TOP SHIPS Inc. TOPS shares are trading lower by 44.8% to $0.91 Tuesday afternoon after the company announced the price of a $13.6 million registered direct offering. The stock ran higher after the company entered into a time charter employment contract on Monday.
TOP Ships says the new time charter will begin immediately after the expiry of the current time charter in the first quarter of 2024 and will have a firm duration of 3 years with an additional year at the charterer's option.
TOP Ships says the revenue backlog expected to be generated by this fixture is $22.4 million for the firm period and $30.6 million if the charterer exercises the option to extend for another year.
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Evangelos Pistiolis, the President, Chief Executive Officer and Director of the Company, said: "We are very pleased to have completed this new fixture at M T Eco Marina Del Rey more than a year ahead of the expiry of its current employment and at a daily rate which is about 36% higher than the current rate, thereby taking advantage of the strong rates prevailing in the current tanker market.
The total gross revenue backlog for the firm time charter period of our operating vessels, as of December 31, 2022, is about $259 million, increasing to about $280 million when adding the 50% of our joint venture vessels, according to Pistiolis.
According to data from Benzinga Pro, TOP Ships has a 52 week high of $32.80 and a 52 week low of $0.86.