Top Ships Inc. Announces Delivery of Suezmax M/T Eco Malibu
TOP Ships Inc., an international owner and operator of modern, fuel efficient “ECO” tanker vessels, announced that it took delivery of the very high specification, scrubber fitted, 157,000 dwt newbuilding Suezmax vessel M/T Eco Malibu constructed at the Hyundai Heavy Industries shipyard in South Korea. The vessel is scheduled to commence by the end of the week its previously announced time charter employment with a major oil trader for three years with two yearly extensions at the charterer’s option. The revenue backlog expected to be generated by this fixture, assuming all options are exercised, is about $63.3 million. For 2021 alone, this charter is expected to contribute $7.8 million in revenue.
TEN, Ltd Announces New Contracts With Long-Term Charters for Two Suezmax Crude Tankers
TEN, Ltd announced the contract for the building of two suezmax crude tankers which upon delivery will enter into minimum five maximum 12-year contracts to a significant oil major. The time charter equivalent revenues from these two fixtures, over the duration of the respective contacts, is expected at a minimum $110 million and could reach $300 million should employment be extended to its maximum period.
“We are immensely proud to have further solidified our relationship with one of the world’s top oil majors which again highlights’ TEN’s position as an “owner of choice” to “blue-chip” charterers across the globe,” Mr. George Saroglou, COO of TEN commented. “This latest chapter in TEN’s growth policy, having already taken delivery of 15 fully employed vessels, underlines the Company’s strategy to grow responsibly while fortifying the fleet’s cash generating ability for the years to come,” Mr. Saroglou concluded.