Top Ships Gets TC Extension for Four Vessels

By Aiswarya Lakshmi January 3, 2018

TOP Ships, an international ship-owning company, announced that it has extended the time charter agreements with Stena Bulk AB (ex Stena Weco AS) by 12 months for M/T Stenaweco Energy and M/T Stenaweco Elegance and by 18 months for M/T Stenaweco Evolution and M/T Stenaweco Excellence.

The Company expects a total gross revenue backlog associated with these time charter extensions of $27.4 million.

Evangelos Pistiolis, President and CEO of the Company, stated: “The total gross revenue backlog for the fixed charter period of all of the Company’s operating fleet stands at about $131 million and when adding the 50% of our joint venture vessels it increases to about $147 million, with cashflow visibility reaching into 2021."

Evangelos added: "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.”