Vopak, Worlds Largest Chem Shipping Company Born

Pakhoed NV and Van Ommeren - after years of toying with the idea of consolidation - have formally become the world's largest chemical shipping, tank storage and logistics group with the launch of Vopak shares on the Amsterdam bourse. The shares started trading at $24.84 (26.05 euros) and closed at a session high of 27 euros, giving the new company a market capitalization of $1.46 billion (1.396 billion euros). With more than 90 terminals, Vopak will hold about 30 percent of the world market in independent tank storage in addition to its market leading position in U.S. chemicals distribution and number two position in the European market, with an estimated overall worldwide market share of about five percent.