Evangelos Pistiolis-backed Top Ships has secured long-term employment for two of its product tankers at what it called “very strong rates”.
The New York-listed shipowner said that the 50,000-dwt vessels Eco Yosemite Park and Eco Joshua Park (both built 2020) have entered into seven-year agreements with their current charterer, extending their contracts at higher rates than before.
Brokers list Swiss trader Gunvor as the charterer, having signed five-year terms on delivery.
The commodities giant is listed as holding a 50% stake in the Top Ships’ subsidiaries that own the tankers.
The modern, fuel-efficient eco ships will earn $19,500 per day from 1 August, an increase of 12% from the current daily hire rate, Top Ships added.
There are also charterers’ options for another two years on top of that.
The Greek owner said the deals are worth about $100m combined for the firm periods.
Shipbroker BRS quoted five-year eco MR charters as stable at $22,500 per day this week.
Alibra Shipping assesses deals at $24,500 per day, and likely to rise.
Spot earnings assessed by Clarksons Securities stand at $34,000, down 9.5% over the last week.
Top Ships controls eight crude and product tankers.
The company also said this week that it is spending $20m to acquire a mega-yacht from the stable of chief executive and major shareholder Pistiolis.
The 47-metre Para Bellum was built last year at Sanlorenzo Yachts in Italy and has a capacity for 12 guests and a crew of 10.
It is expected to be employed on short-term charters and managed by the company’s existing fleet manager, Central Mare Inc, another affiliate of Pistiolis.
