TMM, STOLT-NIELSEN FORM TANKER JOINT VENTURE

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.

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