Welcome to our dedicated page for TOP Ships news (Ticker: TOPS), a resource for investors and traders seeking the latest updates and insights on TOP Ships stock.
TOP Ships Inc. (TOPS) is a global owner and operator of modern, fuel-efficient tanker vessels. Founded in 2000 and headquartered in Maroussi, Greece, the company focuses on the transportation of crude oil, petroleum products, and bulk liquid chemicals.
TOP Ships boasts a robust fleet with a total capacity of 714,000 deadweight tonnes (dwt). This includes eight 50,000 dwt product/chemical tankers such as the M/T Stenaweco Energy, M/T Stenaweco Evolution, M/T Nord Valiant, M/T Stenaweco Excellence, M/T Eco California, M/T Eco Marina Del Ray, M/T Eco Los Angeles, and M/T Eco City of Angels. Additionally, the company owns two 157,000 dwt Suezmax tankers: the M/T Eco Bel Air and M/T Eco Beverly Hills.
Originally known as TOP Tankers Inc., the company rebranded to its current name, TOP Ships Inc., in December 2007. It generates revenue primarily through Time Charter agreements, providing international transportation services for oil, petroleum products, and chemicals.
Recent developments include a share repurchase program authorized by the company's Board of Directors, allowing the repurchase of up to $4 million of common shares, representing approximately 5.2% of the company’s market capitalization as of December 13, 2023. This initiative underscores the company’s commitment to shareholder-friendly measures.
For the latest updates and more information about TOP Ships Inc., including forward-looking statements, visit their official website or contact the company’s Chief Financial Officer, Alexandros Tsirikos.
TOP Ships Inc. (NYSE: TOPS) has announced significant time charter extensions for two of its vessels, M/T Eco Yosemite Park and M/T Eco Joshua Park, at improved rates. The 50% owned subsidiaries operating these MR tankers have secured 7-year time charters starting August 1, 2024, with a 12% increase in the daily hire rate to $19,500. This extension is expected to generate approximately $100 million in revenue for the firm period. The charterers retain the option to extend each charter for an additional two years. This development showcases TOP Ships' ability to secure long-term contracts at favorable rates, potentially enhancing its financial stability and revenue streams in the coming years.
TOP Ships Inc. has started a 3-year time charter contract for its product/chemical tanker M/T Eco Marina Del Rey at a strong rate, with a potential revenue backlog of $22.4 million for the firm period and $30.7 million if extended.
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