STOLT, ODFJELL-JO, THREE MEN IN A TUB…OF?

In a scathing article on today’s front page of one of the world’s most trusted and largest newspapers, The Wall Street Journal indicted, publicly, the two largest chemical carriers in the world, Stolt Nielsen SA (OSE: SNI, NASDAQ: SNSA) and Odfjell ASA (OSE: ODF, ODFB) for collusion.

Yesterday and today Odfjell announced it was aware that it was being investigated by the EU and, in parallel by the US Department of Justice and announced clearly that it would cooperate fully with the investigation. Stolt acknowledged the same and stated clearly that it too would cooperate fully with the investigation. MARINE MONEY has been on the horn all day with people speculating about the investigation and it’s really a fruitless exercise.

At this time no one knows the depth of the investigation or what penalties might be incurred if both or either are found to be in breach of the law. However, if the information that the Wall Street Journal printed is indeed true and there is no exculpatory evidence, Odfjell, Stolt-Nielsen and Jo Tankers, also named in the EU probe, are likely in some hot water.

This is only an excerpt of STOLT, ODFJELL-JO, THREE MEN IN A TUB…OF?

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