Top Ships has added $27.4m to its backlog, with the extension of time charter agreements with Stena Bulk for four MR2 product tankers.
Stenaweco Energy and Stenaweco Elegance have had their charters extended for 12 months, while Stenaweco Evolution and Stenaweco Excellence have been extended for 18 months. The vessels were all chartered as newbuilds on 3+1+1 or 5+1+1 contracts.
Evangelos Pistiolis, president and CEO of Top Ships, commented: “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. 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.”
Top Ships has seven product tankers in its fleet and an additional four under construction.