Croatian Shipping Company Tankerska NG Receives a New Tanker

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A new addition to the Tankerska TNG fleet.

Croatian shipping company Tankerska Next Generation (TNG) reported on Friday that it has received its fourth tanker in a series produced by the South Korean shipyard SPP Shipbuilding, and that it has signed a contract with the Dutch ABN AMRO Bank to finance three additional tankers which will further expand its fleet. The handover ceremony for the MT Pag tanker, the fourth in a series of new ships which Tankerska NG has received from Korean shipyards this year, was held on Friday at the SPP Shipbuilding, reports on December 5, 2015.

MT Pag is a tanker with deadweight of 49,990 tons (dwt), and its delivery has raised the overall fleet capacity of Tankerska NG to 300,000 dwt, with the average fleet age now down to considerably under two years. The company added that its fleet will now have six operating tankers and that MT Pag will soon after the delivery be hired for the next 12 months, with the agreed fee of about 19,300 dollars a day, with the possibility of extending the contract for a maximum of six more months for around 19,500 dollars a day. The assignment for MT Pag was agreed in November, and the elements of the deal are better than in other contracts signed earlier this year, Tankerska NG reported.

The financing of MT Pag has been partly secured by this year’s public offering of shares, and partly will be covered by the loan which was granted to Tankerska NG by the Dutch ABN AMRO Bank. Tankerska NG and ABN AMRO Bank have signed a loan agreement that will provide funding for three tankers in TNG fleet. A part of the transaction with a total value of 52.65 million dollars will be used to finance MT Pag tanker, while the rest will be spent to replace the existing funding sources for ships Velebit and Vinjerac.

“The partnership with ABN AMRO Bank will enable Tankerska NG to continue its strategy of moderate indebtedness and efficient operations and will ultimately contribute to creating additional value for shareholders”, the company reported and added that it was a six-year loan agreement with competitive market conditions. It also reported that the loan will be repaid in 24 consecutive quarterly instalments based on an annual repayment profile.


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