Neste and Terntank have signed an agreement for two new lower-emission tankers to transport raw materials and products

27 March 2023

Neste has signed an agreement with Terntank Rederi A/S for time chartering two new lower-emission product tankers. The tankers are tailored to transport a wide variety of liquid cargoes including renewable raw materials, such as waste and residue oils and fats, to Neste's refineries. At the refineries, products such as renewable diesel and sustainable aviation fuel (SAF) will be loaded for transport.

"Together with our partners, we are scaling up our renewable and circular solutions production capacity. Our partnership with Terntank supports our commitment to sustainability, particularly our target towards reducing emissions across our value chain. With these vessels we continue to reduce the emissions and environmental impacts of transportation. We are delighted to partner with Terntank," says Lauri Helin, Vice President Logistics and Operations, Oil Products at Neste.

"It is great to have Neste back again as a time charter partner after 10 years. We are happy to be able to provide them with the state-of-art product tankers and innovative technologies to minimize the environmental impact of shipping and work together towards carbon neutrality targets," says Tryggve Möller, owner, Terntank.

Low-emission solutions for sea transportation
The tankers are designed with foldable suction sails and dual-fuel engine enabling the use of e-methanol as fuel, which is produced with Power-to-X technology using captured carbon and renewable energy. Their innovative design and onboard emission reduction technologies will further reduce Neste's environmental impact and emissions of shipping. These next-generation product tankers are forerunners when it comes to reaching the climate targets set by the International Maritime Organization.

These new tankers, each able to carry altogether 15,000 tons of chemicals, were ordered by Terntank, designed by Kongsberg, and will be built by CMHI Jinling Shipyard in Yangzhou, China. The ships are due for delivery during the second half of 2025 and beginning of 2026.

Both new tankers are ice-strengthened and equipped with Terntank's Hybrid Solution® electric power supply system, battery pack and on-shore power connection. The ships can operate on new low-emission fuels such as e-methanol to meet net-zero emission goals. Terntank has extensive experience in operating this type of vessels with solutions that minimize pollution near populated areas such as ports.


Terntank's tankers will transport raw materials to and final products from Neste's refineries. The new ships can run on e-methanol and have foldable suction sails.   Source: Terntank A/S

Neste in brief
Neste (NESTE, Nasdaq Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. We refine waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. We are the world's leading producer of sustainable aviation fuel and renewable diesel and developing chemical recycling to combat the plastic waste challenge. We aim at helping customers to reduce their greenhouse gas emissions with our renewable and circular solutions by at least 20 million tons annually by 2030. Our ambition is to make the Porvoo oil refinery in Finland the most sustainable refinery in Europe by 2030. We are introducing renewable and recycled raw materials such as liquefied waste plastic as refinery raw materials. We have committed to reaching carbon-neutral production by 2035, and we will reduce the carbon emission intensity of sold products by 50% by 2040. We also have set high standards for biodiversity, human rights and supply chain. We have consistently been included in the Dow Jones Sustainability Indices and the Global 100 list of the world's most sustainable companies. In 2022, Neste's revenue stood at EUR 25.7 billion. Read more: neste.com

Terntank in brief
Terntank is a leading tanker operator in the North Sea and Baltic Sea regions with ten ice-strengthened vessels. Terntank offers the best choice and long-term value for responsible customers to minimise environmental impacts of their energy supply chains. Maritime safety, emission reductions, the protection of the sensitive marine environment and the well-being of the crew have always been the top priorities of the company. The company carries proudly its role as a forerunner in deploying new innovative technologies towards carbon-neutral shipping. Terntank is a family-owned shipowner having its roots deep in the Swedish archipelago, in the island of Donsö. Read more: Terntank.com

Neste Corporation - Press Release