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.