Press Release

Stolt-Nielsen Transportation Group Establishes Joint Venture in China

London - February 23, 2005 - Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) today announced that its subsidiary, Stolt-Nielsen Transportation Group ("SNTG"), has established a joint venture in China with Shanghai Kingman Container Service Company Limited.

The joint venture company is called Shanghai Stolt-Kingman Tank Containers Transportation Ltd ("SSKTCTL") and has been established to provide integrated, multi-modal tank container services to China's bulk liquid chemical and food industries.
 
SSKTCTL will be managed and staffed by some of the most experienced and dedicated personnel from the tank container, transport and shipping industries and will offer an array of services and support functions to meet the growing demands of the Chinese tank container market for bulk liquids, food stuffs and chemicals.
 
Commenting, Otto Fritzner, CEO of SNTG, said:
"This is a joint venture with considerable growth potential and we are confident that the company will become synonymous in China with quality, safety, innovation and reliability.  Through its local expertise, local network of offices and depots, and diversified fleet of tank containers, SSKTCTL is able to provide a one-stop solution to meet the ever-increasing demands of the Chinese market."
 
About Stolt-Nielsen S.A.
 
Stolt-Nielsen S.A. (the "Company") is one of the world's leading providers of transportation services for bulk liquid chemicals, edible oils, acids, and other specialty liquids. The Company, through the parcel tanker, tank container, terminal, rail and barge services of its wholly-owned subsidiary Stolt-Nielsen Transportation Group, provides integrated transportation for its customers. Stolt Sea Farm, wholly-owned by the Company, produces and markets high quality Atlantic salmon, salmon trout, turbot, halibut, sturgeon, caviar, bluefin tuna, and tilapia.
 
Forward-looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by the use of words like "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "will," "should," "seek," and similar expressions. These statements include statements regarding Stolt-Nielsen S.A.'s future market environment, outlook, and financing costs. The forward-looking statements reflect our current views and assumptions and are subject to risks and uncertainties. The following factors, and others which are discussed in Stolt-Nielsen S.A.'s public filings and submissions with the U.S. Securities and Exchange Commission, are among those that may cause actual and future results and trends to differ materially from our forward-looking statements: the terms, conditions and amount of Stolt-Nielsen S.A.'s indebtedness; Stolt-Nielsen S.A.'s ability to comply with its financing agreements; the general economic conditions and competition in the markets and businesses in which Stolt-Nielsen S.A. operates; the outcome of legal proceedings; the impact of negative publicity; environmental challenges and natural conditions facing Stolt-Nielsen S.A.'s aquaculture business; Stolt-Nielsen S.A.'s ability to consummate the announced Marine Harvest aquaculture joint venture with Nutreco N.V., completion of the 2004 fiscal year audit, the impact of laws and regulations; uncertainties inherent in operating internationally; Stolt-Nielsen S.A.'s relationship with significant customers; and operating hazards, including marine disasters, spills or environmental damage. Many of these factors are beyond Stolt-Nielsen S.A.'s ability to control or predict. Given these factors, you should not place undue reliance on the forward-looking statements. Should one or more of these risks or uncertainties occur, or should management's assumptions or estimates prove incorrect, actual results and events may vary materially from those discussed in the forward-looking statements.
Contact:
Richard M. Lemanski
U.S. 1 203 625 3604
[email protected]

Valerie Lyon
UK 44 20 7611 8904
[email protected]