TNG Lands Lucrative Gig for Tanker Newbuild

Croatian tanker owner and operator Tankerska Next Generation (TNG) is planning to take delivery of the first out of two MR2 tankers under construction at South Korea’s Hyundai Mipo Dockyard today, upon which this vessel will start a three year time charter at approximately USD 17,250 per day, the company said in a release.

TNG says this fixture outperforms the model presumptions the company presented earlier this year in the rundown to the company’s IPO in February, and is further solidified by the fact the vessel value is now estimated above its purchase price of USD 36.5 million.

“The company is proud of the fact that it has managed to aquire two newbuildings, arrange financing and delivery of the first ship while succeeding to employ her on superior market terms all within a time span of under 3 months from the IPO,” said John Karavanic, Tankerska’s CEO. 

”Tankerska Next Generation Inc. will start generating revenues with the new ships ahead of what was laid out in our business plan. The new vessels are recognized as higher quality and have a lower acquisition value than we’d initially planned. This all together can be viewed as a strong tail wind for the business prospect of our young company.”

To date, TNG’s fleet consists of five product tankers, three eco designed MR2 tankers, including the one to be delivered today, which are under construction in Korea, and two ice class MR2 tankers at sea, totaling over 250,000 dwt. All the vessels are expected to be fully operational in 2015.