TOP Ships Agrees Time Charter for Newbuilding Tanker

Greece-based ship owner TOP Ships has secured a time charter deal for its 50,000 dwt product/chemical tanker Eco Palm Desert, which is currently under construction.

The charter contract was signed with Central Ship Chartering for a firm duration of three years, with an option to extend the firm employment period by two additional years.

The vessel, being built by Hyundai, is scheduled to start working under the charter contract once delivered in July 2018.

TOP Ships expects a total gross revenue backlog associated with this time charter of up to USD 27.5 million including the optional periods.

Additionally, the company informed that it has entered into a USD 23.5 million bank loan facility with a European bank for the financing of Eco Palm Desert.

Following the signing of the loan, the remaining contractual commitments for the acquisition of the company’s fleet, net of expected debt drawdowns, are reduced to USD 32.1 million, pursuant to newbuilding agreements for M/T Eco Holmby Hills, M/T Eco Palm Springs and M/T Eco Palm Desert.

“The total gross revenue backlog for the fixed charter period of all of the company’s operating fleet stands at about USD 106 million and when adding the 50% of our joint venture vessels it increases to about USD 122 million, with cashflow visibility reaching into 2021,” Evangelos Pistiolis, President and CEO, said.

“Our business strategy continues to be focused on further expanding our fleet as it is important that we achieve a certain critical mass in terms of fleet size with an aim to maximize our operational efficiencies and synergies,” Pistiolis added.

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