TNG Finds Work for Its Newbuild MT Pag

Croatian tanker owner and operator Tankerska Next Generation (TNG) has secured a one year charter employment for its newbuild product tanker MT Pag.

The sixth operational vessel in the fleet, expected for delivery in December 2015, will be chartered out to an undiclosed charterer at approximately USD 19,300 per day, the company said. The charterer’s option allows for an additional maximum six month extension of the deal at approximately USD 19,500 per day.

According to TNG, the agreed employment rate for MT Pag, built by SPP Shipbuilding in South Korea, extends the positive trend of increase in hire rates achieved during 2015.

“With its performance levels and eco design, MT Pag will contribute to the efficiency of overall operations of the fleet, while the revenues secured with this new employment will further strengthen the financial position of the company and enforce Tankerska Next Generation on the path towards its initial plans,” TNG said.

“MT Pag is the fourth in a series of newbuilds for which Tankerska Next Generation Inc. managed to secure employment before the delivery from the shipyard, while fully utilizing favourable market conditions and surpassing the level of fixtures achieved earlier this year. By securing this time charter TNG has reached full employment of its fleet, which will enter next year as one of the youngest operating fleets in the sector,”  noted John Karavanic, CEO at Tankerska Next Generation.