Swedish tanker shipping company Stena Bulk has decided to extend four time charter agreements with Greece-based shipowner Top Ships.
Under the deals, Top Ships’ tankers M/T Stenaweco Energy and M/T Stenaweco Elegance will continue working for Stena Bulk for a period of 12 months, while M/T Stenaweco Evolution and M/T Stenaweco Excellence were hired for 18 more months.
Top Ships informed that it expects a total gross revenue backlog associated with these time charter extensions of USD 27.4 million.
“The total gross revenue backlog for the fixed charter period of all of the company’s operating fleet stands at about USD 131 million and when adding the 50% of our joint venture vessels it increases to about USD 147 million, with cashflow visibility reaching into 2021,” Evangelos Pistiolis, President and CEO of Top Ships, 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.