MT Zoilo - vessel delivery and exploitation

The delivery of the M/T Zoilo, the second of two newbuildings contracted with Hyundai Mipo Dockyard, South Korea took place on July 27 2015, upon which commercial exploitation of this vessel will commence in a three year time charter, with a prominent charterer at approximately $17,750 per day.

This fixture outperforms the model presumptions presented earlier this year in the rundown to the company’s IPO in February, while the vessel’s value is now estimated above transaction value of USD 36.5 mil. M/T Zoilo is a modern eco-design product tanker of 50,000 tones dwt, designed to optimize performance levels and increase efficiency of overall operations. With its delivery our operational fleet is increased to four vessels with a total capacity of 200,000 dwt.

With this delivery, Tankerska Next Generation Inc. continues to deliver on its strategy enabling the Company to increase its distributable cash flow, enhance its ability to pay dividends and maximize value to its shareholders, while lowering the risk of the business by focusing on medium to long term time charter periods.

“Securing medium term employment and now the delivery of M/T Zoilo in just five months after the initial public offering confirms TNG’s dedication to strategy delivery and creation of additional value. The company is proud of the fact that it has managed to take over and employ two newbuildings in the course of three months. I believe it is quite an outstanding achievement – Tankerska Next Generation Inc. started 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”, said John Karavanić, CEO of Tankerska Next Generation.