Croatian MR tanker owner Tankerska Next Generation (TNG) has awarded CEO John Karavanic a new four-year term.
The Tankerska Plovidba spin-off said the contract was confirmed by its supervisory board.
It will run from 1 July.
Last month, TNG posted a fourth-quarter net loss of $1.64m, against a profit of $1.08m in 2017.
Revenue rose to $11.89m, from $10.7m, but costs were higher at $10.19m versus $6.98m.
The increase arose from shifting three tankers into the spot market, with the associated assumption of expenses like port fees and bunkers.
Karavanic said at the time: "After three bleak quarters, the market took a long awaited upward turn towards the end of the fourth quarter ie effectively in December 2018."
