and Increased Rate for M/T EShips Taweelah

TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products, announced that it has entered into an agreement with Stena Weco to extend the charter duration of M/T EShips Taweelah (to be renamed M/T StenaWeco Energy) and to increase the daily rate.

Specifically, the charter is now for 4 + 1 + 1 years at $16,500 per day for the first four years, $17,350 per day for the first optional year and $18,100 per day for the second optional year. Previously the charter was for 3 + 1 + 1 years at $16,200 per day for the first three years, $17,200 per day for the first optional year and $18,000 per day for the second optional year

Evangelos Pistiolis, CEO of TOP Ships, stated, “This is another positive development for the Company, as it improves, once again, the visibility of our cash flow and it enhances the attractiveness of our fleet from a bank lending point of view.

“Our gross contracted revenue, over the firm period of our charters, has increased a further 6\% to $124 million, up from $117 million. Including the option periods of our charters, gross contracted revenue has increased by about 3\% more to $199 million, up from $193 million,” continued Pistiolis.

TOP Ships Inc. is an international owner and operator of modern, fuel efficient “ECO” MR tanker vessels focusing on the transportation of petroleum products.

TOP Ships Inc. currently owns one MR tanker, employed on a time charter, and has five newbuilding MRs, which are expected to be delivered to the Company between the first quarter of 2015 and the third quarter of 2016.
Source: TOP Ships Inc.