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Tankers to be Named

Maritime Activity Reports, Inc.

November 16, 2006

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. Ryder, President of Stena Bulk, Risto Näsi, President of Neste Oil and Goran Vukasovic, President of Brodosplit Shipyard. The Stena Poseidon will be delivered later this month. The vessels are equipped in accordance with Ice Class 1 A specifications, which means that they are able to sail at a speed of five knots in a channel with 1.0 metre thick ice. They provide a 360o view from the bridge together with an extra large cargo intake and adjustable propellers for greater manoeuvrability when sailing through ice. The vessels will operate in part in the Baltic Sea and have Finland as their starting point for voyages to North America.

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