Fairfield Maritime Japan has signed a long-term charter contract with Neste to fund and manage the construction of two 50,000 DWT Ice Class 1A MR tankers built by HD Hyundai. Scheduled for delivery in 2029, the advanced vessels will utilize wind-assisted propulsion and alternative fuel-readiness to ensure year-round, low-emission transport for Neste’s Porvoo refinery in Finland.
Tokyo and New York | July 21, 2026 – Fairfield Maritime Japan Ltd. (FMJ) has secured a significant long-term charter contract with renewable fuels leader Neste, paving the way for the construction of two advanced, high-specification Medium Range (MR) oil and chemical tankers.
Under the agreement, FMJ will fund and manage the construction of the two 50,000 deadweight ton (DWT) vessels, which will be built by South Korea’s HD Hyundai Co., Ltd. Delivery is scheduled across the first and second quarters of 2029.
Ensuring Winter Continuity in the Baltic Sea
The new tankers are designed specifically to support transport operations to and from Neste’s major refinery in Porvoo, Finland. Built with Ice Class 1A certification under the stringent Finnish-Swedish Ice Class Rules, the vessels will possess the structural reinforcement and power necessary to navigate heavy winter ice conditions in the Baltic Sea with icebreaker support.
This capability ensures year-round operational continuity and secure export pathways for Neste’s extensive range of high-quality oil products, renewable diesel, and sustainable aviation fuel (SAF).
Cutting-Edge Decarbonization and Future-Proof Tech
The new-builds incorporate a suite of advanced environmental technologies aimed at slashing fuel consumption, reducing emissions, and maximizing operating efficiency:
- Wind-Assisted Propulsion: The vessels will feature Wind-Assisted Propulsion Systems (WAPS) to supplement main engine power.
- Alternative Fuel Readiness: While utilizing low-sulfur fuels initially, the ships are fully designed for future retrofitting to operate on methanol.
- Shore Power Capable: The design includes provisions to connect to shore power infrastructure as regional ports roll out availability.
Executive Perspectives
Highlighting the strategic importance of the collaboration, Sander Wilgenhof, Head of Chartering at Neste, stated “We’re pleased to partner with Fairfield Maritime Japan and Fairfield-Maxwell. With these new state-of-the-art vessels, we are continuing our efforts to deliver safe and efficient sea transport to and from our Porvoo refinery.”
Ryuichi Osonoe, President of Fairfield Maritime Japan, added “We are proud to be Neste’s long-term partner. We believe that our knowledge and expertise will significantly assist Neste in its sea transportation. We are looking forward to seeing these two new ships cross the sea to safely export out of Neste’s Porvoo refinery.”
Byron Sugahara, Chairman of the Board of Fairfield-Maxwell, noted the legacy significance of the agreement “Fairfield has been a partner of choice for world-class shippers for nearly 70 years. This agreement with Neste is confirmation that our family’s legacy in the shipping industry remains strong and provides a solid foundation for continued growth and success.”
Steem1960 Shipbrokers AS of Oslo, Norway, acted as the exclusive shipbroker for the transaction.
Neste in Brief
Neste (NESTE, Nasdaq Helsinki) is the world’s leading producer of renewable diesel and sustainable aviation fuel (SAF), with production operations across three continents. The company’s renewables production capacity is expected to reach 6.8 million tons annually in 2027. Neste also produces high-quality oil products at its Porvoo refinery in Finland and maintains a network of nearly 1,000 fuel stations featuring an expanding service offering, such as EV charging, throughout Finland and the Baltics.
Neste’s strategy focuses on growth in renewable fuels to help customers reduce greenhouse gas emissions. Recognized globally for its sustainability performance, Neste is included in numerous international indices. In 2025, the company’s revenue stood at EUR 19.0 billion.
Fairfield Maritime Japan Ltd. in Brief
Fairfield Maritime Japan Ltd. is a wholly owned subsidiary of Fairfield-Maxwell Ltd. Formed in 2025 and headquartered in Tokyo, the company participates in ship construction, ownership, investment, and leasing, focusing on serving as the tonnage provider of choice with a diverse range of vessel types.
Fairfield-Maxwell Ltd. is a third-generation family office with investments spanning a variety of industries, including ocean-bound tanker shipping, oil and gas services, franchised business services, construction services, building products and materials, and other enterprise investments. Founded by Keiichi “Kay” Sugahara in 1957, the company has been continuously owned by his descendants and is headquartered in New York, N.Y.
Source: Fairfield Maritime Japan