Greece’s Top Ships has sealed a three-year time charter contract with Central Ship Chartering, a company owned by Top Ships president and CEO Evangelos Pistiolis, for 50,000 dwt MR tanker Eco Palm Desert, currently under construction at Hyundai Vinashin.
The contract will commence the charter upon delivery, scheduled for the third quarter of 2018. Top Ships says that the contact is worth up to $27.5m if a further two-year option is exercised.
Financing of the vessel has also been arranged via a $23.5m bank loan facility with a European bank.
Pistiolis commented: “The total gross revenue backlog for the fixed charter period of all of the Company’s operating fleet stands at about $106 million and when adding the 50% of our joint venture vessels it increases to about $122 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.”