Palva News

Swedish tankship owners Concordia Maritime inform of positive results in the first half of 2014 after the sale of shares in jointly-controlled entities, Stena Poseidon and Palva. Concordia Maritime is an international tanker shipping company. Its focus is on cost-effective and safe transportation of refined petroleum products and vegetable oils. The company’s B shares were admitted to trading on Nasdaq OMX Stockholm in 1984.

3/26 - MAEMI II - 19,871 - 08 (6) - $28. Prepared by Shipping Intelligence, Inc., New York.

Concordia Maritime and Finnish Neste Oil have reached an agreement on the sale of the two jointly owned Ice Class 1A panamax tankers, Stena Poseidon and Palva. The buyer is Transport Maritime St-Laurent Inc. and the tankers are expected to be delivered in April/May 2014. Stena Poseidon and Palva are panamax tankers with a deadweight of 75,000 tons and were delivered from Brodosplit Shipyard in Split in 2007. They are jointly owned by Concordia Maritime and Neste Oil. Both tankers have been signed to time charters with Neste Oil since 2007.

Neste Oil is planning to exit its shipping business. According to the plan, the company would sell all its own vessels and outsource the ship management functions currently covering them, with around 320 ship management personnel transferring to a new employer. Neste Shipping's chartering functions would be retained and integrated with Neste Oil's organization. Going forward, Neste Oil intends sourcing its marine transportation through contractual arrangements. "Neste Oil's shipping needs have changed in recent years," explains Neste Oil's President & CEO, Matti Lievonen.

STX Europe signed three lifecycle services contracts for modernizing a cruise vessel for Carnival Cruise Lines and two tankers for Neste Shipping. MS Sensation of CCL will get 98 additional passenger cabin balconies as well as new black and grey water piping during the retrofit. MT Palva and Stena Poseidon of Neste will get crew accommodation refurbishing. The work onboard the oil tankers will be done while the vessels are in operation. The cruise vessel retrofit will be performed at Grand Bahama Shipyard during January and February 2009. In addition to ship building STX Europe provides lifecycle services. the vessels we have built and also offer upgrading and maintenance service to other customers.

The product tanker Palva was delivered today from Bordosplit Shipyard in Split. The Palva and sister vessel the Stena Poseidon, which was delivered from the same shipyard in January, this year, are jointly owned by Concordia Maritime and Neste Shipping on a 50-50 basis. Both vessels have been signed to 10-years charters with Neste Oil. The Palva was named at Brodosplit Shipyard in Split at the end of last year together with her sister the Stena Poseidon. Both vessels will operate in part in the Baltic Sea and have Finland as their starting point for voyages to North America. The Palva and the Stena Poseidon are so-called Panamax tankers, i.e. they are designed to be able to pass through the narrow passages in the Panama Canal’s locks.

The product tanker Stena Poseidon has been delivered from Brodosplit Shipyard in Split. The Stena Poseidon is jointly owned by Concordia Maritime and Neste Oil on a 50-50 basis and Neste Oil has chartered the vessel for 10 years. The Stena Poseidon is a so-called Panamax tanker, i.e. it is designed to be able to pass through the narrow passages in the Panama Canal’s locks. In addition, it has been built to Ice Class 1 A specifications, which means that it is able to sail at a speed of five knots in a channel with 1.0 metre thick ice. It provides a 360o view from the bridge together with an extra large cargo intake and adjustable propellers for greater maneuverability when sailing through ice.

The product tankers Stena Poseidon and Palva, which are jointly owned by Concordia Maritime and Neste Oil on a 50-50 basis, will be named today. The double naming ceremony will be held at Brodosplit Shipyard in Split. The two vessels are so-called Panamax tankers, i.e. they are designed to be able to pass through the narrow passages in the Panama Canal’s locks. In addition, they have been built to Ice Class 1 A specifications, which means that they are well suited for service in icy waters. Neste Oil has chartered both tankers for 10 years. The vessels’ godmothers are Mrs. Ainomaija Haarla and Mrs. Maarit Toivanen-Koivisto, respectively. Attendees at the ceremony include Hans Norén, President of Concordia Maritime, Ulf G.