Odfjell is a leading company in the global market for transportation and storage of chemicals and other speciality bulk liquids. Originally set up in 1916, the company pioneered the development of the parcel tanker trades in the middle of the 1950s and the tank storage business in the late 1960s. Odfjell owns and operates parcel tankers in global and regional trade as well as a network of tank terminals. Odfjell's strategy is to continue developing our position as a leading logistics service provider with customers worldwide. We are aiming at maintaining this position through efficient and safe operation of deep-sea and regional parcel tankers and tank terminals. Our long-term newbuilding program consists of altogether 18 new ships with deliveries through 2012. Scale is needed to offer an efficient trading pattern in a global transportation context, thereby maximizing fleet utilization. Our size also allows us to obtain significant purchasing benefits. Parcel Tankers Deep-sea transportation of chemicals and other liquids is our core business. Odfjell has unprecedented experience in this complex field of transportation. Our operations are fully integrated, with in-house functions for chartering, operation and ship management. The major trade lanes are from the US and Europe to Asia, India, the Middle East and South America. In addition there is a considerable trade between the US, Europe and South America. Seagoing transport from the Arabian Gulf to destinations both in the East and in the West is increasing as new production capacity is being developed in this area. Over the last years there has also been a large production increase in the Far East, and a considerable share of this volume goes to overseas markets. Volumes shipped regionally are steadily increasing, particularly in the Asia Pacific region. As end-users of petrochemicals require products delivered on shorter notice and with less lead-time, the major petrochemical producers are building production complexes closer to their markets. Our largest regional operation is in Asia, where twelve ships are operated out of Singapore. Furthermore we have eight ships employed in the inter-European trade and six ships along the coasts of South America. Odfjell's specialized fleet consists of 92 ships and 18 newbuildings with a total capacity of about 3.2 million dwt. A turnover of USD 1 063 million was generated in 2007. Tank Terminals Our terminal operations yield synergies with our transportation activities and improve quality and efficiency control throughout the transportation chain. Our tank terminal operations also offer opportunities to develop new markets where the infrastructure for specialised bulk liquids has been limited to date. Odfjell has direct investments in fully owned tank terminals in Rotterdam and Houston as well as in partially owned terminals in Singapore, Onsan in Korea, and three in China. We also work closely with seven terminals in South America through associated companies. We are currently expanding our tank terminal activities with new facilities under construction in Iran and Oman. The terminal business generated a turnover of USD 180 million in 2007.