Saturday, September 23, 2023
HomeEditor’s PicksTOP Ships Announces Time Charters at Very Strong Rates & Revenue Backlog...

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

TOP Ships Announces Time Charters at Very Strong Rates & Revenue Backlog of $352 Mln

TOP Ships, an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced 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.

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.

“This is an attestation, from a top-class charterer, of the high level of quality of our vessels as well as the services that we offer.

“After considering the maximum firm duration of this fixture, the total gross revenue backlog as of December 31, 2022 for the firm time charter period of our operating vessels, including 50% of our joint venture vessels, that was previously announced at $280 million is increased to about $352 million.

“The Company’s charter coverage currently stands as follows:

Year                       Operating fleet 

2023                    100%   

2024                    98%      

2025                    55%      

2026                    55%      

2027                    20%      

2028 to Q1 2037                             17%”    

Related Posts

Video

Finance & Economy
Shipping News
Ports

Trafigura announces executive leadership changes

Trafigura Group Pte Ltd. has announced an evolution of its executive team to further strengthen leadership and focus across its global activities during a...

Woori, HMM, KOBC to buy Polaris in prospective $448 mln deal – report

Polaris Shipping Co. is poised to sell its entire stake at around 600 billion won ($447.5 million) to Woori Private Equity Asset Management Co....

Pyxis Tankers Announces Closing of Ultramax JV Investment

Pyxis Tankers, an international shipping company, reported that on September 14, 2023, the Company closed on its previously announced newly formed drybulk joint venture...

Korea’s STX denies rumor that it is backed by Chinese fund

South Korean general trading company STX Corp. has said its largest shareholder is a local investment firm, while refuting the false reports appearing through...

Navios Holdings Announces Receipt of Buyout Offer

Navios Holdings announced that its board of directors received an unsolicited non-binding proposal from N Shipmanagement Acquisition Corp. (“NSC”) to acquire all of the...

Baltic index snaps 11-session rally as rates for larger vessels ease

The Baltic Exchange’s main sea freight index, tracking rates for ships carrying dry bulk...

Baltic index rises for 11th straight session on strong vessel rates

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

The elite of the Shipping Industry meets at the “Maritime Cyprus 2023” Conference

The main theme of this year’s Conference is “Shipping in Action: An agenda for...

Maritime industry explores nuclear power for ships as technology opens up

The maritime industry is exploring whether nuclear fuel can be used to power commercial...

Baltic index logs best day in almost two months on capesize demand

The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry...

Vopak: Agreement with Infracapital on sale of Rotterdam chemical terminals

Vopak announces that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven)...

Port Hedland Iron Ore Exports Edge Up 4% in August

Pilbara Ports Authority has delivered a total monthly throughput of 62.8 million tonnes (Mt) for August 2023, consistent with the August 2022 throughput. The Port...

Thessaloniki, Gdańsk ports to explore synergies

Thessaloniki Port Authority S.A is expanding its role as a port of international importance through a new cooperation with the Port of Gdańsk Authority...

Hapag-Lloyd CEO: Counteroffer for HHLA would not be in our interest

Hapag-Lloyd CEO Rolf Habben Jansen said on Thursday that it would not be in the container shipper’s interest to make an offer for HHLA...

MSC offers to buy stake in Hamburg port operator

MSC, the world’s biggest container shipping company, is offering to buy almost half of the main operator of Hamburg port, in a deal that...