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Neste Oil & Concordia Maritime to Sell Their Jointly Owned Tankers

Source: www.gulfoilandgas.com 3/19/2014, Location: Europe

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.

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