Top Ships Inc. announces extension of Time Charter for its MR Tanker
Rhea-AI Summary
Top Ships (NYSE:TOPS) announced on November 20, 2025 a three-year extension of the time charter with Weco Tankers A/S for its 50,000 dwt MR product tanker M/T Eco Marina Del Ray. The extension is at a daily rate of $18,250 and the company expects a $20.0 million total gross revenue backlog tied to this charter extension.
This secures multi-year contracted revenue for the vessel and quantifies the backlog tied directly to the new charter terms.
Positive
- Charter term extended by 3 years
- Daily rate secured at $18,250
- Gross revenue backlog of $20.0 million
Negative
- None.
News Market Reaction 1 Alert
On the day this news was published, TOPS declined 0.17%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
ATHENS, Greece, Nov. 20, 2025 (GLOBE NEWSWIRE) -- Top Ships Inc. (the “Company” or “TOPS”) (NYSE:TOPS), an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced today that it has extended the time charter agreement with Weco Tankers A/S by three years at a daily rate of
The Company expects a total gross revenue backlog associated with this time charter extension of
About the Company
TOP Ships Inc. is an international owner and operator of ocean-going vessels focusing on modern, fuel-efficient eco tanker vessels transporting crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. For more information about TOP Ships Inc., visit its website: www.topships.org.
Cautionary Note Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “may,” “should,” “expect” “pending” and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. Please see the Company’s filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
For further information please contact:
Alexandros Tsirikos
Chief Financial Officer
TOP Ships Inc.
Tel: +30 210 812 8107
Email: atsirikos@topships.org
FAQ
What did Top Ships (TOPS) announce on November 20, 2025 about M/T Eco Marina Del Ray?
How much gross revenue backlog did TOPS say the charter extension creates?
How long is the new time charter for TOPS' MR tanker and when was it announced?
What vessel is covered by the TOPS time charter extension and what is its size?
Who is the charterer in the TOPS November 20, 2025 announcement?
