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."
John Karavanić
President of the Management Board
Tankerska Next Generation Inc.
Source of information:
Tankerska Next Generation d.d.
Božidara Petranovića 4
23000 Zadar
Informations to shareholders:
Tel: 023 202 132
Fax: 023 250 580
e-mail: info@tng.hr
web: www.tng.hr
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