Top Ships Extends Time Charter on 4 Stena Bulk Vessels

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Image Courtesy: Top Ships

Top Ships has extended the time charter agreements with Stena Bulk AB (ex Stena Weco AS) by 12 months for M/T Stenaweco Energy and M/T Stenaweco Elegance and by 18 months for M/T Stenaweco Evolution and M/T Stenaweco Excellence.

The Company expects a total gross revenue backlog associated with these time charter extensions of USD 27.4 million. Following the signing of the abovementioned time charter party extensions, the Company’s charter coverage is as follows:

 Year  Operating

fleet

 Operating fleet including

vessels partly owned

through joint ventures

 2018 94 % 95 %
 2019 78 % 82 %
 2020 77 % 81 %
 2021 26 % 28 %

 

The above charter coverage percentages are calculated as the ratio of number of days vessels are expected to be hired pursuant to the fixed period of existing time charters divided by number of days vessels are available for chartering during the respective calendar years assuming no off-hire days.

Evangelos Pistiolis, President and CEO of the Company, stated, “The total gross revenue backlog for the fixed charter period of all of the Company’s operating fleet stands at about USD 131 million and when adding the 50% of our joint venture vessels it increases to about USD 147 million, with cashflow visibility reaching into 2021. Our business strategy continues to be focused on further expanding our fleet as it is important that we achieve a certain critical mass in terms of fleet size with an aim to maximise our operational efficiencies and synergies.”

Sea News, January 4