The vertical transport of mass, energy and n unreacting chemical species in a two-phase reservoir is analysed when capillarity can be ignored. This results in a singular system of equations, comprising mixed parabolic and hyperbolic equations. We derive a natural factorisation of these equations into diffusive and wave equations. If diffusive or conductive effects are important for only N - 1 of the chemical species, then there are N parabolic equations, and n + 2 - N wave equations. Each wave equation allows for the corresponding variable to be discontinous, or equivalently, for shock propagation to occur. Steady Rows were shown to allow for more than two (vapour and liquid dominated) saturations for a given mass, energy and chemical flux, but when thermal conduction and chemical diffusion are unimportant, only the vapour and liquid dominated cases appear likely to occur. For infinitesimal shocks there is a continuous flux vector for each diffusive variable. The existence of these continuous flux vectors results in significant simplifications of the corresponding wave equations. It remains an open question if continuous flux vectors exist for finite shocks. General expressions are obtained for the diffusion and wave matrices, which require no knowledge of continuous flux vectors.