MT Pag delivered and handed over to its charterer

The delivery of the MT Pag took place on December 4th 2015 in the South Korean shipyard SPP Shipbuilding. MT Pag is a modern eco designed product tanker of 49,900 dwt, and the fourth and last in the line of newbuildings delivered from Korean shipyards during 2015. With this delivery, the total capacity of Tankerska Next Generation's fleet has increased to 300,000 dwt, and the average  age  of  the  fleet  is brought down well below two years.

Tankerska Next Generation's fleet now has six operational vessels, as MT Pag's commercial exploitation started shortly after the delivery with a 12-month time charter deal at approximately USD 19,300 per day. Charterers have an option to extend the deal for maximum six months at approximately USD 19,500 per day, to be declared the latest 60 days prior to expiration of the time charter. The employment for MT Pag was secured in November, and the achieved conditions which outperform the level of fixtures achieved earlier in 2015, will further strengthen the financial position of the company during 2016.

„Our fourth and final addition to the TNG's fleet in 2015 is a modern eco designed product tanker MT Pag. It's characteristics will further optimize our fleet's performance, as well as the company's performance in general. With this delivery we have achieved our goals set prior to the initial public offering in February and that makes us all proud, but at the same time gives us great responsibility to manage our fleet at supreme levels, and to ultimately support creating additional value for company's shareholders.“, concluded John Karavanić, CEO of Tankerska Next Generation Inc.