TMM, STOLT-NIELSEN FORM TANKER JOINT VENTURE
Transportacion Maritima Mexicana and Stolt-Nielsen Transportation Group
Ltd. are setting up a joint venture to develop parcel tanker services in the Gulf of
Mexico and the Caribbean Sea.
The two companies also have agreed to enter into a network alliance
agreement to develop their joint capabilities in logistics services.
The agreement includes the long-term bareboat charter of five
Stolt-Nielsen vessels to the joint venture and the time charter of two
vessels operated by TMM.
The joint venture will be based in Houston and a branch office in Mexico
City. Operations are expected to start in the fourth quarter, after the companies obtain
corporate and government approvals.