TOP Ships Inc. Announces Chartering Developments for 3 Suezmax Vessels
23 February 2022 - 1:20AM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient “ECO” tanker vessels, announced today
that it has agreed to the following:
M/T ECO BEL AIR and M/T ECO BEVERLY HILLS
Upon completion of their current charters with BP, during the
1st and 2nd quarter of the year, the vessels will enter into time
charter employment with a major oil trader for a minimum period of
20 months and a maximum period of 26 months, at charterer’s option.
Charterers also have the option to further extend the time charter
until December 1, 2025 for M/T Eco Beverly Hills and December 10,
2025 for M/T Eco Bel Air. The daily rate for the entire period for
both vessels is $24,000.
M/T ECO OCEANO CA
To amend a previously-agreed time charter with an affiliate of
its CEO which shall commence upon delivery of M/T Eco Oceano from
Hyundai Samho shipyard, expected during the 1st quarter of the
year. According to the amendment, the firm period of the time
charter employment is increased from 5 years to 15 years and the
daily rate is reduced from $32,450 to $24,500. The amendment was
approved by a special committee composed of independent members of
the Company's board of directors (the “Transaction Committee”). The
Transaction Committee obtained a fairness opinion from an
independent financial advisor.
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning company.
For more information about TOP Ships Inc., visit its website:
www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words “believe,” “anticipate,”
“intends,” “estimate,” “forecast,” “project,” “plan,” “potential,”
“may,” “should,” “expect” “pending” and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
Contact:
Alexandros TsirikosChief Financial OfficerTOP Ships Inc.Tel: +30
210 812 8107Email: atsirikos@topships.org
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