Navigation Ltd. (TEN) announced the delivery of the 1A
ice-class 116,000 dwt Aframax product tanker Proteas and the 1A ice-class
36,660 dwt Handysize product tanker Antares from Hyundai Heavy Industries
and Hyundai Mipo Dockyard
, respectively. Upon delivery, the Proteas, one of
the largest product tankers in the world and one of the three Aframax
tankers recently acquired from Western Petroleum, entered a spot related
voyage carrying naptha.
The Antares entered a three-year time charter with a major Far Eastern
entity for a minimum rate that exceeds the vessel's all-in breakeven rate.
The charter also calls for a 50:50 split on the upside if rates exceed a
specified level above the minimum. For the duration of the charter, the
minimum rate of the Antares should provide the company with an additional
$16 million in gross revenue.