North European Oil Trade (NEOT) has extended the contracts of the six Terntank vessels. The announcement includes the extension of their charter contracts and the introduction of the new vessel series, Hybrid Solution Plus, according to the company's release.
The extended agreement covers six vessels operating from NEOT/St1's terminal in Gothenburg. The renewed contracts with Terntank sets out to minimise emissions from the maritime transportations value chain. These vessels, along with NEOT's commitment to sustainability, will play a pivotal role in helping Terntank achieve its sustainability target of NET ZERO by 2040.
The long-term cooperation between NEOT, Terntank, and WEGA began in 2013, focusing on developing an energy-efficient and low-emission supply chain. This collaboration 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. 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. The Hybrid Solution Plus and Hybrid Solution enable a zero-emission approach, significantly reducing harmful pollution in ports located in urban areas.
The new 15,000 DWT Hybrid Solution Plus vessel, signed on 15 March 2023, is equipped with wind-assisted propulsion, a dual-fuel methanol-powered engine, a battery pack, and on-shore power, making it one of the most advanced options on the market.
Terntank is a family-owned shipping company founded in 1958.