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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%”    

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