Acquisition of a newbuilding contract

Tankerska Next Generation Inc. reached an agreement on 29 July 2015 and acquired a contract for a newbuilding, an eco-design product tanker that is currently under construction. By acquiring this contract Tankerska Next Generation Inc. will expand the existing fleet with a modern eco-design product tanker with a capacity of 50,000 dwt, which meets the performance standards of our previously delivered newbuildings in South Korea. Tankerska Next Generation Inc. has utilized the funds raised for this purpose, in the successfully concluded June capital increase, to finance this transaction.

The acquired new agreement was concluded with one of the world's leading shipyards in South Korea, SPP Shipbuilding Co. Ltd., where Tankerska Next Generation Inc. has the newbuilding “Dalmacija” under construction, with medium-term employment already successfully secured in June. The new contract is for a modern eco-design product tanker with the capacity of 50,000 dwt. Delivery of the vessel is expected in the last quarter of 2015.

"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 Karavanić, CEO of Tankerska Next Generation.

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