Top Ships wins $72m charter extension for tanker duo

Nasdaq-listed Greek eco tanker owner Top Ships has agreed to extend charter agreements for the Eco West Coast and Eco Malibu.

Top Ships said that the extension for the two Suezmax vessels was with Clearlake Shipping for up to 36 months.

The extended period, which starts after the expiration of the current charters in the first quarter of 2024, has a firm duration of a minimum of 30 months and a maximum of 36 months at a gross daily rate of $32,850.

All other main terms of the contracts such as the charterer’s option to extend the charters for two additional years at a gross daily rate of $34,750 for the first year and $36,750 for the second year, remain unchanged.

The additional revenue backlog expected to be generated by this time charter extension is about $72m for the maximum firm period. 

“After considering the maximum firm duration of this fixture, the total gross revenue backlog as of December 31, 2022, for the firm time charter period of our operating vessels, including 50% of our joint venture vessels, that was previously announced at $280m is increased to about $352m,” said Evangelos Pistiolis, president, CEO, and director of Top Ships.

Last month, Top Ships moved to spin off the Eco Malibu into an independent publicly traded company. The company’s subsidiary Rubico will be the owner of the 2021-built 157,000 dwt vessel.