TOP Ships Inc. Announces New Time Charter With BP
November 06 2018 - 8:30AM
TOP Ships Inc. (the “Company”), an international owner and
operator of modern, fuel efficient “ECO” tanker vessels currently
focusing on the transportation of crude oil and petroleum products,
announced today that it has agreed a new time charter employment
contract for 2 years with BP Shipping Ltd for its product/chemical
tanker M/T Eco Revolution. The new time charter will commence in
January 2019 immediately after the expiry of the present time
charter employment contract.
The revenue backlog expected to be generated by
this fixture is about $10 million.
Evangelos Pistiolis, the President, Chief
Executive Officer and Director of the Company, said:
“This charter is a vote of confidence in our
high quality asset strategy and our high quality vessel management.
Following this fixture, total gross revenue backlog for the fixed
charter period of operating vessels, from June 30, 2018, stands at
about $221 million, increasing to about $235 million when adding
the 50% of our joint venture vessels.”
Following the abovementioned time charters, the
Company’s projected charter coverage is as follows:
Year |
|
Operating fleet |
|
Operating fleet
including vessels partly owned through joint ventures |
2018 |
|
100% |
|
100% |
2019 |
|
100% |
|
100% |
2020 |
|
99% |
|
99% |
2021 |
|
54% |
|
51% |
2022 |
|
14% |
|
12% |
2023 |
|
8% |
|
7% |
2024 |
|
2% |
|
2% |
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 TsirikosChief Financial
OfficerTOP Ships Inc.Tel: +30 210 812 8107Email:
atsirikos@topships.org
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