TOP Ships Inc., a global operator of modern, fuel-efficient “ECO” tanker vessels, has announced that its 50% subsidiaries, owning the M/T Eco Yosemite Park and M/T Eco Joshua Park, have entered into agreements to extend their time charters at higher rates with their current charterers.
Details of Charter Extensions
Both Medium Range (MR) tankers will start 7-year time charters on August 1, 2024, at a gross daily hire rate of $19,500, representing a 12% increase from the current rate. All other terms of the existing time charter contracts will remain unchanged, including an option for the charterers to extend each time charter for an additional two years.
Financial Impact
The revenue expected from these extended charters is approximately $100 million for the firm period, highlighting the company’s strategic focus on securing long-term, higher-rate contracts to enhance financial stability and growth.
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Source: American Journal of Transportation
