NEOT extends charter contracts for Terntank’s vessels, adds new wind/methanol-ready vessel

Finnish fuel supply and distribution company NEOT has extended charter contracts for six vessels owned by shipping company Terntank.

The extended agreements cover six vessels operating from NEOT/St1’s terminal in Gothenburg. The announcement also includes the introduction of the new wind-assisted methanol-ready vessel series, Hybrid Solution Plus.

The initial contract for the new 15,000 dwt Hybrid Solution Plus vessel was signed in March 2023.

NEOT’s contracts with Terntank aim to minimize emissions from the maritime transportation value chain and help Terntank achieve its sustainability target of net zero by 2040.

The long-term cooperation between NEOT, Terntank, and WEGA began in 2013, leading to the first liquefied biogas (LBG) powered tankers, with NEOT becoming the first Finnish company to use LBG in shipping in 2018.

“We are pleased to continue our cooperation with Terntank and extend all out time charter contracts. Terntank is vital to our logistics, enabling us to deliver products efficiently and sustainably. We look forward to working closely with Terntank and the crew onboard the new vessel arriving next year,” said Marc Scheller, Director of Shipping and Operations at NEOT.

“Terntank and NEOT have enjoyed a strong partnership since 2013, and with this renewal, we are deepening our collaboration. We are incredibly proud and pleased to continue this journey together, building on our shared commitment to innovation and sustainability in maritime transport,” added Tryggve Moller, Rigmor Moller, Annika Kristensson, and John Sten, the owners of Terntank.

The first ship in Terntank’s Hybrid Solution Plus series is under construction and will be delivered in March 2025.