TNG Snares One More Newbuilding Resale

Croatian tanker owner and operator Tankerska Next Generation (TNG) has snapped up another 50,000 dwt newbuilding resale currently under construction at South Korea’s SPP Shipbuilding.

TNG has used proceeds from the recently completed capital increase to finance this transaction. The new tanker, acquired through the purchase of York Maritime Holdings IV, is expected to join TNG’s fleet in the fourth quarter of 2015.

This is the second tanker that TNG has under construction at SPP Shipbuilding, with the first newbuilding -Dalmacija- expected to be delivered in the last quarter of 2015.  Dalmacija has already been chartered out to Trafigura for USD 17,750 per day for a minimum of three years.

“The successful capital increase concluded in June this year, strengthened the financial position of the company and created preconditions for the expansion of the fleet to six vessels with a total capacity of over 300,000 dwt. As of this transaction Tankerska Next Generation Inc. continued with the implementation of its strategic goals and the expansion of the fleet in order to strengthen its own market position, thus enabling increased revenues and stronger cash flow from operations,” said John Karavanic, CEO at Tankerska Next Generation.

TNG reported USD 2.7 million net profit for the first six months of 2015, driven by  USD 43.04 million vessel revenue, with the EBITDA of USD 18.2 million.