TOP Ships Secures Work for Newbuilding Suezmax Duo

Illustration. Image Courtesy: Pixabay under CC0 Creative Commons license

Athens-based tanker owner and operator TOP Ships has agreed time charter employment for two of its newbuilding Suezmax vessels with an undisclosed oil major.

The units, with Hull numbers S874 and S875, are currently under construction at South Korea’s shipbuilder Hyundai Samho.

TOP Ships said that the vessels will be employed for a firm period of 36 months plus two additional 12 month periods, at the charterer’s option, starting upon the vessels’ deliveries expected in April 2019 and May 2019.

The revenue backlog to be generated by this fixture, assuming all options are exercised, is about USD 96 million, the company informed.

TOP Ships had previously entered into charter agreements for the new ships with a related party, that consented to be replaced by the new charterer.

“We are very happy to have entered into this fixture for our very high specification scrubber fitted Suezmax vessels. Our strategy of acquiring very high quality tonnage has once again been embraced by top quality charterers,” Evangelos Pistiolis, the President, Chief Executive Officer and Director of the company, said.

Due to their scrubbers, these vessels have achieved daily rates that are above the current market “thereby giving us a payback on investment for scrubbers in less than 2 years,” Pistiolis continued.

He added that the charters would facilitate the financing of the vessels due to the charter duration, the rate and the quality of the counterparty.

Total gross revenue backlog for the fixed charter period of operating vessels as of June 7, 2018 is about USD 177 million, increasing to about USD 192 million when adding the 50% of the company’s joint venture vessels.

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