Stolt-Nielsen Transportation Group, Vopak Chemical Tankers and John T. Essberger to Combine Their European Chemical Tanker Fleets.

Business Editors

GREENWICH, Conn.--(BUSINESS WIRE)--Oct. 24, 2001

Stolt-Nielsen Transportation Group Ltd. (SNTG), a wholly-owned subsidiary of Stolt-Nielsen S.A. (Nasdaq: SNSA; Oslo Stock Exchange: SNI), Vopak Chemical Tankers B.V. and John T. Essberger GmbH & Co today announced that, subject to regulatory approval by the European commission, they intend to establish a joint venture to combine their respective European chemical tanker coastal fleets commencing December 1, 2001 under the name of

[pilcrow (paragraph sign)] Vopak Essberger Stolt ChemPool.

SNTG's European chemical tanker fleet has operated under the name of Stolt-Nielsen Inter European Service ("SNIES") and comprises 11 chemical tankers totaling 56,000 dwt. Since July 2000, Vopak Chemical Tankers B.V. and John T. Essberger GmbH & Co have operated under the name Vopak Essberger ChemPool, and consists of 24 chemical tankers totaling close to 96,000 dwt.

With the addition of the SNIES fleet, the Vopak Essberger Stolt ChemPool fleet will comprise 35 modern double hull chemical tankers with a total capacity of approximately 150,000 dwt. The new combined fleet will be managed from ChemPool offices located in Hamburg, Germany and Dordrecht, the Netherlands. SNIES will transfer its marketing and operational personnel to Hamburg and Dordrecht.

The marketing responsibilities will be divided between the offices as follows:

From/to and within the Baltic:                   Hamburg
Within the North Sea area/United Kingdom:        Hamburg and Dordrecht
From/to and within the Western to Central
Mediterranean:                                   Dordrecht
From/to and within Eastern Mediterranean:        Hamburg and Dordrecht

Commenting on the joint venture, Walter Wattenbergh, Managing Director of SNTG in Europe, said, "As the major chemical companies expand their operations and grow through mergers and acquisitions, chemical logistics companies must grow alongside them in order to provide the service levels demanded. In this respect, the Vopak Essberger Stolt ChemPool will be able to offer more frequent sailings to more ports which will result in improved service levels and increased flexibility for our customers."

Stolt-Nielsen Transportation Group Ltd., a subsidiary of Stolt-Nielsen S.A., together with its alliance partners, provides the world's leading network of transportation and storage services for bulk liquid chemicals, acids, edible oils and other specialty liquids. Through its logistics management systems and parcel tanker, tank container, terminal, rail and barge services, the company provides cost-effective solutions to meet the needs of its customers for single mode, multi-modal and full supply chain management services.

Vopak Chemical Tankers B.V. is the new name for Broere Shipping B.V. and part of Royal Vopak. Vopak offers logistics and distribution services to the chemical and oil industries and end-users of chemicals throughout the world. The organization has a global logistics network of terminals, tankers and tank containers and a North American and European distribution network of warehouses, customers and end-users. This places Royal Vopak in a unique position to be the link between producer and end-user of chemicals and oil products.

John T. Essberger GmbH & Co. is the tanker shipping division of the privately owned Rantzau Group in Hamburg, one of the major German shipping groups. The Rantzau Group maintains diversified shipping activities in the liner trades to South, West and East Africa as well as the Indian Ocean, dry cargo and bulk carrier operations and ship management. The liquid bulk shipping interests include the chemical tanker business in Europe as well as a chemical tanker fleet which is deployed in South and East Asia. Furthermore, the company is active as shipbroker in Hamburg and Cape Town as well as ship agency in major German ports.

This news release contains forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Actual future results and trends could differ materially from those set forth in such statements due to various factors. Additional information concerning these factors is contained from time to time in the Stolt-Nielsen S.A.'s U.S. SEC filings, including but not limited to the Stolt-Nielsen S.A.'s report on Form 20-F for the year ended November 30, 2000. Copies of these filings may be obtained by contacting Stolt-Nielsen S.A. or the U.S. SEC.