Terntank has extended its relationship with charterer North European Oil Trade (NEOT) after the latter agreed to continue chartering the six Terntank vessels.
The announcement includes the extension of their charter contracts and the introduction of the new vessel series, Hybrid Solution Plus.
The extended agreement covers six vessels operating from NEOT/St1’s terminal in Gothenburg.
“This extension and the signing of the new vessel are significant achievements for Terntank,” said Jens P. Buchhave, chief executive officer of Terntank Rederi AS.
The new 15,000-dwt hybrid solution plus vessel, signed on March 15, 2023, is equipped with wind-assisted propulsion, a dual-fuel methanol-powered engine, a battery pack, and on-shore power.
“We are pleased to continue our cooperation with Terntank and extend all our 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,” noted Marc Scheller, director of shipping and operations at NEOT.
The family-owned shipping company Terntank said the long-term cooperation between NEOT, Terntank, and WEGA began in 2013, and led to the pioneering of the first liquefied biogas (LBG) powered tankers, with NEOT becoming the first Finnish company to use LBG in shipping in 2018.
According to Terntank, “the innovation continued with the introduction of hybrid battery systems and on-shore power connections, making these tankers the first of their kind in the world in 2020.”
Terntank believes that these vessels will help the company to achieve its sustainability target of net zero by 2040.
“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,” pointed out Tryggve Möller, Rigmor Möller, Annika Kristensson, and John Sten, the owners of Terntank.
