TOP Ships Inc. Announces Delivery of Suezmax M/T Eco West Coast
April 06 2021 - 8:00AM
TOP Ships Inc. (the “Company”), an international owner and operator
of modern, fuel efficient "ECO" tanker vessels, announced today
that it took delivery of the very high specification, scrubber
fitted, 157,000 dwt newbuilding Suezmax vessel M/T Eco West Coast
constructed at the Hyundai Heavy Industries shipyard in South
Korea. The vessel commenced its previously announced time charter
employment with a major oil trader for three years with two yearly
extensions at the charterer’s option. The revenue backlog expected
to be generated by this fixture, assuming all options are
exercised, is about $63.3 million. For 2021 alone, this charter is
expected to contribute $9.3 million in revenue.
Evangelos Pistiolis, the President and Chief
Executive Officer of the Company, said:
"The M/T Eco West Coast, is the first of 5 crude
oil vessel carriers of our newbuilding program. One more Suezmax is
expected to be delivered during May 2021 and 2 VLCCs and 1 Suezmax
are expected to be delivered during the first quarter of 2022. In
line with our strategy, all vessels are of very high specification,
fitted with scrubbers, constructed at Hyundai Shipyards in South
Korea and are contracted to commence profitable time charter
employment contracts, mainly to major oil traders, upon their
delivery from the shipyard.
The two suezmax vessels delivered in 2021 alone
have an expected revenue backlog, assuming all options are
exercised, of about $126.6 million and are expected to contribute
$17.1 million in 2021 revenue.
As of April 1, 2021, the expected revenue
backlog of our fleet for the fixed period of our time charters,
stands at about $255 million, including partially owned vessels at
their respective percentages. As of the same date, the Company’s
projected charter coverage is as follows:
Year |
|
|
2021 |
96% |
|
2022 |
80% |
|
2023 |
64% |
|
2024 |
44% |
|
2025 |
12% |
|
2026 |
8% |
|
2027 |
1% |
" |
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.Tel: +30 210 812 8107Email:
atsirikos@topships.org
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