Actual News History Analyses Other

Vopak News





Wednesday December 12 2001
Shell and Vopak sign agreement for new loading gantry at Pernis
Shell Nederland Chemie B.V. (`Shell') and Vopak Logistics Services Netherlands B.V. (`Vopak') have on Wednesday (12 December 2001) signed an agreement for the construction of a new road tanker loading gantry in Pernis. The new gantry will replace the existing loading facilities for hydrocarbon solvents and will be built and operated by Vopak.

Tuesday November 13 2001
Vopak warns over results
The weakening global economy has led Vopak to warn that it now expects a net result similar to 2000 levels or even lower. At an extraordinary general meeting late last week, the Dutch company said income before amortisation of goodwill excluding extraordinary results would approximately equal last year's E160m (Dollars 143m).

Friday November 9 2001
Vopak appoints mr. G. Pruitt to Executive Board
Koninklijke Vopak N.V. (Royal Vopak) announces that the Supervisory Board has appointed Mr. Gary Pruitt to the Executive Board of Koninklijke Vopak N.V. The Executive Board now consists of Mr A.H. (Ton) Spoor, Chairman, Mr. P.R.M. (Paul) Govaart, Mr. N.J.A. (Niels) von Hombracht and Mr. G.E. (Gary) Pruitt.

Vopak: extraordinary General Meeting of Shareholders
Following an earlier announcement of July 6, 2001, the Supervisory Board of Koninklijke Vopak N.V. (Royal Vopak) intends to appoint Mr. Gary Pruitt to the Executive Board of Koninklijke Vopak N.V. after the Extraordinary General Meeting of Shareholders, which will be held on Friday, November 9, 2001.

Tuesday October 30 2001
Vopak sells minority interest in French tank terminal
Vopak announces that it has reached an agreement in principle to sell its 21,03% shareholding in D‚p“t P‚troliers de Fos S.A. (DPF), Marseille, France, to Agip and the French companies Dyneff and Petrovex (Auchan). Both Agip and Dyneff already have a shareholding in DPF. The planned sale is in line with the strategy of Vopak to optimize its terminal network and related invested capital.

Thursday October 25 2001
Vopak Essberger ChemPool and Stolt-Nielsen Transportation Group joint venture
The Vopak Essberger ChemPool in Dordrecht, The Netherlands and Hamburg, Germany and Stolt-NielsenTransportation Group, operating under the name of Stolt-Nielsen Inter European Services (SNIES), Rotterdam, The Netherlands on Thursday announced their intention to establish a joint venture combining their respective coastal chemical tanker fleets operating in Europe.

Monday August 20 2001
Vopak acquires GATX Asian Terminal Interests
Royal Vopak has reached agreement with Chicago based GATX Corporation on the acquisition of the latter's tank storage interests in Asia. These interests include GATX's 50% shareholding in GATX Terminals (Jurong) Pte in Singapore with a capacity of 152,000 cbm. Through this company in which the Port of Singapore Authority and Jurong Town Corporation also participate, Vopak will indirectly obtain a 30% interest in Malaysia based Kertih Terminal (395,000 cbm capacity) and a 60% share in the Chinese Shandong Lanshan Terminal (capacity 96,000 cbm).

Tuesday August 14 2001
Vopak feels effect of slide in manifacturing
Vopak warned that full-year earnings would be well down on expectations, in spite of a better first-half performance than expected. The Dutch group reported strong gains in earnings in its chemical and oil logistics division, but a slide in profits at its chemical distribution arm, especially in North America, the UK and Nordic regions.

Monday August 13 2001
Net income H1 21 % up, second half expected down
Net sales increased by 42% to EUR 3.0 bn (2000 H1: EUR 2.1 bn). Group operating income before amortization of goodwill (EBITA) improved by 29% to EUR 199.6 mln (2000 H1: EUR 154.7). Vopak achieved a net income before amortization of goodwill of EUR 94.5 mln for holders of ordinary shares. This is a 21% increase versus the same period in 2000 (EUR 78.2 mln).

Monday July 23 2001
Vopak Mineral Oil Barging and Van der Skuijs Tankrederij intend to cooperate
Royal Vopak announces the intention of its operating company Vopak Mineral Oil Barging B.V. (Rotterdam and Dsseldorf) and Van der Sluijs Tankrederij B.V. to combine their brokering operations. The cooperation will take the form of a joint venture. Before the joint venture can commence operations, approval of the European Commission is required.

Friday July 13 2001
Vopak sells USA dry cargo terminals and Australia tankstorage terminal
Koninklijke Vopak N.V. (Royal Vopak) announces that it has completed the sale of two of its group companies. In the USA Vopak sold its four dry cargo terminals to Kinder Morgan Energy Partners L.P. based in Houston, Texas. The four dry cargo terminals are located along the US East coast in Florida and Virginia.

Friday July 6 2001
Vopak internationalizes Executive Board
The Supervisory Board of Koninklijke Vopak N.V. (Royal Vopak) intends to appoint Mr. Gary Pruitt to the Executive Board. Mr. Pruitt has been with the organization since 1978. Currently Mr. Gary Pruitt serves as Senior Vice-President Finance for Vopak USA., Vopak's North American chemical distribution business.

Thursday March 15 2001
Vopak sells part interest in heavy transport
Vopak N.V. announces that, as a result of the strategy to reduce its capital invested in shipping activities, it has sold one third of its 30% interest in Heavy Transport Group N.V. to its partner Heerema. With this transaction Vopak will realize a book profit of approximately EUR 20 mln, which will be recognized as extraordinary income in 2001.

Thursday March 8 2001
Vopak Barging Europe extends its quality lead
Vopak Barging Europe B.V., part of Koninklijke Vopak N.V. (Royal Vopak), is the first inland tanker shipping company in Europe to receive certification for meeting safety standards that have been established through close collaboration between the chemical industry, the transport sector and the European Norm Committee.

Vopak generates turnover growth in US
Vopak was troubled by the rise in the price of oil last year. Higher prices, for transport for example, could not be passed on. Customers also postponed orders, chairman Ton Spoor said yesterday in a statement on the annual results. Due to higher purchase prices, the chemical distribution activities in Europe in particular generated disappointing results - profit of this division fell by 26%.

Wednesday March 7 2001
Vopak sees 2001 net pre-ex, pre-goodwill up 19-21%
Vopak expects net profit for 2001 before exceptional items and the write-off of some EUR 18 mln in goodwill relating to the Ellis & Everard acquisition to increase by 19-21%, while net profit after goodwill is seen rising 8-10%. Vopak said the forecasts are based on the assumption of an oil price of 25 to 30 usd per barrel and a 'soft landing' for the US economy.

Thursday February 22 2001
Vopak to sell liner agencies to Burger
Vopak N.V. intends to sell its liner agencies to Koninklijke Burger Groep, established at Poortugaal, the Netherlands. The transaction will involve activities in the Netherlands, Belgium, France, Germany and Sweden. In addition, forwarding operations in Sweden and Germany and fleet staffing activities in Bremen, Germany, will also be transferred to the Burger Group.

Thursday January 18 2001
Vopak acquisition of Ellis & Everard completed
Koninklijke Vopak N.V. (Royal Vopak) announced on Thursday that the takeover bid for Ellis & Everard, launched on November 10, 2000, has become unconditional in all respects. The European Commission has cleared the proposed acquisition. The completion of this transaction strengthens Vopak's position in the growing chemical distribution market.

Vopak Distribution Holdings UK limited
The board of Vopak Distribution Holdings UK announces that all conditions of the Offer have now either been satisfied or waived and accordingly the Offer for Ellis and Everard, as set out in the Offer Document dated 10 November 2000, has become unconditional in all respects. The Offer became unconditional as to acceptances on 15 December 2000.

Friday January 5 2001
Vopak Distribution acquires 93% of Ellis & Everard
UK Limited announces that as at 3.00 pm on 4 January 2001, Vopak Distribution Holdings UK had received valid acceptances of the Offer in respect of 62,892,129 Ellis & Everard plc ("Ellis & Everard") Shares in aggregate, representing approximately 62.9%. of the existing issued ordinary share capital of Ellis & Everard.

Monday December 18 2000
Vopak Distribution recommended cash offer for Ellis & Everard
Vopak Distribution Holdings Uk Limited announces that as at 3.00 pm on 15 December 2000, Vopak Distribution Holdings UK had received valid acceptances of the Offer in respect of 60,107,048 Ellis & Everard plc Shares in aggregate, representing approximately 60.1%. of the existing issued ordinary share capital of Ellis & Everard.

Monday December 4 2000
Vopak Distribution UK Limited recommended cash offer for Ellis & Everard
Vopak Distribution Holdings UK Limited ("Vopak Distribution Holdings UK") announces that as at 3.00 pm on 1 December 2000, Vopak Distribution Holdings UK has received valid acceptances of the Offer in respect of 53,901,926 Ellis & Everard plc ("Ellis & Everard") Shares in aggregate, representing approximately 53.9%.

Wednesday November 29 2000
Vopak further implements strategy
In line with the strategy it announced in August, Koninklijke Vopak N.V. (Royal Vopak) is taking the following steps: Acquisition of chemical distribution company VaissiŠre Favre in France Vopak France SARL, a Royal Vopak holding company, will acquire all outstanding shares in the French distribution company VaissiŠre Favre with effect from December 1, 2000.

Friday November 10 2000
Vopak buys Ellis and Everard
The boards of Vopak and Ellis & Everard announce that they have reached agreement on the terms of a recommended cash offer being made by ING Barings on behalf of Vopak Distribution Holdings UK, a wholly owned subsidiary of Vopak, to acquire the whole of the issued and to be issued ordinary share capital of Ellis & Everard not already owned by Vopak Distribution Holdings UK.

Acquisition Vopak 29.9% Ellis & Everards's issued ordin. share capital
Vopak earlier on Friday announced a recommended cash offer for Ellis & Everard of 310 pence per Ellis & Everard Share valuing the existing issued ordinary share capital of Ellis & Everard at approximately GBP 310 mln. The Offer is being made by ING Barings on behalf of Vopak Distribution Holdings UK, a wholly owned subsidiary of Vopak.

Wednesday October 4 2000
Vopak Barging Europe rejuvenates chemicals tanker fleet
Vopak Barging Europe B.V., which forms part of Koninklijke Vopak N.V. (Royal Vopak), will shortly add the Vopak.Newton to its chemicals inland tanker fleet. This sister vessel of the Vopak.Einstein, which was taken into use earlier this year, will be christened at Groothoofd in Dordrecht (The Netherlands) on October 5, 2000, at 10 a.m.

Friday September 29 2000
Extraordinary General Meeting of Shareholders of Vopak
Koninklijke Vopak N.V. (Royal Vopak) will hold an Extraordinary General Meeting of Shareholders at its head office, Blaak 333 in Rotterdam, at 4 p.m. on November 2, 2000. At the meeting, the Supervisory Board will announce its intention to appoint Mr. P.R.M. Govaart to the Executive Board of Royal Vopak.

Tuesday August 29 2000
HAL increases stake in Vopak to 38%
Investment company HAL has increased its stake in Vopak from 32% to appoximately 38%. Also ING Group has increased its stake, from 9.8% to 10.24%. HAL acquired a 10.4% stake in Van Ommeren in September 1999. After the merger of Van Ommeren with Pakhoed into Vopak, HAL further increased its Vopak stake.

Friday August 25 2000
Vopak results lead to strategy rethink
Vopak is to reduce its network of terminals after failing to achieve the financial benefits it forecast after its creation late last year. Pakhoed and Van Ommeren, two Rotterdam-based rivals, merged after a previous attempt had been called off amid a dispute over what should be cut. The deal left some of these issues unresolved.

Vopak H1 net profit up 8%
Vopak reported on Friday net profit for the first-half of 2000 increased 8% to EUR 82.5 mln, compared with net profit of EUR 76.3 mln the company booked in the comparible period of 1999. Turnover increased 19% from EUR 1,764.9 mln to EUR 2,108.2 mln. Operating income increased 15% from EUR 111.5 mln to EUR 127.9 mln. Earnings per share for the first-half of 2000 increased 6% to EUR 1.49, compared with earnings per share of EUR 1.40 for the first-half of 1999.

Tuesday August 1 2000
Vopak, Petroplus, BP in shipping portal
Vopak, Petroplus, BP and European oil-trader Marquard & Bahls will launch a new internet-based portal and online exchange for Rhine-based shipping, Petroplus said. An independent company will be created to own and operate the portal, Petroplus said, adding that the new venture is scheduled for launch in the third quarter of this year.

Monday July 3 2000
HAL increases Vopak stake to 25.5%
HAL Holding has increased its stake in Vopak to 25.5%, according to the bourse watchdog STE's share ownership register.

Thursday June 22 2000
Vopak to pool chem tankers with Essberger
Vopak said on Thursday it would pool its European chemical tankers fleet with German Rantzau Group's John T.Essberger. Under the deal, which is set to link the two operations on July 1 under the name Vopak Essberger ChemPool, each company will maintain operational responsibility for its own fleet and work out of their own offices in Dordrecht, the Netherlands and Hamburg.

Wednesday June 21 2000
Vopak finalises Singapore takeover
Vopak announced it has acquired the remaining 50% stake it did not already own of two subsisdiaries: Singapore-based Van Ommeren Gas Shipping and Chemgas. The takeover will contribute to profit this year, the company said. Vopak has sold another subsidiairy, Rotterdam-based Botlek Tank Terminal to Odfjell of Norway for about EUR 70 mln.

Tuesday June 20 2000
Vopak in chemicals distribution deal
Vopak said on Tuesday it had signed an agreement with US Millennium Inorganic Chemicals. worth EUR 60 mln annually to distribute titanium dioxide in Europe. The deal will take effect within two years and Vopak, which will distribute the chemical in 16 European countries, said it was the biggest-ever agreement between a producer and distributor of chemicals.

Tuesday June 13 2000
Vopak's vice-president resigns
Vopak announced vice-president of Vopak, Roelof Hendriks, will resign with immediate effect from his position. Hendriks is stepping down because of differences of opinion over the handling of company policy, said Vopak.

Friday February 25 2000
Vopak net profit down 38%
Vopak reported on Friday net profit for 1999 fell 38% to EUR 105.9 mln, compared with net profit of EUR 171.1 mln the company booked in the comparible period of 1998. Profits were pressured by the costs of last year's merger of Van Ommeren and Pakhoed, which created Vopak. Turnover increased 7% from EUR 3,348.8 mln to EUR 3,582.8 mln.

Vopak launches internet initiative
Vopak said on Friday that it would launch an internet initiative,, to distribute chemicals and sell logistics services. Vopak said that Bellevue-based (Washington, US) would initially focus on specialty, fine and semi-commodity chemicals. Vopak said that in has received encouraging producer response to its e-commerce initiative.

Thursday February 17 2000
Vopak sees growth in methanol
Vopak expects storage of methanol at its Europoort terminal in Rotterdam to double to two million tonnes over the next five year. Vopak said it has invested EUR 7 mln in new facilities at the terminal last year in a move to develop the world's largest methanol storage facility. The company said it has concluded a 10-year EUR 50 mln contract with Canadian company Methanex, the world's largest gas producer.

Wednesday February 2 2000
Vopak expands in the UK
Vopak announced on Wednesday that it has acquired the 50% stake in Tees Storage Company from GATX Terminals Corporation it did not already own. Vopak said that it would integrate the terminal into its worldwide terminal network serving the chemical industry. Vopak said it has has a market share of around 25% in the total independent storage market in the UK.

Tuesday January 25 2000
Vopak subsidiary acquires terminal
Vopak announced on Tuesday that its Korean tank storage company, a joint venture between Vopak (49%) and Pumyang (51%), has acquired all assets of Sungshin Tank Terminal (STT). The terminal is suited for the storage of chemical products and has a storage capacity of 67,450 cbm. The acquisition offers Vopak additional opportunities to expand in Ulsan.

Monday January 17 2000
Vopak buys terminal in Mexico
Vopak announced on Monday that its unit Van Ommeren TMM Terminals has acquired terminal Latex Distribuidor of Veracruz, Mexico. Financial details of the deal were not disclosed. Vopak expects continuing growth in the Mexico market for liquid logistics services and is committed to expanding its presence in Mexico to provide these services.

Wednesday December 29 1999
Vopak board members steps down
Vopak announced on Wednesday that its supervisory board member J.van Dijk would step down next Friday, December 31. Vopak said the move follows Vopak's planned reduction of its supervisory board.

Wednesday December 22 1999
Vopak acquires TMM's stake in Van Ommeren-TMM Terminal
Vopak announced on Wednesday that it has reached agreement with Transportacion Maritima Mexicana (TMM) to acquire TMM's 51% stake in the Van Ommeren-TMM Terminal joint venture, the storage company in Mexico previously owned by Royal Vopak and TMM. Vopak said that the acquisition would better serve the international chemical industry.

Tuesday November 30 1999
Vopak increases stake in Singapore unit
Vopak announced on Tuesday that it has further increased its stake in Van Ommeren Tank Terminal (Singapore) by 3.5% to 69.5%. Together with PSA Corporation Limited (PSA), Vopak acquired Development Bank of Singapore's (DBS) 5% shareholding. As a result, PSA's interest in Van Ommeren Tank Terminal (Singapore) has risen from 29 to 30.5%.

Monday November 22 1999
Vopak increases Singapore stake
Vopak announced on Monday that it has increased its 59% stake in in Van Ommeren Tank Terminal Singapore by 7% to 66%. Vopak bought the stake from Intraco for some EUR 12.5 mln. The company said that the acquisition would immediately provide a positive contribution to the 1999 net profit. Vopak is the merger of Van Ommeren and Pakhoed. The company offers logistics and distribution services to the chemical and oil industries and end-users of chemicals throughout the world.

Wednesday November 3 1999
Pakhoed issue of pref shares completed
Pakhoed announced on Wednesday that it has completed the issue of 4 million series 2 financing preference shares, at an issue price of NLG 2,937.50 per 100 shares. The dividend on the series 2 financing preference shares for the period until December 31, 2004 has been fixed at 6.14%. As per January 1, 2005, and every 8 years thereafter, the dividend will be fixed according to the Articles of Association of Pakhoed.

Monday November 1 1999
Pakhoed shareholders give Vopak green light
Pakhoed announced on Monday that the extra ordinary meeting of shareholders of the company decided in favor of the legal merger with Royal Van Ommeren and Vopak. The merger decision can be implemented once the extra ordinary meeting of shareholders of Van Ommeren and the Executive Board of Vopak have likewise decided in favor of the merger.

Monday October 11 1999
Vopak to be listed on November 4
Pakhoed and Van Ommeren announced on Monday that the merger document, also introduction document, is available. The extraordinary general meetings of shareholders of Pakhoed and Van Ommeren will be held on 1 and 2 November 1999 respectively, they said. The notarial deed of merger is expected to be executed on 3 November 1999.

Friday October 1 1999
Pakhoed, Van Ommeren merger proposal filed
Pakhoed and Van Ommeren announced on Friday that they had filed the proposal for their statutory merger at the Commercial Register of the Chamber of Commerce in Rotterdam. On Monday, November 1, 1999, the extraordinary general meeting of shareholders of Pakhoed will be held to vote the merger proposal. The extraordinary general meeting of shareholders of Van Ommeren will take place on Tuesday, November 2, 1999.

Pakhoed finalises terminals sale to Koole
Pakhoed announced on Friday that it has sold three terminals, namely, Paktank Pernis B.V., Tank Terminal Nijmegen B.V. and Humber Nijmegen B.V., to C. Koole Beheer. Financial details of the transaction were not disclosed. Together, the Paktank Pernis and the two Nijmegen terminals employ about 100 people.

Friday September 10 1999
EU approves Vopak, cuts 225 jobs
Pakhoed and Van Ommeren announced on Friday that the European Commission in Brussels has just given its approval for the merger proposed by the two companies in July 1999. Approval has been granted on condition that the divestment of terminals in Rotterdam and Antwerp proposed by Vopak are carried out, in order to safeguard competition.

Wednesday September 8 1999
Pakhoed acquires Polish distributor
Pakhoed announced on Wednesday that it has acquired Polish distributor Dystrybucja for an undisclosed sum. Dystrybucja is the most important distributor of consumables for the fast growing Polish automotive industry, Pakhoed said. Besides that Dystrybucja is distributor of the Polish 3M organization.

Monday September 6 1999
Pakhoed cancels placement PakShip CV's
Pakhoed announced that it has decided to cancel the placement among private investors of the participations in the Six PakShip CV's. Pakhoed said it decided to cancel the placement because the Dutch tax position of private investors who participate in CV structures was unclear. Pakhoed said it came to the decision after consultation with ABN Amro Bank.

Thursday August 26 1999
Large contract Pakhoed Shipping with Dow
Broere Shipping, a subsidiary of Pakhoed Shipping, has signed a contract with Dow Benelux for the transportation of 800,000/900,000 tons of liquid chemicals a year between various ports in northwestern Europe, Pakhoed announced on Thursday. The contract, which is for a period of 3-5 years, is the largest transportation contract ever for Broere Shipping. Broere Shipping shall be leasing additional tonnage, Pakhoed said. Financial details of the contract were not disclosed.

Thursday August 19 1999
Van Ommeren H1 net profit down 34%
Van Ommeren reported on Thursday net profit for the first-half of 1999 fell 34% to EUR 25.9 mln, compared with net profit of EUR 39.5 mln the company booked in the comparible period of 1998. Turnover decreased 3% from EUR 171.6 mln to EUR 167.3 mln. Operating income decreased 8% from EUR 50.5 mln to EUR 46.6 mln.

Van Ommeren says Pakhoed merger on schedule
Preparations for the merger with Pakhoed are progressing according to schedule, Van Ommeren said on Thursday. Both companies expect to round off the talks with the European Commission in Brussels by mid-September. The merger proposal will be lodged at about the same time. Subject to the approval of the European Commission in Brussels and the advice from the Central Works Councils, the two companies expect to realise the merger by around mid-October.

Pakhoed H1 net profit down 7%
Pakhoed reported on Thursday net profit for the first-half of 1999 decreased 7% to EUR 50.0 mln, compared with net profit of EUR 53.5 mln the company booked in the comparible period of 1998. Turnover increased 0% from EUR 1,597.3 mln to EUR 1,600.0 mln. Operating income decreased 2% from EUR 98.9 mln to EUR 97.0 mln.

Wednesday July 28 1999
Van Ommeren wins arbitration case
Van Ommeren Shipping has won an arbitration case in London against Czech Ocean Shipping. The Czech from was demanding damages of USD 50 mln after Van Ommeren Shipping refused the delivery of eight ships in 1997 because the former Czech state shipping company had failed to adhere to its delivery contract. The contract stipulated that breaking the contract was acceptable if delays occurred.

Monday July 19 1999
Van Ommeren and Clipper combine dry bulk interests
Van Ommeren announced on Monday that Van Ommeren Shipping, a joint venture of Van Ommeren (49%) and NesBIC (51%) has reached agreement with shipowning and operations company Clipper Group on combining dry bulk interest. Clipper will acquire a 40% stake while the existing shareholders' interests will be reduced to 30% each.

Wednesday July 7 1999
Koole buys three Pakhoed storage tanks
Pakhoed announced on Wednesday that it has signed a letter of intent with Koole Beheer on the sale of three of Pakhoed's terminals, being Paktank Pernis and two tank terminals in Nijmegen. The terminals are specialised in handling edible oils and fats of vegetable and animal origin, and also related oleochemicals. Financial details of the deal were not disclosed.

Monday July 5 1999
Pakhoed, Van Ommeren to merge
Pakhoed and Van Ommeren announced on Monday that they relaunched their merger plans after an earlier bid failed last year due to disagreement over the terms of the alliance. The companies said that more specific requirements of the chemical and oil industries prompted the fresh attempt. The parties expect to effectuate the merger in October. The new company, which will be named Vopak, will have combined turnover of NLG 7.3 bn, pro forma earnings of NLG 666 mln and a workforce of 9,500.

Thursday July 1 1999
Pakhoed finalizes the acquisition of Roland
Royal Pakhoed announced on Thursday that it has acquired Belgian chemical distribution company Roland, including its subsidiaries Marchem and Roland Nederland. Roland booked 1998 sales of over EUR 85 mln and employs 160 people. The company is active in the Benelux and distributes industrial chemicals as well as speciality products and services. Roland will be added to Pakhoed's division Distribution Europe. Financial details were not disclosed.

Thursday June 3 1999
Pakhoed wins NLG 100 mln contract
Methanex Europe and Paktank Chemical Nederland, a subsidiary of shipping and storage firm Pakhoed, announced on Thursday the signature of a contract for the storage and handling of methanol in the Port of Rotterdam. The agreement, worth approximately NLG 100 mln, will be valid for a period of 10 years and starts on January 1, 2000.

Tuesday May 11 1999
Pakhoed to refinance fleet
Pakhoed plans to refinance part of its fleet by placing four existing and two new vessels into limited partnerships in which individuals can invest. Pakhoed will take a 6.7% shareholding in each of the partnerships. The transaction will raise about EUR 90 mln for the company. The six vessels involved, valued at NLG 305 mln on its books, are leased to two Pakhoed subsidiaries at present.

Tuesday May 4 1999
Pakhoed plans to cut HQ staff
Pakhoed plans to cut 25% of the 80 staff at its headquarter in Rotterdam by the end of the year although it aims to avoid compulsory redundancies. The restructuring will not affect 1999 earnings, Pakhoed said.

Thursday April 15 1999
EC investigates sale of ECT
The European Commission is investigating the planned sale of 50% of the shares in ECT to Hutchinson Port Holdings (HPH). The commission is considering whether the sale to HPH constituted an unacceptable obstruction of tree market forces. Shipowners and competing container terminal operators claim that ECT's position will be too dominant in northwest Europe, with HPH as a major shareholder and the city council serving as both port manager as well as ECT shareholder.

Wednesday April 14 1999
Pakhoed issues profit warning
Transport and tank storage group Pakhoed has issued a profit warning on Wednesday stating that it does not expect to equal this year the earnings of 1998. Pakhoed said its 1999 first quarter earnings were lower than in the comparible 1998 period because of a downturn in the storage of chemicals in Europe and in tanker shipping. The company's distribution operations continued to provide higher operating margins.

Wednesday March 31 1999
Pakhoed not in talks with HCI
Pakhoed said yesterday that it was not in talks with Holland Chemical International about a possible takeover of the chemicals group. Pakhoed was reacting to a statement by HCI director G. Hol at the presentation of HCI's 1998 earnings earlier this week.

Wednesday March 24 1999
Pakhoed plans to acquire Belgian distributor
Pakhoed announced on Wednesday it has signed a letter of intent confirming its interest to acquire the Belgian chemical distribution company Roland,, including its operating companies Marchem (Lokeren) and Roland Nederland (Amsterdam). Roland has been active in the Benelux distribution market for more than 100 years.

Tuesday February 23 1999
Pakhoed sets new priorities
Pakhoed said improving its return on investment will be top priority in the coming years. Chairman K. Westdijk said Pakhoed would be striving for an average 16% return on investment in 2001, up from 11% in 1998. The company booked net profit 20% higher at a record NLG 215 mln last year, as turnover rose by nearly NLG 400 mln to NLG 6.6 bn.

Friday February 19 1999
Van Ommeren net profit up 7%
Van Ommeren reported on Friday net profit for 1998 increased 7% to NLG 150.3 mln, compared with net profit of NLG 140.1 mln the company booked in the comparible period of 1997. Turnover decreased 14% from NLG 878.2 mln to NLG 757.1 mln. Operating income increased 5% from NLG 226.6 mln to NLG 237.3 mln.

Wednesday January 27 1999
Pakhoed swaps US activities
Pakhoed subsidiary Van Waters & Rogers has sold its chlorine, sulfur dioxide and anhydrous ammonia repack and distribution business and related fixed assets to DX Distribution Group, Houston, Texas, in exchange for DX's industrial chemical business. Pakhoed acquired Van Waters & Rogers in 1997 through its takeover of Univar.

Wednesday January 20 1999
ECT to be shold for NLG 680 mln
The current owners of Rotterdam container terminal ECT are to sell the terminal for NLG 680 mln. Hutchison Port Holdings, part of the Hong Kong-based Hutschison Whampoa group, will take 50% of the terminal and oversee day-to-day operations. The rest of the shares will be held by the Rotterdam port authority, venture capital group Parnib and a number of other Dutch financial institutions. The sale still has to be approved by the European commission.

Tuesday December 22 1998
Emirates terminal for Ommeren
Van Ommeren has opened a 500,000 cubic metre storage terminal in Fujairah in the United Arab Emirates as part of a joint venture. Van Ommeren's worldwide network now spans 56 facilities and has a combined capacity of 15.3 mln m3. The Emirates National Oil Company and Van Ommeren, called Van Ommeren ENOC Fujairah Ltd. The government of Fujairah has a 20% interest, while the remaining 20% is split between two international oil traders, Vitol and The Independent Petroleum Group of Kuwait.

Friday December 11 1998
Pakhoed acquires Amoco unit
Pakhoed has reached agreement with Amoco on the takeover of the US oil company's chemical distribution activities in Europe. The definitive sale depands on the European Commission's approval of the merger between Amoco and British Petroleum. Pakhoed said the distribution activities generated annual turnover of between USD 10 mln and USD 20 mln and would contribute directly to earnings.

Rotterdam sticks to ECT plan
Rotterdam council is sticking to its plan to acquire 30% of the shares in European Combined Terminals (ECT). The council wants to set up a consortium with an unnamed financial party which would have a total stake of 50%. The move stems from a proposal from Hutchison Whampoa of Hong Kong, which would hold the remaining 50%. Other port concerns have protested against the move by the Rotterdam council.

Friday December 4 1998
ECT sale sparks row
Small container terminals in Rotterdam are opposed to plans by the city's port management company Gemeentelijk Havenbedrijf to take a 30% stake in Rotterdam-based Europe Combined Terminals (ECT), Europe's largest container transhipment operator. Smaller terminals are afraid that Gemeentelijk Havenbedrijf will become embroiled in conflicts of interest.

Thursday November 26 1998
Rotterdam considers ECT stake
The city council of Rotterdam has been asked to buy a stake in a Dutch consortium which is preparing to buy just under 50% of the shares of ECT. Hutchinson Port Holdings said it would buy a 45% interest in ECT, and is now examining ECT's books. A consortium of Dutch companies, financial institutions and strategic investors is being formed to acquire the remaining 45% of ECT shares.

Monday November 2 1998
Brostrom Van Ommeren net rises
The Swedish-Dutch shipping combine Brostrom Van Ommeren reported operating profit rose to SKR 144 mln in the first nine months of the year compared to a pro-rated SKR 82 mln in the year-earlier period. Van Ommeren sold its ocean shipping operations to Brostrom of Sweden in February, in return for a 50% stake in Brostrom Van Ommeren.

Thursday August 20 1998
Van Ommeren buys more shares
Van Ommeren bought back a further 426,000 of its shares on Thursday for NLG 75.00 per share. Van Ommeren already bought back 1.15 million shares on Wednesday. Van Ommeren has now bought back 10% of its share capital, boosting earnings per share by 6%.

Wednesday August 19 1998
Van Ommeren buys back shares
Van Ommeren is to buy back 1.15 million of its own shares, or 7.3% of the total. Van Ommeren will buy back 850,000 shares from Delta Lloyd at NLG 75 a piece. The move will boost earnings per share by some 3.5%. Another 300,000 shares will be used for an options scheme for 50 of the company's 2,800 staff. The buy back will cost Van Ommeren some NLG 86 mln.

Tuesday August 18 1998
Pakhoed reports H1 net profit up 14%
Pakhoed reported on Tuesday net profit for the first-half of 1998 increased with 14% to NLG 118 mln, compared with net profit of NLG 103 mln the company booked in the comparible period of 1997. Turnover increased with 13% from NLG 3,107 mln to NLG 3,520 mln. Operating income increased with 12% from NLG 195 mln to NLG 218 mln.

Thursday August 13 1998
Van Ommeren H1 profit up 21%
Van Ommeren reported on Thursday net profit for the first-half of 1998 increased with 58% to NLG 87.0 mln, compared with net profit of NLG 55.2 mln the company booked in the comparible period of 1997. The net profit includes an extraordinary income of NLG 20.3 million resulted mainly from a gain on the disposal of the interest in Hvide Van Ommeren partly offset by reorganisation and merger costs.

Thursday June 25 1998
Pakhoed, Van Ommeren abort merger
Tank storage and transport groups Van Ommeren and Pakhoed have cancelled plans to merge, after European competition authorities demanded that they sell off 500,000 cubic metres of oil storage space in Rotterdam on top of a 20% capacity reduction in Rotterdam and Antwerp. The only way of meeting that requirement was for Pakhoed to sell its entire Botlek storage space, a company spokesman said. Pakhoed refused to comply that demand. Van Ommeren said it was 'astonished' at Pakhoed's decision.

Thursday May 7 1998
Pakhoed acquires UK distributor
Royal Pakhoed announces the acquisition of the distribution activities of Industrial Silicones & Lubricants (ISL) by its subsidiary Pakhoed Distribution Europe. ISL is a UK distributor for Dow Corning of high performance lubricants, sealants and silicones, which are primarily used in the electronics and aerospace industries, Pakhoed said.

Thursday April 9 1998
Van Ommeren forecast strong profit growth
Van Ommeren forecast its profit from normal operations will grow strongly this year. Continuing strong demand for storage of petroleum products and a one-time gain from the sale of its stakes in Hvide Van Ommeren and the consolidation of sea transport group Brovo are to boost net profit. Van Ommeren said chemical storage operations turned in a stable result last year.

Tuesday March 17 1998
Van Ommeren books one-off gain of NLG 34 mln
Van Ommeren has sold its stake in Hvide Van Ommeren for NLG 34 mln to Newport News Shipbuilding (NNS). Hvide Van Ommeren transports refined oil products between US ports, an activity reserved for companies at least 75% in US hands and which use US-built ships. NNS was already an indirect majority shareholder in Hvide.

Monday March 2 1998
Van Ommeren reports net profit 48% up
Van Ommeren reports net profit for 1997 jumped 48% from NLG 94.4 mln to NLG 140.1 mln. The net profit for 1997 includes an extraordinary income of NLG 25.8 mln realised on the sale of the 49% interest in Intexo. Prior-year investment projects contributed to a strong improvement in tank storage results, particularly in the second half of the year.

Pakhoed reports net profit up 151%
Pakhoed reports it booked a net profit of NLG 191 mln for 1997, compared with NLG 76 mln the company booked for 1996. Earnings per share rose from NLG 2.40 to NLG 5.59. Net sales of NLG 6,2 billion represented a NLG 2,6 bn increase, of which NLG 2,0 billion was the net effect of acquisitions/disposals, NLG 300 mln from the higher USD/NLG exchange rate, and NLG 300 mln growth in logistics and distribution revenues.

Van Ommeren and Pakhoed to merge
Royal Pakhoed and Royal Van Ommeren announced agreement is justifiably expected on a merger on equal terms between the two companies. The provisional working name of the merger is VOPAK. The dicision to merge was made in less than three months and in response to marketcircumstances, even though both companies were financially strong enough to go it alone, Pakhoed's chairmain Westdijk said.

Wednesday February 11 1998
Van Ommeren to sell tanker interests to Brostrom Shipping
Van Ommeren has reached agreement with Swedish Brostrom Shipping to merge their tanker shipping interests. Van Ommeren is to sell its Van Ommeren Tankers subsidiary and its 40% stake in Van Ommeren Iver Ships to Bostrom for NLG 140 mln. Van Ommeren's stake in Brostrom will rise to 59%, later to be reduced to 50%.

Monday January 19 1998
ECT reports net profit of NLG 40 mln for 1997
Europe Combined Terminals (ECT) reports a net profit of NLG 40 mln (1996: NLG 40 mln) with a turnover of NLG of 643 mln (1996: 622 mln). ECT handled 2.52 mln containers. The shareholders of ECT; Nedlloyd, Pakhoed and Internatio-Muller, have asked an unnamed investment bank to investigate possible restructuring of its share package. Further ECT expects to agree with Maersk to exploit a container terminal in Rotterdam.

Thursday January 8 1998
Pakhoed to buy logistic and distribution activities TH International
Pakhoed and Intercontinental Oil Supply & Crude Company (IOSCC) announced they intend Pakhoed is to take over Transol (logistic and distribution activities) from TH International Holding.

Monday January 5 1998
Pakhoed and BP Chemicals in logistics deal
Pakhoed and BP Chemicals' Acetuls business have signed a Logistics Services agreement whereby Pakhoed will provide a full package of integrated logistical services. These services include shipping, storage and barging for BP Chemicals' Acetyls products moving from the UK to mainland Europe.

Friday January 2 1998
Van Ommeren raises profit forecast
Shipping and storage group Van Ommeren has raised its 1997 profit forecast 18% to NLG 140 mln. At the publication of half year figures, Van Ommeren had forecast net profit would reach NLG 118 mln, compared with NLG 94.4 mln in 1996.

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