels with a total capacity of 289 000 tdw. dedicated to regional trade. Fourteen vessels are currently operating in the US Gulf, the Caribbean and along the east and West Coast of South America. In Asia, twelve vessels are operated out of Singapore. The objectives are to serve the growing regional markets and to ensure more efficient fleet utilization through our transshipment activities. Regional trade generated a turnover of USD 103 million in 2001.
Tank Terminals
Odfjell has direct investments in wholly owned tank terminals in Rotterdam and Houston as well as partially owned terminals in Singapore, and two in China. Early 2002 we made an agreement to acquire a majority share of a terminal under construction in Onsan, Korea. We also work closely with six terminals in South America through associated companies. Terminal operation brings substantial synergies with our transportation activities and improves quality control throughout the transport chain. Our tank terminal operations also offer opportunities to develop new markets where the infrastructure for carrying chemicals has been limited to date. Our terminal business generated a turnover of USD 89 million in 2001.
Tank Containers
Odfjell transports chemicals and liquids in tank containers through Hoyer-Odfjell, which is a joint venture company. Having started operations on January 1, 1999, the company serves the global market and plays an important role in Odfjell's broad range of integrated transportation services. The tank container operation is still under development and our fleet of tank containers consists of about 5,000 units. Our share of the turnover was USD 34 million in 2001.
Logistics
Increased efforts are being devoted to develop efficient logistical services to our customers by combining the various modes in the value chain.
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