The Croatian company, spun off this year from Tankerska Plovidba, said the 50,000-dwt products carriers are due in April and July this year.

They will be managed by Tankerska Plovidba and financed with IPO money and bank debt.

"The price to be paid for the two acquisitions, in our strong view, is based on fair market valuations and in-line with the IPO proposition," TNG said.

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