A new tropical system has officially developed in the open waters of the northern Atlantic Ocean, but forecasters say it poses no current threat to land or coastal communities.

According to advisories from the National Hurricane Center in Miami, Tropical Storm Fay formed early Sunday about 450 miles southwest of the Azores. As of Sunday morning, the storm was packed with maximum sustained winds near 45 mph and was moving north-northeast at 5 mph.

Meteorologists expect Fay to experience slight short-term strengthening over open water before weakening early this week. The system is projected to transition into a remnant low by Tuesday and gradually dissipate by the end of the week without impacting mainland territory. No coastal watches or warnings have been issued