Neste Oil and Concordia Sell Panamaxes to New Canadian Shipping Firm

Scandinavian tanker owners, Concordia Maritime and Neste Oil have reached an agreement to sell a pair of  jointly-owned, 2007-built Ice Class 1A panamax tankers, Stena Poseidon and Palva to the recently incorporated tanker company, Transport Maritime St-Laurent Inc. The largest shareholder in this new shipping company is Valero, which owns a 230,000-barrel-per-day refinery  … [Read more...]

Neste Oil Chooses OSM to Manage Fleet

As part of Neste Oil's plan to exit the shipping business, the Finnish oil refining and marketing firm has reached an agreement this week with Norway-based OSM Group to transfer the ship management functions of Neste Shipping to OSM. Under the agreement, Neste notes on their website: "OSM will set up a subsidiary in Finland responsible for the crewing and maintenance of … [Read more...]

Neste Oil to Sell Fleet of Ships, Will Outsource Nearly Everything

Finnish oil refining and marketing firm Neste Oil has announced it will be selling off its entire fleet of ships and will outsource all ship management functions currently covering them. As part of the restructuring, Neste Oil will sell five tankers (Mastera, Futura, Neste, Kiisla, and Suula) and three tugs (Ukko, Ahti, and Esko) to companies owned by Finland's National … [Read more...]