TOP Ships Inc. Announces Joint Ventures and New Vessel Employment
July 12 2017 - 8:30AM
TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company
(the “Company”), announced today that it has entered into two joint
venture agreements, on a 50-50 basis, with Gunvor Group Ltd
(www.GunvorGroup.com), one of the world’s largest independent
commodities trading houses by turnover, for two 50,000 dwt product
tankers M/T Eco Holmby Hills and M/T Eco Palm Springs, currently
under construction in Hyundai with expected deliveries in the first
and second quarters of 2018, respectively. The company had
previously announced that it had acquired 49% of each vessel and
prior to entering into the joint ventures increased its
shareholding to 50%.
The company also announced that upon their
delivery from Hyundai, each of the two product tankers will enter
into time charter employment with Clearlake Shipping Pte Ltd
(www.ClearlakeShipping.com), a subsidiary of Gunvor Group Ltd and
one of the largest charterers of tanker vessels in the world, for
three years firm plus two additional option years. The total
potential gross revenue backlog from these contracts is estimated
to be about $55 million.
Company CEO Evangelos Pistiolis commented: “The
joint ventures with Gunvor Group represent a major milestone for
Top Ships and we expect that this partnership will create a lot of
synergies that will be beneficial for both parties.”
About TOP Ships Inc.
TOP Ships Inc. is an international ship-owning
company.
For more information about TOP Ships Inc., visit
its website: www.topships.org.
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 and is including this cautionary statement in
connection with this safe harbor legislation. The words “believe,”
“anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,”
“potential,” “may,” “should,” “expect” “pending” and similar
expressions identify forward-looking statements. The
forward-looking statements in this press release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, our management's
examination of historical operating trends, data contained in our
records and other data available from third parties. Although we
believe that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond our control, we cannot assure you that we
will achieve or accomplish these expectations, beliefs or
projections.
Contacts:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
1, Vassilissis Sofias Str. &
Meg. Alexandrou Str.
151 24, Maroussi, Greece
Tel: +30 210 812 8180
Email: atsirikos@topships.org
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