Neste Oil to Exit the Shipping Business
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.
Marlink Inks Deal with Neste Oil
Neste Oil extended its VSAT services with Marlink while upgrading its network and on board satellite hardware. As part of the contract extension, Marlink is installing new VSAT antennas on all eight Neste Oil vessels whilst migrating the fleet to the established iDirect platform. The delivery, based on Marlink’s Sealink VSAT services also features multibearer support and the @SEAoptimizer solution, which is designed to enhance the efficiency of satellite data communications, optimize bandwidth utilisation and enhance the performance of web browsing and file transfers.
Veson Nautical’s IMOS Selected by Neste Oil
Veson Nautical, the US-based maritime software developer that delivers outstanding chartering, operations and accounting solutions to marine cargo transportation managers across the globe, announced that Neste Oil Corporation has licensed Veson’s Integrated Maritime Operations System (IMOS). Neste Oil, an independent northern European oil refining and marketing company will leverage IMOS in its Shipping Division for all activities related to the company’s fleet of tankers. Veson Nautical’s solution was selected from among seven other providers after Neste conducted a thorough analysis of needs and internal processes to ensure the new operating system would be able to handle all current and future requirements.
Wärtsilä, Neste Oil Maintenance Agreement
Wärtsilä has signed a five-year maintenance agreement with Finnish Neste Oil. The agreement covers both the main and auxiliary engines, delivered by Wärtsilä, for eight vessels in the Neste Oil fleet. According to the agreement, Wärtsilä offers maintenance operations, spare parts, including performance optimisation, as well as an annual visit of specialists to check the optimal operation of each vessel's engines under running conditions. Neste Oil operates a fleet of about 30 vessels.
Concordia, Neste Sell Jointly Owned Tankers
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.
Stena Bulk Strikes Deal with Neste Oil
Stena Bulk has sold 50 percent of the tanker Stena Arctica to the Finnish oil company Neste Oil, which will also operate the vessel on a 10-year charter from 1 January, 2007 – mainly to transport oil from Primorsk to the Finnish port Porvoo in the Baltic. The 117,100 DWT Stena Arctica was delivered at the end of 2005 from the shipyard Hyundai Heavy Industries in South Korea and is the world’s largest tanker with the highest ice class (1A Super) currently in service. The Stena Arctica was named in January, this year, in the Port of Gothenburg and has since been deployed on the spot market transporting oil from Primorsk to Europe. Originally…
Neste Oil Live on Veson Nautical’s IMOS
Veson Nautical, the US-based developer of maritime software solutions and services, announced that Neste Oil Corporation is fully operational on Veson’s Integrated Maritime Operations System (IMOS) to manage its fleet of 30 tankers. Veson’s IMOS is designed to enable Neste’s Shipping Division to operate its large tanker fleet more efficiently and profitably, from the onset of the voyage to the financial tie-out. Neste Shipping transports about 40 million tons of crude oil, oil products and chemicals annually; tonnage consists not only of crude oil, product and chemical tankers but also of two barge / pusher combinations and three tugboats. The operations are concentrated mainly on the Baltic, the North Sea and the North Atlantic region.
Tankers to be Named
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.
Delivery of Stena Poseidon
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.
Neste Oil Uses Veson Nautical IMOS Trading
Veson Nautical, the US-based developer of proven software solutions for the commercial maritime community, announced that Neste Oil Corporation has purchased Veson Nautical’s Integrated Maritime Operations System (IMOS) Trading Module for Neste’s Shipping Division. Veson Nautical IMOS Trading provides a solution for monitoring and managing physical and Forward Freight Agreement (FFA) positions and risk. Currently, Neste’s Shipping Division utilizes Veson Nautical’s IMOS Chartering, Operations and Financials modules to manage all commercial shipping activities for its 30-vessel fleet. Ports of call include the Baltic, the North Sea and the North Atlantic Region; the company transports about 40 million tons of crude oil, oil products and chemicals annually.
Oil Tanker Crewman Lost at Sea
According to a report from Agence France-Presse, an employee of Finnish refining company Neste Oil went missing from an oil tanker during a routine trip in the North Sea and is presumed dead, the company said March 7. (Source: Agence France-Presse)
Telenor Signs Agreement with Neste Oil
Telenor Satellite Services, a subsidiary of Telenor of Norway, today announced that it has signed a three-year communication agreement with Neste Oil Corporation of Helsinki, Finland for maritime broadband services. Under the terms of the contract, Telenor will provide Sealink Ku-Band services onboard 11 tankers with all vessels scheduled to have Sealink service by August of this year. Sealink's Ku-Band service provides Neste Shipping with high-speed data communications coverage throughout Western Europe. Offering maritime broadband communications at speeds of up to 2 megabits per second, Telenor's Sealink service enables efficient and cost-effective 'at sea' communications for ship operations including Internet access, video conferencing, e-mails, faxes, and telephone calling.
Maritime SOx Exhaust Gas Scrubber Certified
DNV has issued a compliance certificate for the first ship fitted with an exhaust gas cleaning system capable of meeting the requirements of SOx Emission Control Areas. The certification demonstrates that ship operators may in the future have the option of using traditional fuel oils, rather than low-sulphur fuels, when voyaging in designated sensitive areas such as the North Sea. The pilot SOx scrubbing system was fitted to the exhaust pipe of an auxiliary engine on the product tanker, MT Suula, owned by Neste Oil Shipping of Finland. DNV approved the system on behalf of the Finnish Maritime Administration after overseeing the installation and successful operation of the new technology.
Product Tanker Palva Delivered
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.
Neste to Supply Low-Sulfur Marine Fuel to Polferries
Neste and Polferries, a Polish company with a fleet of ferries operating on the Baltic Sea, have agreed on the delivery of low-sulfur marine fuel for the Nynäshamn-Gdansk route in 2017. "Polferries is an important new customer for us. This cooperation is enabled by the fact that our product's distribution services are expanding to Sweden. It's great that a Polish company in the ferry business has taken our premium quality, low-sulfur product into use," says Panu Kopra, Executive Vice President of Neste Oil Retail.
MESAB to Retrofit Tankers with BWT Systems
ME Solutions of Tumba Sweden (MESAB) has received an order from Alfa Laval Nordic AS regarding retrofitting two ships with the Pureballast PB500 2.0 system. The ships are owned by Frederiet AB in Sweden and chartered by the oil company Nynäs AB, which is a subsidiary of the Finnish oil company Neste Oil. The system will be installed in the pump rooms of the ships. All piping will be made of GRE type pipes. Installation is estimated to be completed January 2012. MESAB will carry out a complete turnkey delivery on behalf of Alfa Laval Nordic AS.
TEN Announces Charter Extensions for Tankers
Tsakos Energy Navigation Limited announced a two-year time-charter extensions for two Aframax product tankers to Neste Oil of , the original charterers. The charters are comprised of a minimum rate and 50:50 profit share if rates exceed that level. The charters, assuming only the minimum rate, are expected to generate gross revenues in excess of $42.5 million over the corresponding period. The vessels are expected to commence their new employment upon expiration of the existing charters in July and October of this year. In order to conform with the company's balanced employment strategy, a third sister vessel will enter the spot market.
Wärtsilä Scrubbers Certified for Sulphur Oxide
After performing successfully in a series of tests, the Wärtsilä sulphur oxides (SOx) scrubber has been granted the Sulphur Emission Control Area (SECA) Compliance Certificate by the classification societies Det Norske Veritas and Germanisher Lloyd. A scrubber is an after treatment technology for cleaning exhaust gases of sulphuric oxides. Wärtsilä's solution is the first ever marine scrubber to be awarded this certification. Prior to the successful Wärtsilä tests, the use of scrubbers as an efficient and cost-effective alternative to the use of low sulphur fuel for reducing SOx emissions from ships, had been questioned. The full-size SOx scrubber test plant was installed on board the MS Suula…
TEN Announces Delivery and Charter of Tanker Newbuildings
Tsakos Energy Navigation Ltd. (TEN) announced the delivery of the 1A ice-class 116,000dwt Aframax product tanker Propontis and the 1A ice-class 36,660dwt Handysize product tanker Arion from South Korea's Hyundai Heavy Industries and Hyundai Mipo Dockyard, respectively. Upon delivery, the Propontis, one of the largest product tankers in the world and the last of the three Aframax newbuildings acquired from Western Petroleum to be delivered, entered a two- year time charter with Neste Oil of Finland, one of Europe's prime independent oil companies with significant ice-class trading requirements. The time charter incorporates a minimum rate which should gross TEN revenues in excess of $21 million over the corresponding charter period, with a 50:50 profit split if rates exceed that minimum.
Wartsila, Metso Jointly Develop Scrubber Systems
Wärtsilä recently signed an agreement with Metso Corporation to co-operate in developing and delivering scrubber systems for marine applications. Under the terms of this agreement, Metso is to supply the scrubber unit, while Wärtsilä is responsible for world-wide sales and integration, including automation, water treatment, and ancillaries. Both Wärtsilä and Metso have experience in the use of scrubber technology for land-based installations. Wärtsilä and Metso have already worked together for a number of years in the development of scrubber technology. In 2005 the two companies, together with other companies within the Finnish maritime cluster, embarked on a program to develop a feasible marine scrubber. By autumn 2007, the project was ready for a test installation.
Neste to Deliver Low-Sulfur Marine Fuel to Eckerö Line
Neste will begin deliveries of low-sulfur marine fuel to Eckerö Line at the beginning of next year. The agreement covers m/s Finlandia on the Helsinki-Tallinn route throughout 2017. "I am happy that Eckerö Line selected Neste as its partner. The quality of our low-sulfur marine fuel, lower sulfur emissions, and our logistics services convinced Eckerö Line to work with us. Refueling will take place at sea from ship to ship. This eliminates the need for tanker traffic among other cargo in the port area…
Stena Bulk, Hyundai Begin Arctic Collaboration
Stena Bulk and South Korean Hyundai Glovis, the Hyundai group’s shipping arm, will begin collaborating with a cargo shipped via the North East Passage. The Stena Polaris, a P-MAX tanker with ice class 1A, will leave Ust Luga in the Gulf of Finland on September 15 with a cargo of 37,000 tons of naphtha. The voyage, which will go via the North East Passage, is expected to take 28 days with the tanker arriving in a port in South Korea in mid-October. “We see the voyage with the Stena…
Pension Funds Take Nautical Turn in Hunt For Higher Returns
Pension funds, squeezed by low interest rates, are exploring investments in shipping in their hunt for higher returns, hoping to benefit once this industry starts to recover from one of its worst ever downturns. There are signs of a gradual pick-up in world trade and ship values for the first time since the financial crisis. Ship financier NordLB has said the market could see a broad recovery but not before 2016. The industry's revival could deliver double-digit returns for pension funds that decide to add shipping to their so-called alternative assets such as infrastructure, which can make up about 15 percent of a fund. But they need to do their homework.