Croatian tanker owner and operator Tankerska Next Generation has improved earnings for the third quarter of 2019 in what it described as an “anaemic” spot market in the MR sector.
The company said it was able to optimally employ its vessels in a market driven by trade conflicts and geopolitical instability.
Out of a total of 552 maximum possible exploitation days in the three-month period, Tankerska Next Generation generated 368 days on time charter with an average gross daily hire of USD 16,162.
Total revenues for the quarter amounted to HRK 65.2 million (USD 9.83 million), compared to HRK 62.9 (USD 9.5 million) in the second quarter of the year.
Vessels’ revenues in the three-month period that ended in September 2019 reached HRK 65.0 million (USD 9.81 million), which is a decrease expressed in Kuna from the same period last year.
This level of revenue is the result of less exposure of the TNG fleet on the spot market, where the shipowner achieves nominally higher revenue, but at the same time has increased voyage-related costs.
The average daily TCE of the fleet during the quarter was recorded at USD 15,835.
TNG’s fleet currently consists of six MR tankers in operation with an average age of 5.52 years.