Top Ships Inc. announces extension of Time Charters for four vessels
January 03 2018 - 4:30PM
TOP Ships Inc. (Nasdaq:TOPS), an international ship-owning company
(the “Company”), announced today that it has extended the time
charter agreements with Stena Bulk AB (ex Stena Weco AS) by 12
months for M/T Stenaweco Energy and M/T Stenaweco Elegance and by
18 months for M/T Stenaweco Evolution and M/T Stenaweco Excellence.
The Company expects a total gross revenue
backlog associated with these time charter extensions of $27.4
million. Following the signing of the abovementioned time charter
party extensions, the Company’s charter coverage is as follows:
Year |
Operating fleet |
Operating fleet including vessels
partly owned through joint ventures |
2018 |
94 |
% |
95 |
% |
2019 |
78 |
% |
82 |
% |
2020 |
77 |
% |
81 |
% |
2021 |
26 |
% |
28 |
% |
The above charter coverage percentages are
calculated as the ratio of number of days vessels are expected to
be hired pursuant to the fixed period of existing time charters
divided by number of days vessels are available for chartering
during the respective calendar years assuming no off-hire days.
Evangelos Pistiolis, President and CEO of the
Company, stated: “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.”
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.1, Vassilissis Sofias
Str. & Meg. Alexandrou Str.151 24, Maroussi, GreeceTel: +30 210
812 8180Email: atsirikos@topships.org |
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