Singapore-based Clearlake Shipping has agreed to extend its employment two suezmaxes it has on charter from Evangelos Pistiolis-led Top Ships.
The chartering arm of Gunvor has agreed to extend its charters of the 157,286-dwt Eco West and Eco Malibu (both built 2021) for up to 36 more months each.
The extended period has a firm duration of a minimum of 30 months and a maximum of 36 months at a gross daily rate of $32,850, Top Ships said.
The scrubber-fitted Eco Malibu is currently earning $33,950 under its current charter.
Clearlake has an option to extend the charters for two additional years at a gross daily rate of $34,750 for the first year and $36,750 for the second year.
Top Ships said the charter extensions, which start after the expiration of the present time charters in the first quarter of 2024, are expected to generate additional revenue of around$72m for the maximum firm period.
Top Ships chief executive Evangelos Pistiolis said the contract extension enabled the company to take advantage of “the strong rates prevailing in the current tanker market”.
Including this latest deal, Top Ships said its total gross revenue backlog has increased to about $352m based on the maximum firm duration of this latest charter.
In June 2023, Top Ships said the Eco Malibu would be spun-off into a new pure-play company with an eye on eventual listing on a major stock exchange.
The company hopes that the common shares of the stand-alone company will not trade at the same discount to net asset value that is currently seen in the market price of Top Ships own shares.
Top Ships owns five modern suezmaxes as part of a fleet that includes three MR tankers and two VLCCs.
