Espoo, Finland, 20-3-2014 — /EuropaWire/ — Neste Oil and Concordia Maritime have decided to sell Panamax tankers, the Stena Poseidon and the Palva, which they own through jointly held companies, to Transport Maritime St-Laurent Inc.of Canada. For Neste Oil, the sale is a part of the company’s plan, announced on 19 September 2013, to exit the shipping business and concentrate on developing its core businesses.
The sale of the Stena Poseidon and the Palva will not have any personnel-related impact for Neste Oil as Neste Shipping terminated the ship and crew management contracts covering the vessels in 2013.
The Bermudian-based holding companies owning the vessels will be dissolved following the sale. The revenue that will accrue to Neste Oil as a result will be subject to Finnish taxation.
The purchase price of the vessels will not be disclosed. The sale will have a minor negative impact on Neste Oil’s IFRS operating profit for the first quarter of the year and a minor positive impact on cash flow.
Neste Oil Corporation
Director, Corporate Communications
Further information: Arvo Ruotsalainen, Managing Director, Neste Shipping, tel. +358 (0)50 458 8205
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world’s leading supplier of renewable diesel. Neste Oil had net sales of EUR 17.5 billion in 2013 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world’s most sustainable corporations for many years. Forest Footprint Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com/