TOP Ships Inc. Announces Commencement Of Time Charter At Very Strong Rate An Increase Of 36% Over Previous Time Charter; Revenue Backlog Expected To Be Generated By This Fixture Is About $22.4M For The Firm Period And About $30.7M If The Charterer Exercises The Option To Extend For One Additional Year
TOP Ships Inc. (NYSE:TOPS) (the "Company"), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has commenced its previously announced time charter employment contract with a high-quality counterparty for its product/chemical tanker M/T Eco Marina Del Rey. The new time charter will have a firm duration of 3 years with an additional year at the charterer's option.
The revenue backlog expected to be generated by this fixture is about $22.4 million for the firm period and about $30.7 million if the charterer exercises the option to extend for one additional year.