“Stolthaven presented very good results in 2010 due to the impact of capacity expansions from previous years and increased demand for storage worldwide,”- Walter Wattenbergh, the President of Stolthaven Terminals, said.

Stolthaven Terminals operates a global network of eight state-of-the-art bulk liquid storage terminalsin key markets worldwide, with a ninth terminal currently under construction in Singapore. Each terminal is managed to the same rigorous standards, ensuring consistent high levels of quality, efficiency and safety for both people and the environment. Stolthaven’s ongoing efforts to improve efficiency at the ship-terminal interface have measurably reduced both ship turnaround times and demurrage, resulting in mutual benefits for Stolthaven and its customers.

Stolthaven achieved solid overall results in 2010, reflecting the impact of capacity expansions, increased demand for storage and strengthening rates. Stolthaven’s wholly owned terminal in Santosand its joint-venture facilities in Antwerp and Ulsan benefited from strong market conditions andrising rates, while the division’s wholly owned terminals in the U.S. have recovered more slowly. After becoming operational in 2009, the division’s new terminal in Lingang posted a modest profit in 2010 and approval was received for an additional 104,500 cbm of capacity. At Ningbo, the first phase of tank construction was completed early in the year. Combined total storage capacity for Stolthaven’s wholly owned and joint venture terminals increased to 2.9 million cbm from 2.8 million cbm at year-end 2009. For Stolthaven’s wholly owned terminals, while utilisation slipped to 95.4% from 97.0% in 2009, total average capacity increased by 11% in 2010, driven by expansions in New Orleans and Santos. Total product handled rose by 14%, due to growing momentum in customer activity in the U.S.

Highlights for 2010

After adding 830,000 cbm of total network capacity in 2009 – an increase of 42% – Stolthaven added 66,000 cbm in 2010, while focusing on its long-term growth strategy and implementing plans forsubstantial capacity expansions in 2011 and beyond. Among the division’s wholly owned terminals,plans were approved for the addition of 103,000 cbm of capacity at Stolthaven Houston, and the addition of several new tanks at Stolthaven Santos.

Ambitious expansion plans were also set for several of our joint venture terminals. A total of 1,096,000 cbm of additional capacity was approved in 2010. Early in the third quarter, Stolthaven broke ground for its new chemical storage facility on Jurong Island, Singapore. The terminal is expected to come online by year-end 2011, with an initial capacity of 73,000 cbm. The year was also highlighted by the performance of the Santos Terminal, which received for the fifth year in a row Dow Brazil’s DOW Golaward that “celebrates the commitment of all suppliers to meet the stringent safety requirements established by Dow.”

Strategy

Stolthaven remains focused on the long-term growth of its global terminal business by expanding itsexisting owned terminals, by developing new terminals in hubs frequented by the Stolt Tankers’ fleet,and by increasing Stolthaven’s penetration of key emerging markets, including Brazil, India andthe Middle East. Efforts are also under way to diversify Stolthaven’s operations by adding storagecapabilities for such products as gas, clean petroleum products and veg oils.

Outlook

Looking ahead, Stolthaven expects another good year in 2011. Current indicators point to continued strength in demand for storage, with rates likely to hold firm or to increase modestly overall.