Croatia's Tankerska Next Generation (TNG) has chartered out an MR for up to two years.
The product tanker specialist said the 52,000-dwt Vinjerac (built 2011) has gone to a "prominent charterer" for $14,500 per day for the first 12 months.
An option for the second year would pay $15,500 per day. The deal starts in April.
"The achieved conditions are thoroughly in line with the company's strategic concept that focuses on the efforts to secure a strong asset base and stable cash flow," it said.
"By doing so, TNG minimises the risk of its business operations by balancing the employment of the fleet on voyage charter while still stressing time charter contracts."
Rate below expectations
TNG has chartered vessels to companies like Stena Weco, Scorpio and Trafigura previously.
It said last week in its fourth quarter results statement that current owner expectations for one-year MR hires with immediate delivery were around $15,250 per day.
Vinjerac clinched a short-term charter from Clearlake Shipping in July, which lasted into the fourth quarter. It then reverted to the spot market.
The company is looking ahead with optimism after boosting earnings in the fourth quarter.
Its six tankers produced net earnings of $1.08m, up from $0.57m in 2016.
Revenue grew to $44.1m against $37.6m, but time charter equivalent earnings (TCEs) dropped to $15,525 per day over 2017 as a whole, against $15,583 the year before.
