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Finland’s Neste Oil plans to exit shipping business

Finland-based Neste Oil plans to sell all of its own shipping vessels and outsource the ship management functions currently covering them, the company said on Thursday. Around 320 ship management personnel would transfer to a new employer, according to Neste Oil officials. As part of the restructuring, Neste Oil plans to sell five tankers (Mastera, Futura, Neste, Kiisla, and Suula) and three tugs (Ukko, Ahti, and Esko) to companies owned by Finland's National Emergency Supply Agency and the Ilmarinen Mutual Pension Insurance Company. These will be sold at the current market value. Neste Oil will lease the vessels back under long-term contracts and they will continue to sail under the Finnish flag. Source: http://www.hydrocarbonprocessing.com/Article/3256978/Latest-News/Finlands-Neste-Oil-plans-to-exit-shipping-business.html