Greek eco tanker owner Top Ships has secured new employment for two of its suezmax vessels and extended a previously agreed time charter for another suezmax newbuild set to deliver this year.
The Nasdaq-listed company has chartered out the 2019-built Eco Bel Air and Eco Beverly Hills to an undisclosed major oil trader for 20 to 26 months. The deal comes with the option to further extend the time charter until December 1, 2025 for Eco Beverly Hills and December 10, 2025 for Eco Bel Air. The vessels will commence their new contracts upon completion of their current charters with BP during the first and second quarter of 2022, respectively. The daily rate for the entire period for both vessels is $24,000.
Meanwhile, the company has amended an earlier-agreed charter with an affiliate of its CEO, Evangelos Pistiolis, which will commence after delivery of Eco Oceano Ca from Hyundai Samho shipyard, expected during the first quarter of this year. The new deal includes increased time charter employment from five years to 15 years, but at a reduced day rate from $32,450 to $24,500.
Top Ships recently secured several new deals to fund its recently delivered very large crude carrier (VLCC) Julius Caesar and the Eco Oceano Ca newbuilding programme, including a sale and leaseback, and a loan and stock purchase agreement with Pistolis’ affiliate. Last month, the company also reported a non-compliance notice from Nasdaq and has until July 25, 2022, to return to the stock exchange’s good graces. The company’s stock traded above $1 this month, only to slip again by close to 11% in the last five days to $0.92.