TOP SHIPS Inc. TOPS shares are trading higher by 48.85% to $1.95 Monday afternoon after the company entered into a time charter employment contract.
TOP Ships says that the new time charter will start immediately after the expiry of the current time charter employment contract in the first-quarter of 2024 and will have a firm duration of 3 years with an additional year at the charterer's option.
The revenue backlog expected to be generated by this fixture is about $22.4 million for the firm period and about $30.6 million if the charterer exercises the option to extend for another year.
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According to Evangelos Pistiolis, President, Chief Executive Officer and Director of the Company, we are very happy to have completed this new fixture of M T Eco Marina Del Rey more than a year ahead of the expiry of its current employment and at a daily rate of 36% higher than the current rate, thereby taking advantage of the strong rates prevailing in the current tanker market.
After considering this fixture, the total gross revenue backlog for the firm time charter period of our operating vessels, as of December 31, 2022, was about $259 million, a rise to around $280 million when adding the 50% of our joint venture vessels, Pistiolis stated.
According to data from Benzinga Pro, TOP Ships has a 52 week high of $32.80 and a 52 week low of $1.04.