MT Vukovar - vessel delivery and medium term time charter employment

The delivery of the MT Vukovar, the first of two newbuildings under construction at Hyundai Mipo Dockyard, South Korea will take place on April 29th 2015 upon which this vessel will commence a three year time charter with a prominent charterer at approximately $17,250 per day.

This fixture outperforms the model presumptions presented earlier this year in the rundown to the company’s IPO in February. The employment news is enhanced by the fact the vessel value is now estimated above its purchase price of USD 36.5 mil.

With MT Vukovar, 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.

“The company is proud of the fact that it has managed to aquire two newbuildings, arrange financing and delivery of the first ship while succeeding to employ her on superior market terms all within a time span of under 3 months from the IPO. I believe it is quite an outstanding achievement – Tankerska Next Generation Inc. will start 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 Karavanic, CEO of Tankerska Next Generation.

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