TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it has agreed to extend for up to 36 months the time charter agreements with Clearlake Shipping Pte Ltd. for its two Suezmax vessels, M/T Eco West Coast and M/T Eco Malibu.
Charter Extension
The extended period, which starts after the expiration of the present time charters in Q1 of 2024, has a firm duration of a minimum of 30 months and a maximum of 36 months at a gross daily rate of $32,850. All other main terms of the contracts that had been previously announced, including the charterer’s option to extend the charters for 2 additional years at a gross daily rate of $34,750 for the first year and $36,750 for the second year, remain unchanged. The additional revenue backlog expected to be generated by this time charter extension is about $72 million for the maximum firm period.
Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said: “We are very pleased to have concluded this time charter extension more than half a year ahead of the firm period expiration of the present employment of our 2 vessels, taking advantage of the strong rates prevailing in the current tanker market…”
About TOP Ships Inc.
TOP Ships Inc. is an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals.
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Source: Marketscreener
