Time charter employment for MT Pag secured upon vessel's delivery from the yard

Tankerska Next Generation Inc. has secured 12 month employment for MT Pag, its newbuilding which will be the sixth operational vessel in the fleet upon expected delivery in December 2015. She will be chartered out to a prominent charterer at approximately USD 19,300 per day with usual market terms. Charterers’ option allows for an additional maximum six month extension of the deal at approximately USD 19,500 per day, to be declared the latest 60 days prior to expiration of the time charter.

The agreed employment rate for MT Pag, the newbuilding from one of the leading South Korean dockyards - SPP Shipbuilding, extends the positive trend of increase in hire rates achieved during 2015. With its performance levels and eco design MT Pag will contribute to the efficiency of overall operations of the fleet, while the revenues secured with this new employment will further strengthen the financial position of the company and enforce Tankerska Next Generation on the  path towards its initial plans. Achieved conditions are in line with the company's strategic concept that focuses on the efforts of management to secure a strong asset base and stable cash flow to ultimately support creating additional value for its shareholders.

"MT Pag is the fourth in a series of newbuilds for which Tankerska Next Generation Inc. managed to secure employment before the delivery from the shipyard, while fully utilizing favourable market conditions and surpassing the level of fixtures achieved earlier this year. By securing  this  time charter TNG has reached full employment of its fleet, which will enter next year as one of the youngest operating fleets in the sector.", said John Karavanić, CEO of Tankerska Next Generation.