Croatia-based tanker operator Tankerska Next Generation (TNG), part of Tankerska Plovidba, has utilized part of the cash raised from the recent IPO and bank debt to purchase two 50,000dwt eco-tanker newbuilds at South Korea's Hyundai Mipo Dockyard.

The two tankers are set for delivery in April and July 2015, and will be under management by Tankerska Plovidba.

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