TOP Ships Inc. Announces Extension of Time Charter Employment for Two VLCC Tankers

Rhea-AI Summary

TOP Ships Inc. (TOPS) has extended the time charter employment contracts of its two VLCC vessels, M/T Julius Caesar and M/T Legio X Equestris, at an increased rate. The firm period will be extended for approximately 3 years at a daily rate of $41,500 per vessel with two additional years at the charterer’s option.

Positive

• Extension of time charter contracts at an increased rate
• Long-term contract stability with potential for additional years

Negative

• None.

ATHENS, Greece, Nov. 22, 2023 (GLOBE NEWSWIRE) -- TOP Ships Inc. (NASDAQ: TOPS) (the “Company”), an international owner and operator of modern, fuel efficient "ECO" tanker vessels, announced today that it has agreed to extend the time charter employment contracts of its two VLCC vessels, M/T Julius Caesar and M/T Legio X Equestris, at an increased rate. Specifically, the firm period will be extended for approximately 3 years at a daily rate of $41,500 per vessel with two additional years at the charterer’s option.

About TOP Ships Inc.

TOP Ships Inc. is an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. 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.

For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org 

FAQ

What is the name of the company that made the announcement about extending time charter employment contracts?

TOP Ships Inc. (TOPS) announced the extension of time charter employment contracts for its vessels.

What are the names of the vessels that have had their time charter employment contracts extended?

The two vessels are M/T Julius Caesar and M/T Legio X Equestris.

At what daily rate will the firm period be extended for these vessels?

The firm period will be extended at a daily rate of $41,500 per vessel.

For how long will the time charter employment contracts be extended?

The contracts will be extended for approximately 3 years, with two additional years at the charterer’s option.