Top Ships has clinched a lucrative term deal for one of its modern tankers at a much better rate than previously.
The US-listed Greek company said the 50,300-dwt MR2 Eco Marina Del Rey (built 2019) has been fixed out for three years firm, with an optional 12 months attached.
Brokers cited the rate at $20,500 per day, but the charterer is not known.
The new deal starts in the first quarter of 2024 after the expiration of the present charter.
The revenue backlog expected to be generated is about $22.4m for the firm period, Top Ships said, rising to about $30.6m if the charterer exercises the option.
The vessel has been operating in the Norden tanker pool.
Top Ships chief executive Evangelos Pistiolis said: “We are very happy to have concluded this new fixture … more than a year ahead of the expiry of its present employment.”
He said the rate is about 36% higher than the current deal, “thereby taking advantage of the strong rates prevailing in the current tanker market”.
The firm time charter revenue for the fleet now stands at $259m, Pistiolis added, increasing to about $280m when adding the 50% share from its joint venture vessels.
Raising money
Top Ships is also raising $13.6m through a securities sale to several institutional investors.
Units in the company were offered at $1.35 each. One unit consists of a common share and a warrant for another.
New York’s Maxim Group is acting as the sole placement agent in connection with the offering.
